_London, January 19th._--Lord Auckland's death naturally excited great interest and curiosity about the Admiralty. The first and most general feeling was a desire that Lord Minto might not be his successor. This was proclaimed in the press and in all places; but such a disagreeable manifestation was hard upon him, as it turned out that he not only never aspired to the place, but he at once told John Russell to take the Privy Seal from him without scruple and do anything he pleased with it if his resignation would be of use in any fresh combination he might wish to make; in fact, he behaved very well. Lord John resolved to make the offer to Graham (after having consulted Lord Lansdowne) provided the Cabinet did not object. He called them together and proposed him. Though certainly some of them did not like it, they consented unanimously, and he accordingly wrote to Graham and asked him to come up to town. Graham arrived, and they had a long and frank conversation. Graham said he was quite independent, and his being invited _alone_ was no objection. He asked Lord John what the views and intentions of Government were, and Lord John explained everything to him in the most open and candid manner. Graham seems to have made no objections to anybody or anything, but rather to have hinted his apprehensions that they might not go far enough in the way of economy; and he showed some leaning towards Cobden's schemes, that is, he said he thought there was a great deal in his speech and letter. At the end of the conversation he asked Lord John if he had any objection to his consulting Peel, who, he had reason to believe, was to pass through London that afternoon; if he had, he would give him his answer at once. Lord John said he had no objection, and Graham went away. In the evening he came back, said he had missed Peel and could not consult him, and finally he declined, somewhat I think to Lord John's surprise, for he gave no good reason for declining, and, after asking for information as to the Government plans, and appearing satisfied with them, Lord John naturally expected he would accept. They parted on very friendly terms, but Lord John is not pleased; it has not raised his opinion of Graham, and he will not make him another proposal if he can help it. They cannot understand his conduct and motives, but they think he was afraid--which probably is the truth. They then proposed it to Sir Francis Baring, who took it directly. On the whole he will probably be of more use to them than Graham. The accession of the latter would have been distasteful to the Whigs generally and to many of the Government; he would not have been at his ease with his colleagues nor they with him, and I only wonder he ever hesitated. It is perhaps as well that the offer was made to him, but on the whole better as it is. The Protectionists, who, contemptible as they are as a party, can always do some mischief, would have been more disposed to thwart and embarrass