The panic has been dying slowly away during the week,
and no further very great failures except that of Messrs. Pete and Betts for 4,000,000/. have been reported. It is calculated that the depreciation in the market value of the propertyheld by ordinary investors is at least 130 millions sterling since 1st January last, to say nothing of the loss on cotton, &c. It must not be supposed, however, that a depreciation in the market value of all sorts of securities represents a national loss. Of Nine it really represents only the expectation of loss, which Alan ..e• may not, be realized to those who have not sold at the denreeqted price. To those who have, it represents loss, but a corresponding gain to the buyer, and therefore no loss to the nation at large. If one-half of the nation bought the other half of the nation's property at half price, the nation would be precisely as rich or poor as before. The joint property of A and B cannot become less or more, either by A's feeling inclined to make a less sacrifice to obtain what B possesses than he was before, or by his actually obtaining it at a less cost than B would have exacted at a former period. It is only so far as foreigners now give us less for our securities than formerly, that England as a whole is poorer by the panic.
