Clarendon called on me yesterday, and told me various things more or less interesting about passing events, about Cobden and the Commercial Treaty. Cobden went over to Paris with letters from Palmerston to Cowley, begging Cowley would give him all the aid he could in carrying out his object of persuading the leading people there to adopt Free Trade principles, saying he went without any mission and as 'a free lance.' Cowley did what he could for him, and he went about his object with great zeal, meanwhile putting himself in correspondence with Gladstone, who eagerly backed him up, but all this time nothing was said to the Cabinet on the subject. At length one day Walewski sent for Cowley, and asked him whether he was to understand that Cobden was an agent of the British Government, and authorised by it to say all he was saying in various quarters. Cowley denied all knowledge of Cobden's proceedings, but wrote a despatch to John Russell stating what had occurred, and at the same time a private letter, saying he did not know whether he would wish such a despatch to be recorded, and therefore to number it and place it in the Foreign Office, or put it in the fire as he thought fit. John Russell accepted the despatch, and at the same time told him he might endorse whatever Cobden did in the matter of commercial engagements. [Sidenote: THE EMPEROR ON FREE TRADE.] Clarendon said that when he was at Paris four years ago for the Congress, the Emperor one day said to him, 'I know you are a great Free Trader, and I suppose you mean to take this opportunity of advancing Free Trade principles here as far as you can.' Clarendon said certainly such was his intention, when the Emperor said he was happy to be able to take the initiative with him on this subject, and that he would tell him that it had just been settled in the Council of State that a great change in their commercial and prohibitive system should be proposed to the Chambers, which it was his intention to carry out as soon as possible. But not long after the Emperor renewed the subject, and told him he found the opposition so strong to his contemplated measures and the difficulties so great, that he had been obliged to abandon them for the present, and as there is no reason to doubt that the elements of opposition will be found as strong now as they were then, it is by no means certain that His Majesty will be able now to do all he wishes and has announced. It has already been stated in the French papers that something is to be done to meet the objection or allay the apprehensions of the French Protectionists, and Clarendon thinks it very doubtful whether the Commercial Treaty, which will confer advantages on France immediately without any reciprocal ones to us for eighteen months to come, will be received with much favour here, especially as the loss to our revenue will require the imposition of fresh taxes to a considerable amount.