The Protectionists of Germany have sustained a severe defeat. The
most ardent among them were the iron-masters, who had also the best case ; but the Parliament, after a debate of four hours, refused to entertain the petitions for retaining the duties on iron. Herr Delbriick, moreover, the officer who, when Prince Bismarck is absent, acts as the mouthpiece of the Imperial Government in the Reichsrath, declared that the Government neither could nor would "forsake the course of customs policy they had hitherto pursued." This signifies that Germany intends to adhere to free-trade, in spite of the shaky knees of financiers in Austria, Italy, and even France, where, however, the " inter- ests" in favour of wisdom are quite as strong as the interests in favour of folly. With England and Germany and France in favour of Free-trade, the danger of commercial reaction must be less than some of our friends in the North seem to dread. Even in Austria the Hungarian pressure is all on the right side.
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