The news from the Transvaal is not pleasant. The Cor-
respondents, no doubt, are greatly affected by the opinion of English speculators, who are savage at seeing their expected profits disappear, but there is some truth behind their stories. Mr. Gladstone himself stated in the House on Tuesday that he thought the situation—that is, the prospect of peace—had " receded," it being evident that Potchefstroom had been cap- tured in breach of the Convention, and not evident that it would be restored peaceably ;. and we imagine the truth to be this. The leaders understand the Power they are contending with, and desire peace on the terms arranged. The mass of the Boers, however, honestly imagine they can beat the British, and are not willing to abide by the decision of the Commission, unless it is altogether on their side, while the natives are horrified at the transfer of allegiance. We let them alone, and the Boers will not. Fortunately, the influence of President Brand with the ordinary Boer is very great, and it is ou hint practically that peace now depends. Wo should say, on the whole, that the chance of a renewal of fighting was greater than the chance of a permanent arrangement.
