Such was Lord Derby's Foreign Policy. We have already stated that his speech was equally striking in what it said, and in what it did not say. Among other matters of this negative character, is one which seems to have hitherto attracted no public attention--Lord Derby's silence on the subject of our _Colonial_ policy. His sentiments on that subject are perfectly well known, and he has himself, and recently, brought them prominently before the very assembly whom he was addressing. He is indeed peculiarly familiar with that great section of our national interests, and will doubtless give them much personal attention. Why did he, then, omit all allusion to our colonial policy on that memorable evening? Did he forget it? _There sate before him Earl Grey_, with a millstone of responsibility suspended from his neck, for a long series of colonial exploits, every one of them familiar to the Earl of Derby; who also knew, in common with everybody else, what was the last straw which had broken the camel's back--what was the real reason of the late Ministers' sudden retreat from office--to avoid the blighting exposure, in the House of Commons, of Earl Grey's Kaffir misdoings. With high judgment, and a generous forbearance, the Earl of Derby passed over the legitimate and tempting topic in blank silence--a silence, however, which may have been felt by the ex-colonial Minister as very ominous. Let _us_, however, seize the opportunity of touching, for an instant, only one part of this sore--we mean Earl Grey's last despatch to Sir Harry Smith; one of the most cruel and impudent documents that ever libelled the character of a state paper, or threatened to break a noble heart; a document that ought to be burned at the head of every regiment in the service; one which had been splendidly falsified by the triumphant veteran before it had come into his gallant hands, or been trodden into the dust under the foot of scornful and insulted soldier. Gallant veteran! what a reception awaits you on your return home, from your Queen and from your country, if indeed you live to tread the soil of old England again! You will be welcomed in Downing Street, whence your libeller has been expelled, and from which he is now for ever excluded. Thus much for Lord Derby's _temporary_ silence on Colonial policy. Having concluded his observations on his Foreign, he approached our Domestic policy. Here he paused for a few moments; his manner showing a consciousness that he was entering on a topic of the last importance and difficulty--one fraught with absorbing interest, in the eyes of every one present, and with the fate of his newly-formed Administration.