15 MAY 1886, Page 2

Lord Rosebery has succeeded in arranging a commercial treaty with

Spain, by which British goods are admitted under the most-favoured-nation clause, while this country promises to tax port and sherry as if their alcoholic strength were less than it is. The arrangement is acceptable here, but Catalonia is furious ; while the French Government, in the interests of claret-growers, will make every effort to defeat the treaty. The French exert a decided influence in the Cortes, especially when Liberals are in power ; and we would warn manufacturers not to be too certain that the necessary Bill will pass.