We had hardly recovered from our amazement at this great change in the foreign policy of France, when we were still more astonished and pleased by the publication of the Emperor's letter to Fould, in which he announced his intention to change the whole commercial policy of France, and to make her a country of Free Trade. In thus confronting at once the Clerical body and the Protectionist interest in France, he has certainly acted with enormous boldness and reliance on his own influence and power, and it will be very interesting to see whether the success of his policy corresponds with its audacity. The Commercial Treaty has been in great measure the work of Cobden, who went over to Paris under the wing of Michel Chevalier and with letters to Cowley, who introduced him to everybody who could be of use to him in his endeavours to forward a Free Trade policy. The scheme seems to have been arranged between the Emperor and Fould without the knowledge or participation of any of the other Ministers. Cobden had no mission, but he reported his progress home, and as an acknowledgement of his exertions he is to be made joint Plenipotentiary with Cowley in signing the Commercial Treaty. The return of Cavour to power looks as if there was a secret understanding between France and England that the King of Sardinia should be permitted to consummate the annexation of all the revolted provinces to his dominions; for this object, which Palmerston has so much at heart, he would gladly consent to the transference of Savoy to France, which most people think will take place; but everything is still and must be for some time in the greatest uncertainty in North Italy, the only thing _apparently_ certain being that the Dukes will not recover their Duchies, and still less the Pope his Romagna. _January 24th._--To-day Parliament opens, and everything promises a prosperous session for the Government. So little spirit is there in the Opposition, that very few of them are expected to make their appearance, and Disraeli, under the pretext of a family affliction, gives no dinner; but the probable cause of this is not the death of his sister, which happened two months ago, but his own uncertainty as to whom he should invite, and who would be disposed to own political allegiance by accepting his invitation. Such is the disorganised state of that party.