1 DECEMBER 1866, Page 2

The moderate party in Hungary has pronounced its ultimatum, and

it is nearly fatal to the prospect of reconciliation between the kingdom and the German provinces. On the 29th ult. M. Dear, as leader of that party, moved that the Diet should address the King, praying His Majesty to restore the "complete Consti- tution of 1848." This the Emperor has consistently refused to do, without a pledge that the Diet would alter some or its pro- visions; anclunless some compromise can be found, this effort must end as all others have done. It is rumoured that the Kaiser in- tends to offer the Hungarians the possession of their own army in their own country as a gearautee of his good faith, but this we do not believe. With the troops or each State stationed within it, the next shook would dissolve the Austrian Empire.