not seen the worst, and that he will have to regret the expenditure which he is now making in the attempt, by increasing the sailing qualities of his ships, to compete with his active and more favourably situated rivals. The screw will shortly supersede the "clipper" in carrying merchandise, as the paddle-wheel has superseded every other mode of propulsion in carrying passengers and correspondence. And, in the meanwhile, the latter neutralises the advantages of early arrivals of merchandise, by preparing the consumer to expect it, and to make his arrangements accordingly. A cargo of tea, advised of by steamer and overland mail, although at a distance of two or three months' voyage, exercises nearly the same influence upon the market price as if it was already being landed in one of our ports. The building of expensive vessels calculated for speed in carrying would be an undoubted good under ordinary circumstances; but _it is not a paying speculation_. Moreover, other countries are rivalling us in this effort to improve our position; and in the mean time we are adding to a mercantile marine, which is unprofitable enough at its present extent. I shall not trouble your readers by referring to the condition of more than one of the great internal trades of the kingdom--THE IRON TRADE--the manufacture of which employs a vast amount of labour both in England, Wales, and Scotland. On this article I find the following remarks in the Circular, dated January 17th, of an eminent Liverpool house, whose means of acquiring information are very great, and their care in compiling it acknowledged. You will perhaps be inclined to suspect, from the commencing paragraph, and you will be right in doing so, that they are Free-Traders.