The French Treaty with Great Britain has been denounced, the
Treaty thus expiring at the end of twelve months, and M. Thiers is battling hard with the Finance Committee for his favourite duties on raw materials. They appear disinclined to give way, and object to the enormous expenditure on the Army, now £27,000,000; but M. Thiers declines to reduce, declaring that the French Army, though not intended for war, must be real and powerful. He desires peace above all things, but the lost materiel must be re- placed. "A great army is a great burden," but in presence of armed Europe France must have a great army. As the Deputies all agree in this sentiment, and M. niers will consent to no form of taxation he does not approve, it is probable that he will get his own way, and seriously injure manufactures. The quarrel, how-
ever, is not settled yet. •
