4 MARCH 1865, Page 2

Spain is in a fit of loyalty because the Queen

has offered to sur- render the Royal property, valued at six millions sterling, to the nation. The gift at first sight looks a regal one, but Queen Isabella is Bourbon, and a little coesidaratiea has greatly diminished the appearance of liberality. The property consists of great estates, forests, and palaces scattered over Spain, some of which belong to the family, many more to the Crown. and most to the nation, while none produce any income. Her Majesty has reserved all the residences she personally likes, and is to be paid one-fourth of the selling price as a first charge on the remainder. Supposing there- fore the calculation correct, the Queen will get a million and a half instead of nothing, which she gets now, and will give up only the possible chance of her descendants making a profit out of useless possessions. There being still in Spain a chance of a change of dynasty, the balance of profit is decidedly with the astute lady, who by one and the same act makes a reputation for generosity and a million.