Lord Granville announced on Thursday that the negotiations with France
for a new Commercial Treaty have been for the present broken off, owing to the refusal of the French Govern- ment to prolong the existing Treaty of Commerce for three months from November 8th next, in order to give time for the negotiation of a new Treaty. This is, undoubtedly, bad news for English commerce (though the Tory Party seem to have been eager to have no treaty, rather than any treaty not more favourable than the last), for English exporters will lose a market, while French exporters very likely will lose none, un- less, indeed, we put Spanish and Italian wines on a more equal footing with French wines, which would mean a considerable blow to the light clarets of France. Nevertheless, we do not believe that France will prosper long, under her new access of Protectionist fervour ; doubtless, she will soon find out her mis- take, if she makes it, which is still uncertain.
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