In another important article--TEA--there have been very heavy losses. We commenced the year with prices of _congou_, the leading article of _black tea_, at 1s. to 1s. 0½d. for "ordinary to good ordinary," and better sorts proportionally higher. The year closed with the same teas at 8d. to 8½d., and a proportionate fall in other descriptions of black. In some sorts of _green_ there has not been so great a fall; but upon all kinds (two excepted, of which the consumption is not large) I find the decline estimated by Messrs Littledale & Co. _at_ 25 _to_ 35 _per cent._ The fall _per lb._ may, with tolerable safety, be set down at 4d. It has not been so gradual as in the case of other descriptions of produce, having, on the contrary, occurred rather suddenly towards the middle and close of the season; and this fact has an important bearing upon the amount actually lost by importers. In the first four months of the year prices gave way a little; but the demand was good, and no serious disaster in the trade was expected. Imports, however, flowed in freely, beyond the requirements for consumption; and the new crop arriving unusually early by the clipper ships, now engaged between this country and China, a sort of panic ensued, and reductions of 2d. to 4d. per lb. were submitted to. With a view to render my calculations with regard to this article perfectly intelligible, I subjoin the state of imports, stock, and consumption, as given in Messrs Littledale's _Circular_ of _Jan. 3_:-- The imports for the year will be about 72,000,000 lb. against 48,300,000 in 1850. Deliveries, do. 59,000,000 " 56,400,000 " Stock, do. 48,000,000 " 34,500,000 " Thus, although the deliveries in 1851 exceeded those of 1850, there was an increased stock, caused by the unusually early arrival of the new crop. Under these circumstances, I find that I am fully justified in taking the loss upon the entire imports at 2d. per lb., which, upon 72,000,000 lb., will be £600,000. The stock on hand at the commencement of the year, 34,500,000 lb., may be estimated as having lost 4d. per lb., or £575,000, leaving in its place an accumulation of 48,000,000 lb. at the close of the year, upon most of which there is a farther loss upon the price at which it was imported, even assuming that it was well bought, according to the range of prices here in November and December, when the bulk of the new crop reached us. I do not take into account, however, any loss upon this stock, or even upon its excess over that of the preceding year; and only set down the result as above, at _a total loss of_ £1,175,000 _for the year_.