It is reported, apparently on authority, that the Government has
succeeded in making a Commercial Treaty with Spain. Spain is to admit British goods under the most-favoured-nation clause, while Great Britain is to admit Spanish wines at the Low rate of duty up to thirty degrees of alcoholic strength. The arrangement pleases Spanish statesmen, who are pressed by -their wine-growers, and who want large imports for the sake of :revenue ; but we would advise British manufacturers not to be too trustful. The treaty will displease the French, who want to sell claret, not port, and who can apply pressure at Madrid ; and it will irritate Protectionist Catalonia to frenzy. There is a lull ler a moment, because the German Crown Prince is the guest
• of Spain; but the moment he goes, the attack on the Herrera . Ministry, and its reforms and its tariffs, will be most severe. The pivot of power is the King, but he will not want to shell Barcelona.
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