"Whilst the year 1851 has been one of peculiar misfortune to a large section of the mercantile community, it has been generally one of prosperity to the manufacturing interests of the country. The low prices of produce of all kinds, which have entailed such serious losses upon importers, have highly advantaged the manufacturer's department, and contributed to the comfort of the operative classes, whose condition was never better than at present. _The iron manufacturing interest has not participated in the prosperity referred to, the trade having been depressed throughout the year, and totally unremunerative to those engaged in it._ The anticipations of improvement which were indulged in at the beginning of the year have been disappointed, and prices have declined to the low rates stated in our accompanying quotations. It will be found that, as compared with the rates current at this period last year, the fall upon Welsh bars is about 10s. per ton; upon the inferior makes of Staffordshire iron, 7s. 6d. to 10s. per ton; on Scotch pig-iron, 5s. to 6s. per ton; and on tin plates about 4s. per box. _The depression must mainly be attributed to the excessive production, which the demand has not yet overtaken._" I append the make of the year, and the number of furnaces in blast, with the prices opposite, as given above, to show the total amount of the decline during the year:-- Estimated Furnaces make per Rate of Amount of in blast. annum. decline. decline. Scotland, 114 800,000 tons. 5s. 6d. per ton. £220,000 North and South Wales, 147 805,000 " 10s. 0d. " 402,500 Staffordshire, 127 720,000 " 8s. 9d. " 315,000 Other counties, 83 385,000 " say 7s. 6d. " 144,375 --------- ----------- 2,710,000 " Total decline in the year, £1,181,875 Of this amount, probably fully one-half would be the actual loss sustained by makers and holders during the year. I am content, however, to set it down at £500,000. Something ought to be added for the deterioration of stocks throughout the country, the precise amount of which it is very difficult to ascertain. As, however, there are on hand, in Scotland alone, 350,000 tons of pig-iron, with no prospect of any serious decrease in the quantity, or improvement in price, for some time to come, unless the make is very materially reduced, I may very safely set down in this account an additional £200,000 for the depreciation throughout the kingdom--making thus _a total loss upon iron of_ £700,000.