In this point of view, the possession of Hong-Kong, the state of our relations with the Chinese government, and the difficult questions which may possibly, at no distant period, require our most anxious attention, (it must not be forgotten that the present Emperor of China is already in the decline of life) involve a degree of responsibility which cannot be too deeply felt, and can scarcely be approached without misgivings. Every member of the government of Hong-Kong must, therefore, be keenly alive to the responsibility of his position, and must watch with profound anxiety every one of the widely spreading circles into which the acts of our administration may ultimately extend themselves. We must stand up before the Chinese government, not only in the relation of a friend, but _of an ally_; and, instead of weakening its authority, we ought rather to support its influence in the eyes of its own people. Our intercourse with that remarkable nation ought to be recorded in the pages of history as a blessing, and not, what it might readily become, without great caution and prudence--a curse. Impressed with the truth of these observations, the first great and difficult question which awakens our anxiety, is that of the future relations of the opium-trade, and the course which is to be pursued with respect to it at Hong-Kong. Great anxiety has been felt as to the regulations which may be applied to it, in our own settlement, which is understood to be in all respects a free port. It would seem, therefore, that the storage of opium at Hong-Kong could hardly be prohibited; and yet it is difficult to discover how it would be possible, in that case, to avoid the dilemma of appearing in the eyes of the Chinese government to sanction, and even encourage, a description of trade especially prohibited by the Emperor. The simplest and indeed the only effectual mode by which all the difficulties of the question could be surmounted would be, inducing the Chinese government to legalize the trade, and to consent to the introduction of the drug, upon payment of a certain duty. No stronger arguments could be advanced in favour of this step than those already employed by Chinese writers themselves, in the various memorials presented to government on the subject. Although the opium-trade is not even alluded to in either of our recent treaties, it is well known that Sir Henry Pottinger has used his best efforts to induce the Chinese government to consent to the legalization of the trade, and to introduce the article into the tariff. It is possible that this object may be ultimately effected, but at present we have no reason to believe that any material progress has been made towards bringing this question to a satisfactory conclusion.