We suspect it will be found when the Conference meets
that M. Ferry's first preoccupation has been to protect French Bond- holders, and his second to prevent direct annexation. He is said to have been satisfied on both heads, and to be now desirous to smooth the path of the Liberal Government. That is very likely. He is far too intelligent not to perceive that failure in Conference might seriously injure the present Administration, and that the accession of a Tory Ministry might be most un- pleasant for himself. His foothold in France depends upon his success in a policy of scattered enterprises which a hostile British Ministry could thwart with the greatest ease. He is giving new hostages to fortune every day, and can only just keep his peasants in hand by showing them that no Great Power objects to his operations.
