_February 26th._--On Friday night Gladstone had another great triumph. He made a splendid speech, and obtained a majority of 116, which puts an end to the contest. He is now _the_ great man of the day, but these recent proceedings have strikingly displayed the disorganised condition of the Conservative party and their undisguised dislike of their leader. A great many of them voted with Government on Friday night, and more expressed satisfaction at the result being a defeat of Disraeli. The Treaty and Budget, though many parts of both are obnoxious to criticism more or less well founded, seem on the whole not unpopular, and since their first introduction to have undoubtedly gained in public favour. This fact and the state of the Opposition prove the impossibility of any change of Government. Gladstone too, as he is strong, seems disposed to be merciful, and has expressed his intention of taking fairly into consideration the various objections that may be brought forward, and to consent to reasonable alterations when good cases are made out for them. There seems no doubt that his great measures were not approved of by the majority of the Cabinet, but the malcontents do not seem to have been disposed to fight much of a battle against the minority, which included both Palmerston and Lord John. It is curious how this great question has thrown into the background all the questions about Italy and foreign policy, in regard to which public interest seems to be for the moment suspended, while Italian affairs are at a dead lock. It would be very inconsistent with the Emperor's character if he had given up his design of appropriating Savoy, but he has certainly postponed it, and will probably employ his versatile imagination in weaving some fresh web by means of which he may get it into his power. I have been reading the Italian Blue Book, which is a creditable compilation. John Russell's positions are not unsound, but he is too controversial in his tone, and though he treats Austria with a decent consideration, and in no unfriendly spirit, he might as well have avoided arguing with Count Rechberg upon points and principles on which it was impossible they should ever agree. Throughout this compilation the embarrassment and perplexity of the Emperor Napoleon are conspicuous, and the difficulties into which he got himself by his vacillations and incompatible objects and obligations. His desire to adhere to the engagements he contracted at Villafranca is obvious throughout, and the advice he gave the Pope seems to have been the best possible, and given in all sincerity.[1]