the possible failure of the negotiations for the renewal of the commercial treaty with Brazil, now approaching its term, it cannot fail to secure easy access for British wares in the territory of Rio Grande, lying on the borders of the republic of the Uruguay, and far the most extensive, though not the most populous, of Brazilian provinces; and this in despite of the Government of Brazil, which does not, and cannot, possess the means for repressing its intercourse with Monte Video, even though its possession and authority were as absolute and acknowledged in Rio Grande as they are decidedly the reverse.  The next, and the more difficult, achievement of Conservative diplomacy resulted in the ratification of a supplementary commercial convention with Russia.  We say difficult, because the iron-bound exclusiveness and isolation of the commercial, as well as of the political, system of St Petersburg, is sufficiently notorious; and it must have required no small exercise of sagacity and address to overcome the known disinclination of that Cabinet to any relaxation of the restrictive policy which, as the Autocrat lately observed to a distinguished personage, “had been handed down to him from his ancestors, and was found to work well for the interests of his empire.”  The peculiar merits of this treaty are as little understood, however, as they have been unjustly depreciated in some quarters, and the obstacles to the accomplishment overlooked.  It will be sufficient to state, on the present occasion, that notice had been given by the Russian Government, of the resolution to subject British shipping, importing produce other than of British, or British colonial origin, to the payment of differential or discriminating duties on entrance into Russian ports.  The result of such a measure would have been to put an entire stop to that branch of the carrying trade, which consisted in supplying the Russian market with the produce of other European countries, and of Brazil, Cuba, and elsewhere, direct in British bottoms.  To avert this determination, representations were not spared, and at length negotiations were consented to.  But for some time they wore but an unpromising appearance, were more than once suspended, if not broken off, and little, if any, disposition was exhibited on the part of the Russian Government to listen to terms of compromise.  After upwards of twelvemonths’ delay, hesitation, and diplomacy, the arrangement was finally completed, which was laid before Parliament at the commencement of the session.  It may be accepted as conclusive evidence of the tact and skill of the British negotiators, that, in return for waiving the alterations before alluded to, and leaving British shipping entitled to the same privileges as before, it was agreed that the produce of Russian Poland, shipped from Prussian ports in Russian vessels, should be admissible into the ports of Great Britain on the same conditions of duty as if coming direct and loaded from Russian ports.  As the greater part of Russian