23 DECEMBER 1865, Page 3

The basis of the commercial treaty with Austria has been

agreed upon. Austria agrees never to enforce any higher duty on British manufactures and goods than 25 per cent. ad valorem, which will, however, only be the maximum duty,—and the duty on many of our exports will be much less. Austria proposes apparently even to reduce her duties on English products further, if Parliament will consent to strike off the shilling duty on corn (which yields us 800,0001.) and reduce the duty on Hungarian wine. Mr. Gladstone has often expressed his wish to liberate corn even from the nominal duty now exacted, but whether he can afford a further reduction of the wine duty is doubtful.