7 AUGUST 1886, Page 3

It is curious that the Royal assent of the Queen-Regent

of Spain to the Commercial Treaty with England has been imme- -diately followed by the resignation of Senor Camacho, the Minister of Finance, who had done so much to forward the negotiations. The reason for Senor Camacho's resignation appears to be that his financial policy in general was somewhat too thorough-going and inelastic for his colleagues, who were greatly opposed to some of its details which Senor Camacho was not disposed to withdraw. But instead of breaking up Senor Sagasta's Cabinet, his retirement has resulted only in the substitution for Senor Camacho of one of his own school,—a younger disciple, in fact, of the same policy, who will not, per- haps, prove quite so inflexible as himself,—Senor Pnigcerver, who was President of the Budget Committee during the recent Session. Probably Senor Camacho had met with a sort of opposition which made him think that the views of his school would have more chance with the Cabinet if he himself were out of the way. He will not, however leave the Liberal Party, but will continue to give Senor Sagasta's Cabinet a loyal support.