Prince Bismarck and M. Quertier have made a new Conven-
tion, supposed to be a little more favourable to France. On condition that the productions of Alsace and Lorraine are admitted into France at a low rate of duty until the end of 1872, Germany agrees to evacuate six departments in the East at once ; to reduce the army of occupation to 50,000 men ; and to accept payment of the fourth half-milliard by instalments of £3,200,000 a fortnight. These instalments, moreover, are guaranteed only by the signature of the French Government, that is of M. Thiers and the Finance Minister. The Germans appear to consider these con- ditions very generous; but as they give up nothing—for the French are to treat the six departments till May as neutral ground, and send no troops there—it is difficult to perceive in what the gene- rosity consists. There is some courtesy in dispensing with the banker's guarantee, but it is a courtesy all independent States display towards each other.
