12 AUGUST 1848, Page 2

The reports from Italy are dark, and almost hopeless. Charles

Albert has been obliged to withdraw before the Austrians, and appears to be in full retreat for his own dominions ; and Milan is said to have capitulated.

The reports of this altered course of events in Italy produced the most opposite effects in Austria : the funds fell—a sign of popular dismay, for the revival of the Imperial despotism would now be regarded as a new revolution ; but the reviving spirits of the Emperor were signified in the transmission of praise and de- corations to the victorious veteran.

At Frankfort, the first Ministry of united Germany has been proclaimed ; but the most notable event in Germany is the coin- cidence of two great Legislatures, those at Frankfort and Ber- lin, in abolishing punishment of death.