27 SEPTEMBER 1856, Page 1

Watch is still kept for the progress of events in

the Black Sea and in the Bay of Naples. The ultimatum from the French Go- vernment is said to have been delayed " another day " by the anxiety of Count Walewski that his Imperial Master should " consider" again before he despatched the last word. The French fleet is still announced to follow up the French note ; but it is a long time coming.

The elements of the dispute with Russia have not changed : the only new fact is, that instead of being explained away, the different interpretation which Russia puts upon certain portions of the treaty wears every day a stronger aspect of deliberate bad faith; with this addition, that the diplomatists of Russia have evidently calculated upon bringing over other states of Europe to assist her in procuring a confirmation of her pettifogging reserves. Thus the strongest efforts are made in Moscow, as well as else- where, to win the good-will of Prance, with the immediate pur- pose of wheedling France into the special interpretation that Russia put upon the treaty after the Conference at Paris sepa- rated. Lord Granville is said to have broken the ice at Moscow by the geniality of his entertainments : but although the Rus- sians may be seduced into dancing, they will scarcely be tempted from their diplomatic objects. " Bolgrad " and " the Isle of Serpents " still figure in the accounts from the Black Sea, not- withstanding the Granville balls and dinners in the ancient capital ; and, notwithstanding the attention shown to the Count de Morny, it is said a French fleet will join ours in the Euxine as well as in the Bay of Naples.

In Spain, O'Donnell, who succeeded in outwitting Espartero,

by this time discovered that he has outwitted himself. He has been unable to stop the progress of the reaction which he succeeded in commencing as War Minister under the Liberal Preinier Espartero. He officered the army with reactionary men, and prepared for the coup d'etat which displaced the Liberal Ministry. He then desired to establish an intermediate regime, which should reconcile moderate Liberalism with impunity for the Court, and permanency of place for himself and friends. But the Court, which had thus won over the army, destroyed the Constituent Cortes, and displaced unpleasant politicians from office, required something more. Queen Isabella is not the first who has affected to unite the character of saint with that of sinner : her Majesty has had special testimonials from the Pope, and she cannot abide the continued sale of ecclesiastical property under the mortmain law which has for some time been established in Spain. O'Donnell's Finance Minister, Cantero, reckoned the proceeds from the sale of Church property among his assets : the Court refused permission to his plan, and accepted his resigna- tion. O'Donnell, it seems, would have resigned too ; for, de- feated and mortified, he appears finally to have succumbed under the sense of impending 'disgrace ; and it is understood that he retains office provisionally until the return of Narvaez, the fit man to carry out a complete reaction.