In the Chinese tea year, July to July, 1848-9, the price of good ordinary congou, the tea of by far the largest consumption here, and which, in fact, rules the market, was 8½d. to 9-1/3d., and the export from China 47,251,000 lbs. The year closed with the higher price, and the Chinese export from July 1849, to July 1850, was 54,000,000 lbs., showing an increase of export on the year of 6,750,000 lbs. Throughout 1850, here, prices fluctuated a good deal. They were low in the earlier part of the year, but in January went up from 9½d. to 11½d., and from July 1850, to July 1851, the export from China rose to 64,000,000 lbs., being an increase of ten million pounds on a previous increase of nearly seven million lbs. Prices here, during 1851, varied very much: it was difficult to say whether any rise would be established, but the export still went up and reached, from July 1851, to July 1852, 67,000,000 lbs., giving a total increase in three years of 19,750,000 lbs. Nor was it pretended that in any of those years the Chinese market showed even the least symptoms of exhaustion. "We know," say the Committee, "that the Chinese market has never been drained of tea in any one year, but that there has been always a surplus left to meet any extraordinary demand." But the effect of the rise in price in 1850 is still more forcibly shown by a comparison of our total imports in that and the following year. In 1850 we imported 48,300,000 lbs.; in 1851, 71,500,000 lbs., being an increase of 23,200,000 lbs. Doubtless the Chinese export, if made up totally with our year, would not account for the whole quantity, part of which is to be set down to Chinese export-smuggling, and part to arrivals from America and the Continent. The probability is that the increase of price referred to above never reached the Chinese tea farmers; the supply came from the merchants' stock on hand. The rise was, besides, uncertain, and from any established advance a much larger increase of export might be looked for.