When it was announced that an interview was to take place between the two Emperors, everybody predicted that the elder of the two would have as much success in diplomacy over his rival as he had already obtained in arms, but the result does not appear to bear out that expectation, though we do not yet know what the real motives of the Emperor Napoleon were in concluding such an extraordinary peace. Granville told me that at this interview the Austrian Emperor had taken a very high line, and shown little disposition to concession. He said to Napoleon, 'You have conquered Lombardy, and I do not contemplate making any attempt to recover it. I am therefore quite ready to cede it to _you_, and _you_ will deal with it as you please. I have nothing to say to the King of Sardinia, and make no concessions to him. With regard to Venetia, and the country of which I remain in possession, I have nothing to concede or to offer, _all that_ I mean to retain, but I have no objection to my Venetian dominions forming part of the Italian Confederation.' They appear to have had a vast deal of conversation and discussion, for they are said to have been together for above twelve hours. What they talked about it would be interesting to know, but which they will neither of them tell us. The field for speculation is as wide as can well be. How the settlement of Italy is to be accomplished, how the Italians are to be contented, and how peace in that country is to be permanently secured, are questions enough to puzzle the acutest politicians. We congratulate ourselves at having kept entirely clear both of the war and the peace, but no doubt Palmerston is mortified, and I think England generally will be provoked that changes of such importance should have been made without any consultation or even communication with us.