_January 27th._--The session opened with great appearance of quiet and prosperity for the Ministers, which nothing that passed the first night in either House threatened to disturb. Derby made a very good and moderate speech. When he left office the Queen entreated him not to use the power he seemed to have from the nearly balanced state of parties to upset this Government, urging the great objections there were to eternal changes, and she repeated the same thing to him when he was at Windsor on a visit not long ago. Derby expressed his entire concurrence with her, and he promised to act in conformity with her wishes, and he has entirely done so. Nothing could be more temperate and harmless than the few remarks he made on Tuesday night, but leaving himself quite unfettered on every point. [Sidenote: OPPOSITION TO THE COMMERCIAL TREATY.] In the meantime there is apparently a strong feeling of doubt and quasi-hostility getting up against the Commercial Treaty, and it looks as if the English and French Governments would both have great difficulties in the matter. Public opinion here remains suspended till the Treaty is produced, and till we are informed what the immediate sacrifices may be that we shall have to make for it, and what are the prospective advantages we obtain in return. The French Protectionists are more impatient and have begun to pour out their complaints and indignation without waiting to see the obnoxious Convention. Thiers is said to be furious. So far from any Commercial Treaty like this cementing the alliance, and rendering war between the two countries more difficult, it is much more likely to inflame the popular antipathy in France, to make the alliance itself odious, and render the chances of war between the two countries more probable. In maturing his scheme Louis Napoleon has given it all the appearance of a conspiracy, which is in accordance with his character and his tastes. The whole thing was carried on with the most profound secrecy, and the secret was confined to a very few people, viz. the Emperor himself, Fould, Rouher (Minister of Commerce), Michel Chevalier, and Cobden. All the documents were copied by Madame Rouher, and Rouher was so afraid that some guesses might be made if he was known to be consulting books and returns that were preserved in the Library of the Council of State, that he never would look at any of them, and made Chevalier borrow all that he had occasion to refer to. Now the Emperor springs this Treaty upon his reluctant Chambers and the indignant Protectionist interest. His manner of doing the thing, which he thinks is the only way by which it can be done at all, naturally adds to the resentment the measure excites. They feel themselves in a manner taken in. The objections here are of a different kind and on other grounds, but Gladstone kept his design nearly as close as the Emperor did, never having imparted it to the Cabinet till the last moment before Parliament met. I do not know how