The American market has only been saved from being disastrous by the impetus given to consumption by the Californian gold discoveries, and their effect upon the American banking system. The Brazilian trade, and that of the west coast of South America, have been losing ones, and would have been worse, but for the same stimulus, which, combined with that arising from the discoveries of gold in Australia, may be said to have affected favourably the trade of the eastern and western continents, and to have protected Europe and this country from--what must inevitably have occurred--a widely-spread monetary convulsion. It would be a task utterly impossible, to ascertain precisely the amount of loss sustained upon our gross exports of the year, amounting to £68,490,659; but it is not difficult to perceive that it has been a very heavy one. In any case it must have been so, as far as regards our exports of manufactured cotton goods, which have amounted to £30,078,996; of metals, which have amounted to £8,905,894; of woollen manufactures, which have amounted to £9,856,259; and of silk goods, linens, &c., the export of which has confessedly been excessive, and with respect to the bulk of which, there has been a decline in the price of the raw material. The excess of our entire exports, however, over the legitimate wants of the foreigner, will account for a more considerable margin of loss--and that, too, upon all articles--than that which would have taken place under a decline in one or two raw materials alone. There has been a heavy loss sustained upon the labour and skill engaged in the composition of manufactured products; and I feel satisfied that I am not at all exceeding bounds in putting down the aggregate, from all the circumstances named, at fully 7½ per cent upon the total quantity shipped. This will make a loss to exporters of £5,250,000. It would not be fair, however, to treat the whole of this sum as the loss to the British merchant. I put down, therefore, the least I can do, viz., £2,500,000 _as his share of his loss_. In doing this, I know that _I am much below the truth_. There are secrets, however, fast locked up in the safes of too many of our importing merchants, to which I have not the key; and of many articles, such as metal of all kinds, coals, &c., so much is sent out on ship's account, the result of which is mixed up in the freight balance-sheet, that I am not disposed to run the risk of being accused of exaggeration, when no data are within my reach to appeal to in proof of my statements. I think it will be admitted that I have pretty nearly substantiated the assertion with which I set out, viz., that the mercantile and trading interests were left poorer at the close of the year 1851, than they were at its commencement, by twenty millions sterling, and upwards. Let me recapitulate the items:--