LONDON, (FROM THE DAILY TIMES CORRESPONDENT.) 25th July, 1866.

We received your mails 16th and 20th inst. The first homeward mail by the Panama route is expected at Southampton on Saturday, 28th. The report of the New Zealand Trust and Loan Company, 18 th instant, recommends a dividend of 10 per cent, per annum ; that of the Bank of Otago, to be presented on the 28th, gives the available total L 8912, which admits of a 6 per cent, dividend, but the directors will not countenance a distribution pending negotiations respecting the Southland liabilities to the Bank.

H.M.S. Cruiser, 5, Commander E. Field, is ordered for service on the Australian station.

The following vessels have arrived: — Echunga, Commodore, British Merchant, Maori, Thracian, James Lister, Cela>no, Silver Eagle, Wellesley, Essex, Great Britain, Transatlantic, Balmacarra, Aradistan, Great Victoria, Harrowby, Gosforth. The following are spoken : — Hoyal Bride, Himalaya, Star of Tasmania, Seringapatam, Blue Jacket, Ida Zeigler, Woodbine. Sarah Grice, Lizzy, Fearnought, Orwell, Zephyr, Alexandra, Wooloomooloo, Harwich, Lightning, Punjab, Wm. Libbey, Netherby, Persia, Ranger, Prince of Wales, Red Rover, Empress, Wimmera, Fitzroy, Victpry, Siimmerlee, Reigate, Wm. Cole, Queen of the Colonies, Landsborough, Clara, Anna Maria, Sussex. Two men of the 68th Regt. on board the Percy, at Plymouth, were struck by bullets from some practising grounds adjacent; they are, however, although so nearly killed at home after escaping Maori rifle?, progressing favorably. A grand inspection of the troops returned from New Zealand recently took place at Portsmouth.

Capt. Cooper, of the Echunga, reports that in iat. 61 S., lon. 97 W., he sa^ about 90 large icebergs, which formed a complete barricade across the ship's way, as far as the eye could reach from the masthead. He stood to the N.W. for two days, then tacked and stood to the eastward, and saw no more ice. Capt. Faulkner, of the Transatlantic^ also was four da} s amongst icebergs of very large dimensions, about the middle of May. The Gosforth, just arrived from Adelaide, reports two passengers having died of consumption — Mr Pinkerton, 22nd April ; and Mr Gardener. 15th May.

Large parties are being organised to sail for your shores ia the Chile, on the sth August ; and iv the Maori, on 31st. European emigration seems to be setting in for your colony, and there is little question that as war leaves you, so will immigrants arrive. London papers are publishing the last six years' business transac tions between New Zealand and the Mother Country. In 1860, our imports amounted only to L 445/244, and our exports to L 569,066; whertas in 1865 our imports reached L 1,205,963,, 205,963, and our exports L 1,595,522., 595,522. These figures shew an increase in six years of about 180 per cent., and are full of promise.

la discussing the homage paid by the people of Victoria to Sir C. Darling, the I English press adheres to its former opinion on the justness of the ex Governor's recall. That he is a high-minded, honor- i able gentleman, and that his conduct was actuated by the be-t motives throughout the long crisis, no one attempts to dispute ; but that he was unequal to the duties of his office in the hour of trial, and that in a conflict between two branches of the Legislature he aided one party in ignoring that Constitution which, in the name of Her Majesty, he was sent specially to uphold, are deplorable facts which necessitated the stern interposition of the Home Government ; and in the disgrace of Sir Charles a lesson is read, not only to his successor in Victoria, but to all our Colonial Governors. The Hon. Sir J. H. T. MannersSutton, X.C.8., is reported to be leavma England for Melbourne this month. June 26th brought an end to the Russell-Gladsfoae Ministry — a circumstance much to be regretted. We wanted no derangement at such a critical time, and there was no real occasion for the chaDge, as the defeated parties might have obtained a vote of confidence for the asking; but being pledged to stand or fall by their Reform Bill, and accepting the success of Lord Dunkellin's amendment on the rental franchise as a rejection of the measure, they persisted in tendering their resignations, and the Queen then sent for Earl Derby. On the sth insi,, Gladstone and Co. made up their accounts, and said goodbye to place and power. On the 6th, Lord Derby, Lord Stanley, and Mr Disraeli occupied the Treasury benches ; and now those popular statesmen, who so recently guided the destinies of this country, are duly ranged in seats appropriated to " Her Majesty's Opposition." It is a most important transfer just now, and we can only hope for the best.. There is to be no factious interference with Earl Derby's efforts to steer clear of Continental shoals and quicksands; but we are ever suspici-

ous of Tory counsel, and as many untried men are now in power, they will be closely watched. The Premier's son, Lord Stanley, is Foreign Secretary ; Mr Disraeli isat the Exchequer ; Chelrnsford is on the Woolsack ; Earl Carnarvon rules the Colonies; Earl Montrose is PostmasterGeneral ; Marquis of Abercorn goes to Ireland; Viscount Cranbourne is the Indian Chief ; Sir John Packington presides over the Navy ; General Peel is War Secretary ; the Right Hon. H. Walpole governs the Home department; Sir H. Cairns is Attorneyeeneral; Mr Bovill, Solicitor-general ; Mr George Patton is Lord Advocate; for Sir Fiizroy Kelly no convenient place could be found, so he is made Chief Baron of the Exchequer Court, Pollock retiring on full pension and baronetcy. It took Lord Derby nearly a fortnight to construct the Cabinet, and his difficulties are instanced in the Irish appointments. He selected Mr Brewster for Hibernia's woolsack ; but the Right Hon. James Whiteside grew outrageous and had to be conciliated, so the Chancellorship goes to Mr Blackburne, 85 years of age ; Mr Napier (deaf as a post) is the new Lord Justice of Appeal ; Mr Lefroy. aged 92, reluctantly quits the Qupen's Bench and makes room for the fiery Whiteside a3 Chief Justice ; and the talented Brewster gets shelved altogether. Matters being at length comfortably arranged, the next stepwas to get to business; and we were speedily told how the Reform Bill was to be consigned to futurity ; in fact, as the session is so far advanced, the majority of other important jobs on hand are inevitably doomed for next year's discussion, and, with the world in arms, we must take our chance of what happens ad interim

Your readers had news of European hostilities last mail. The doors of the tnn;ile of Janus were w dely opened; pecc<. -ankers were derided ; and no human voic • could stop the wilful strife. Hence, war leing resolved on, the universal prayer was, that it should be short, sharp,, and decisive, — a prayer apparently heard, for blood was shed in such awful quantities that one little month sufficed to make the angry hosts pause, and give ear to the soothing tones of reason. London papers will shew the rapid course of this extraordinary German war, and the astounding success attending Bismarck's aggressive policy. The Austrian and Prussian armiea were supposed to be pretty equally balanced, Austria having a slight advantage in numbers ; but Pru-sia possessed a secret in the art of gunnery which has proved irresistible — neither more nor less than the breach-loading needle gun, opposed to which no troops can stand. In addition^ the enetgy of Prussia was conspicuous from the commencement, and lor it both Austria and the German Bund were totally unprepared. North Germany was over-run with scarcely any opposition; Hanover ftll an easy prey ; Saxony next : one by one the States succumbed to Bismarck's vigor ; whilst the Austrian army,, under Benedek, was concentrating in Bohemia, and affording no assistance to itshelpless allies. Between the 22nd and 30th June, a series of battles took place, Nachod and Gitschin being the most noted, all terminating in Prussia's favor. Kinnr William and his crafty minister were at head quarters, the two grand divisions of the army being commanded by the Crown Prince and Prince Frederick Charles;, they followed up sharply their successes,. and soon came in front of Btnedek's main force, near Josephstadt, at the foot of the Bohemian Mountains, where, on the 3rd inst., was fought the decisive battle of Koniggratz or Sadowa. It was a terrible affair, and resulted most disastrously to the Austrians ; they were routed from. Bohemia, and relentlessly pursued by victorious Prussia into the very suburbs of Vienna. On learning the defeat of Benedek, the Austrian Emperor at once ceded. Venetia to Napoleon in trust for Italy, and withdrew a great portion of his troops from that province for the defence of his threatened capital. And thus, when there was nothing left but the last despairing fight on the Danube : when Austria wascalling up all her reserves from Hungary, Venetia and the Tyrol — when half a million men were gathering on either side the gates of the doomed citj' — and when expectant Europe might at any moment learn the commencement of a second "Wagram, Aspern and Essling" — then was the voice of the 3rd Nap olean heard in terms of peace ; and on th c 22nd inst. he effected a five-days' armistice between Austria and Prussia, which will terminate on Friday next, but \^hich for the time put an immediate stop to blood -spilling. During those five days prel iminaries of peace will be carefully discus sed, and we firmly believe that, as no be tter terms can be gained by either party by continuing the war, peace will be con eluded on the following bases : — " Disso lution of the German Bund and total ex elusion of Austria for ever from the Germ anic Confederation ; Germany, north of the Main c, to f oi m a union under the military and dipkmatidirection of Prussia ; the optional forma

tfon of a Southern Germany ; Prussia to annex the Elbe Duchies, except the Danish portion of Schleswig ; Austria to pay part of Prussia's war expenses ; maintenance of the integrity of the Austrian Empire with the exception of Venetia." Italy appears to have been no party to this agreement, as it is officially announced that yesterday a suspension of hostilities for eight days was concluded between Austria and Italy.

The French Emperor has been accredited this month with the enviable title "Arbiter of Europe," and verily his ■duty of bringing the belligerents to reason proves to be no sinecure. On the 3rd inst., Austria, in exiremis, ceded to him Venetia in trust for Italy, and asked him to treat for peace ; he consented, in an evil moment, to accept the thankless office, and his disinterested kindness brought hot water pouring from all quarters on his devoted head. Italy was insulted ; Prussia indignant ; Germany suspicious ; Russia threatening ; he was accused of selfish motives, and plainly told to mind his own business. Meekly did he bear these ills, nothing did he say, and ungrateful Europe fancied be was meditating revenge ; but presently the Magician announced the armistice he bad effected, and now we are all quite satisfied of his good intentions from the outset, and anxiously wait the result — if it proves abortive, the war which is to have no end will burst forth more furioxisly than ever ; if it brings good fruit, then comes " the after-piece." There will probably be a European Congress in Pari', at which many fine things will be said and done ; at all events, there must be a new continental map, a map which some 6hrewd folks say is already more than half prepared.

The war in Italy began with the insane battle of Custozz3, 23rd and 24th June, resulting, as it was sure to do, in Austrian success. King Victor then retreated across the Mincio, with a loss of 360 officers, and 7800 men killed, wounded and missing. Nothing further occurred, except volunteer mountain skirmishes, in which Garibaldi was badly wounded, until the cession of Venetia. This was received as an insult to the nation ; ministers resigned ; La Marmora was sacrificed to the popular fury ; it was resolved not to treat with Austria without Bismarck's consent ; Napoleon's counsels were eschewed, and on the Bth inst. Cialdini crossed the Po with 100,000 men to make another assault on the Quadrilateral ; Victor Emmanuel himself rushed into the Tyrol ; the fleet wasordered to be on the alert ; and the retiring Ausf rians were vengef ully pursued, the wayward young kingdom determining to conquer tor itself Venetia, Istria, the Tyrol, Trieste, and every particle ot Italian soil. The valiant arm}' should drive the enemy before them, and halt not till they effected a junction with thtir Prussian ally at the gates of Vienna. Away then they went ; what they accomplished we know not; the Quadrilateral is still intact; and we heard of nothing but a few mountain skirmishes until the 20th inst, then a severe naval engagement took place between the Italian and Austrian fleets. The object of Italy was to obtain the Inland of Lissa on the Dalmatian coast. The battle raaed for

many hours, hundreds of lives were loj>t, several ship 3on either side destroyed, and Austria claims the victory. Happily we shall hear no more of these usekss sacrifices for some time; an eight days' truce may bring even Italy to its penses.

Herr yon Bismarck has proved himself a most wonderful man. His measures, both civil and military, were matured with extraordinary skill, and carried out with unflagging zeal; to his favorite General Yon Moltke, is awarded the strategic honors of the field, but he had other sound and diligent agents at work ; his secrets were well kept, and service wa9 faithfully rendered in every department. He has iv this short campaign added 12 million suljects to his

master's rule, and, as " nothing succeeds

like success," this hitherto bold, bad man,

thi3 most unscrupulous minister of a puppet King, is cow the very idol of that

Prussia which he has so recently exalted,

and of that people who, in their ienorance, ■a, few weeks back, looked upon him as an ugly fiend in human shape. Yea, supremacy in Fatherland is accomplished ; the old good-for-nothing German Bund is annihilated, and a new Confederation, under Bismarck's guidance will spring vp — the Prussian star is fairly in the ascendant, and Austria is down, ne^er more to rise as a rival, or ruler, in Germany. Austria has fallen beneath the murderous fire of the all-conquering needle gun of the implacable foe ; but if we rightly judg2 of Francis Joseph, he will shortly recognise how much he is the gainer by current events : he gets rid of h'u Italian incubus, he removes from a false position in Germany, he is relieved from the troublesome care of people who detested his sway, and from heavy burdens which were beyond his strength— all this will be plain enough when he recovers from the stunning effects of the great blow which has smitten his empire. That he will remain a mighty Sovereign, and one the of

leading powers, he may rest assured ; for Austria has a sacred mission in the Southeastern quarter of Europe, which not even the genius of a Bismarck dare assail. Nevertheless, the unhappy Kaiser has, to a large extent, brought upon himself the present situation. Venetia was his bane, and he knew it ; had he relinquished that incumbrance on the advantageous terms offered him long ago, his Prussian enemy would never bave challenged him to the fight, which, for want of the strength wasted iv Italy, brings such ruin to the house of Hapaburg. Let him now attend to those needful reforms in the Church, the Constitution, and the Commerce of Austria proper, reforms which he has already entertaiued, but of which he has allowed aristocratic pride and misrule to deprive ths country. Let him seriously reflect on the past, and he will perceive the bright future a- head, beneficial alike to his dynasty, his people, and the outer world.

Russia has looked on quietly during the progress of these startling events in Germany, and beyond an expression at Petersburg, that Alexander would be neutral, provided Napoleon allowed things to run their course uninterrupted by French barricade?, we had no word or sign. When however, Venetia was ceded, and Bonaparte was thought to contemplate an armed intervention, we heard a growl which betokened much interest respecting affairs in general ; then were Ru sian troops hastily marchpd to the frontiers of Silesia, Galicia, and Bessarabia ; there to remain till further orders, and Europe was made aware that a sharp eye was on the watch, and not so very far distant. But the time is hourly approaching, when all the wise men of the East, West, North, and South, will have to declare ; and we may take it lor granted, that the Russian tone will be aa loud as occasion requires. The union of MolJo-Wallachia under the sovereignty of Prince Charles of Hohenzollern, as the vassal of Turkey, is being sanctioned by the European powers ; and the Porte recognises the Prussian as Hospodar of the Danubian principalities on paying double tribute to his Suzerain — the Sultan also accords to the Hohenzollern family the direct hereditary succession to the Roumanian throne. Whether the advent of Prince Charles wns originally part and parcel of Bismarck's iron rule, we may never know ; but that the unexampled successes of Prussia in North Germany have much to do with this quiet adjustment of a dangerous complication admits of little doubt.

And now, having attempted a sketch of the all absorbing war, it only remains to observe that Queen Victoria has issued a proclamation of neutrality ; she tells her faithful and loving subjects that we are at peace with the world, and warns them against aiding or abetting either belligerent in act, word, or deed, on pain of forfeiting the protection of England and her laws ; other penalties are of course enumerated. We have also the delightful assurance of Earl Derby's Government that, let the continental questions be settled how they may, the sword of England shall not be drawn.

Spanish papers say " tranquillity re stored," and acknowledge 1000 lives sacrificed in the military revolt of 23rd June ; but Castilian clemency is ever hard to purchase, and we read of wretched prisoners shot in the open square 20 and 30 in a bateh — the executions being accompanied with gross barbarity. The O'Donnell ministry is upset ; Narva; z and Bravo again advise Her Most Catholic

Majesty : the sale of newspapers in the public streets is prohibited ; tyranny, fear, and discontent abound, and whilst such sickening exhibitions atttst the vengeful feelings of savage Spanish rulers, many more revolutions may be expected.

Chili and Peru having chased away the aggressive squadron, seem to be guarding against similar visits, by strengthening their outworks : but surely Spiin has enough to do at home without again fishing in the troubled waters of the Pacific. Besides, we have advices from Havana to 3rd instant, announcing that the Creoles at Puerto Principe are in revolt against the hated Don, and one report says they are being aided by ships and men from South America. Brazilian correspondence gives further great victories over the valiant and obdurate Lopez, and as the Paraguayans prefer annihilation to surrender, the end of killing is not yet.

India furnishes disastrous commercial accounts — the consternation there on receiving news of the Agra and Mastermau failure, resembled the bursting of the South Sea Bubble in England, and the Mis-issippi scheme in France. Bankers and merchants, in Bombay and Calcutta, are closing their doors ; wide spread ruin is reported, and people of all grades are frantic. We have also terrible details of drought and famine, pestilence and death. A domestic monetary squabble between the Commander-in- Chief, i>ir William Mans-

field and his Aide-de-camp, Captain Jervis, is scarcely worth mentioning amidst graver matters now affecting India ; it is a serious scandal nevertheless. An expedition is being organised against the Beloochees iv

Bhawulpore ; a force is alss- being sent : into the Shindoo country, to release some English captives. The Ameer of Gabool had been defeated, and was flying for life to Candahar. A successful attack by the Oozbecks on the Russian camp with iai- ! mense slaughter, is telegraphed. In China the Nieufei are sad to have '• captured Newchang and other places containing Europeans. Of rebel depredations and piratical infamies, there is an unwholesome abundance of testimony. The uncertainty of native or foreign life on land or water being in no way counterbalanced by the splendid Imperial successes which we read of. The Hong Kong mint had been formally, opened by Governor Macdonnell. The overland telegraph via Russsian Asia is reported as getting into working order, which, when completed, will place Shanghai within 20 days of London.

FromJapan,itis all couleur derose; trade prospers, and officials are civil ; Government issues a proclamation granting travelling passports ; cordial feelings exist between native and British troops; Japanese soldiers actually present arms to England's Consul, and Sir Harry is on visiting terms at Prince Satsuma's palace. All this is so wonderful, that we may not be startled at the next batch of news, whatever it may be.

Canada is busily engaged in the trial of Fenian invaders ; and as no further danger is apprehended, the volunteers are all withdrawn from the frontier.*. It would be idle to ignore the grievous loss inflicted on our colonists by this explosion of scoundrelism ; many lives and much property have been sacrificed in repelling the Irish- American freebooters; but as our brethren are found well up to their work in the hour of danger, and a3 they are generally aided by the liberal policy and determined action of President Johnson, there is little fear of any future attempts on the independence of our provinces.

Cape news generally continues favorable. The rumoured gold discoveries in the Transvaal, however, were proved to be without foundation. The Kaffrarians keep on disliking annexation, but are gradually settling down to the new order of thing 3. Bishops Colenso and Gray are still monopolizing the Law Courts at Natal and Cape Town, with no signs of compromise ; and as the reverend disputants have wealthy partisans, the local "Latitats" will long revel in sunny harvest over this scandal ; but the Church militant is by no means a pleasant spectacle, and somebody ought to forbid it.

The Abyssinnian captives are not yet free. Mr Flad, one of their number, has arrived here with a letter from Theodorus to our Queen; Mr Flad's family are detained as hostages for his return, and unless he takes back a satisfactory answer, the worst fate may befall himself and his fellow prisoners. The Emperor demands a written indemnity from England respecting the barbarities inflicted on our Consul, and also a promise to aid him in his war with Egypt. Mr Rassam himself is now in the savage jaws, and we fear he was over-sanguine in his estimate of the King's gentle nature. Should Cameron ever escape with life, it will be miraculous; and we must receive it as a caution against suture intercourse with poten*ate3 of internal Africa : but, as for Theodorus, we begin to tire of these milk and water appeals to bis mercy, and there ore bold men here urginirthe Government, at all hazards, to demand, with the thundering voice ot artillery, au immediate surrender of the victims.

The Jamaica Committee, which has been established in London ever since the outbreak wa9 first made known, expresses dissatisfaction with the Royal Commissioners' report, and strongly recommends that Governor Eyre should be prosecuted at the Old B uley ; but as several staunch supporters of everything calculated to uphuld " the black population" discountenance this extreme measure, we hope to be spared any such folly. The opportunity, however, does not yet offer, as Mr Eyre still retmins in Jamaica, and has no oresent intention of coming to England. Last Thursday, Parliament discussed the

whole subject ; and Mr Disraeli distinctly stated that Mr Eyre bein<i recalled, and another Governor appointed, no further proceedings would be taken, except thrft the Horse Guards and the Admiralty

might deal with their military and naval officers as should be deemed proper. Sir John P. Grant, X.C.8., the new Governor, started on his mission 17th inst. American Senators are still contending on " reconstruction ;" but a National Convention, at Philadelphia, is fixed for 14th August, to determine on a cour3e of action in Congress, which shall secure the complete and immediate restoration of the Union. A new Tariff Bill is now mooted, and is considered so uojust in its provisions that, should it pas*, it will be instantly vetoed by Mr Johnson. Increasing crime and vagrancy amongst the Freedmen is reportid; as also unchecked lawlessness in several States. Foreign relations continue of the most friendly nature. INo more Fenian raids will be permitted ;

and a resolution to accord the rascals belligerent rights has been rejected in the Senate. A dreadful fire in Portland,. Maine, 4th inatant, destroyed one hali the city, and rendered 2000 families homeless.. 1500 buildings, and 12 million dollars, are given as the probable loss attending this ; disaster. Genera' Lewis Case, aged 84, famous alike ie arms, diplomacy, and ' literature, is dead ; also the celebrated [ surgeon, Dr Mussey, aged 86. Cholera has disappeared from the New York, quarantine. Gold is quoted at 149f. With regard to Mexico, non-intervention seems determined on ; but if recent news be correct, the question will soon be entirely removed from diplomacy, as the Republicans are defeating Maximilian's troops at all points. Marshal Bazaine, however, is said to be resolved on one vigorous campaign against Juarez, and is enforcing a military conscription : perhaps the French hero is anxious to show his mettle while yet there's time — for it is beyond doubt that France will have her soldiers home again next year. They are to leave in three detachments in March, August and November; and one version of the future is, that the country will then be divided into four portions — the pick of it will go to Maximilian, the United States and France, and the remainder be handed over to the worthless Mexican Rangers.

Tne American iron-clad squadron hasr lately visited vs — the principal attraction was the famous turret ship Miantonomob, and both Royalty and Science were received on board the interesting stranger by Captain Beaumont, with genuine hospitality. The ugly monitor rises but 36 inches out of the water ; but she carries 450 -pounders, and is altogether of such formidable proportions that Captain B. with true Yankee humor remarked, " just for the fun of the thing, he would stand a two hours' peppering from all our big ships, if we would allow him to return the compliment." He has now gone to show his incomparable monster to France, Denmark and Russia, promising to see us again. But really this is no joke ; as what America can accomplish in this line of business ought not to be above the comprehension of England, and a lesson is gratuitously offered. America, with 75 of these awkward customers afloat, or nearly completed, can almost rule the world ; and surely it becomes nations to look facts in ttie face, and not lag too far behind the age. Should the Government attend to this, it will very much strengthen their position ; it being generally remarked that, as times 20, an efficient military and naval admistration is the one thing needful in any Ministry ; and to do the Tories justice, they seem determined to knock the old fashioned hulks on the head, to substitute strong fast-going iron ships, and to place the British fleet on a sound footing — not forgetting at the same time our military requirements. Our granite fortifications at the mouth of the Solent are progressing satisfactorily ; they will be gigantic, and are expected to cost 20 millions sterling. Whether they will stand the aggressive tug of novel inventions is quite another question.

Rifle shooting commenced 9th instant, at Wimbledon, where about LBOOO are annually distributed in prizes, open to the whole world's marksmen. The first notable contention was by Volunteers of the United Kingdom for the Irish international prize* which Daniel Hopkins secured for Ireland by scoring 51 points against 50 by C. Waterman for England, and 45 by A. Plenderleith for Scotland. The great day was the 17th for the Qjeen's grand prize, gold medal, gold badge, and gold cup. value L 250 (or in money). 60 crack shots* previously winners of prizes, stepped forth to prove who was the best man at 800, 900, and 1000 yards, and the unprecedented score of 69 was made by a youth of 19, named Angus Cameron, 6ch Inverness; Corps. Throughout this meeting the quality of the shooting has far excelled that of former years, consequently additional honor awaits, and is awarded to the stripling Highlander, for never did grim Scottish Chief of olden times, nor degenerate bearded warrior of the 19th century, achieve a greater marvel than did this young Angus the other day. Indeed the pibroch has sounded to some tune this year at Wimbledon, and Caledonia's sons have left their mark : they won the International Challenge shield, the National Association prize, the "Saturday Review" prize, Lord Ducie's Running prize, the Rifle Oaks, the Windmill prize, and others which escape my pen. Of course, all this proves the efficiency of our home-protec-tors, on whom we shall confidently lean in emergency — for the standing army, although 250,000 on paper, is scattered over all quarters of the globe, and we could muster but a small force to repel invasion ; but here we have another army of almost equal numbers, and whilst our Velunteers increase so rapidly in strength and utility there's nothing to fear.

The BreadaTbane peerage case has been decided in the Edinburgh Court of Session. The rival cousin claimants were Joha Alexr. Gavin Campbell, of Glenfalloch, and

Charles Wm, Campbell, of Boreland (who for brief distinction are called "Glenfalloch" and "Boreland"), and on June, 26tb, the Scotch Judges pronounced in favor of Glenfalloch as " the nearest and lawful heir of tailzie and provision in special of John sth Earl of Breadalbane." But a rent-roll of L 70,000 a year is not to "be thus quietly dispensed; and further litigation is advertised. Some carious proceedings respecting the Mar peerage are now under legal argument, but not sufficiently developed to admit of any clear statement. Ireland is well-behaved this month, and gives us no extra trouble. Fenianism is scarcely heard of; many prisoners are liberated, and the troops come back. Earl Kimberley makes way for his successor, amidst the plaudits ol all parties for valuable service rendered. He was rapidly putting the country into shape ; and should his enlightened policy be adopted by Lord Abercorn, there is yet a good time coming. Lord Cremorne is created Earl of Dartrey ; the Governor of Canada, Baron Monck ; Lytton Bulwer, Baron Lytton ; Lord Henniker, Baron Hartismere ; Sir William Jolliffe, Baron Hylton ; General ! Sir Hugh Rose is to be created Loid Strathnairn ; and Colonel Douglas Pennant, M.P., is also maiked for the peerage. The following gentlemen are created Baronets : — Dudley C. Marjoribanks, of Inverness ; Henry J. Ingilby, of Yorkshire ; Pryse Pryse, of Cardigan ; Charles H. Tempest, of Lancaster ; Edward St. Aubyn, of Cornwall ; John Ennie, of Westneath ; Frederick Pollock, late Chief Baron of the Exchequer. Cricket furnishes startling novelties this month. Eleven gentlemen, and eleven professionals, play an annual match, and hitherto the talent have been victorious, to the surprise of no one; but 1866 tells us a different tale, and does create astonishment, inasmuch as England's picked players are defeated by the amateurs, by 98 runs. Next, we see the Prince of Wales in the field, as one of the Zingari, against the Gentlemen of Norfolk. H, R. H. had the honor of performing snort-leg previously to handling the bat, and, when at length expectant eyes v*ere fixed on Britain's heir at the wicket, it was piteous to behold his signal failure ; he was bowled cut on the instant, and retired to the royal pavilion on " a duck's egg." He was on tbe right side, however, as the Zingari conquered in one innings. It was his first match since his school days. The Harrow and Eton contest ended favorably to the Harrovians, in one innings by 136 runs. The International Scullers' Match, 4th and sth instant, on the Tyne, between Champion Kelly of Putney, and Hamill, the American, was a hollow affair from beginning to end, Kelly winning as he liked each day ; LIOOO were the stakes, rowed for in moieties of LSOO. The turf gives little of general interest. The Northumberland Plate, 27th June, was won by Rococo; Primate, 2nd; Red Earl, 3rd. We have since had the July meetings at Newmarket, Carlisle, Pontefract, Reading, Abingdon, Alderthot, Nottingham, Stamford, Winchelsea, and Southampton. Next week brings Goodwood. Theatres, as a matter of course, suffer equally with the panting British public in this tropical July month. We certainly have a glowing account of the coming harvest in England, France, and America, but it scarcely compensates for present sufferings—at 89 1 in the shade Cockneyland approaches the unbearable, and its weary millions sigh outright for a taste of those aunted "fields so fresh and pastures new." ensible managers bow to the inevitable, and our establishments are rapidly closing. Chatterton has elbowed his unhappy Irish partner completely out of Old Drury, and will have it all to himself next season. Mr T. J. Jerwood, well known in dramatic circles, has just died, and the poorer members of the prof ession havelost a good friend. A novelty starts just now, which might be turned to profit in the East- end theatres. Essex papers boast this year of no less than five couples, claimants for the Dunmow flitch of bacon. Three pairs of these blessed turtle doves reside in London, one pair at Greenwich, one at Worthing ; and really such extraordinary people, if not arrant impostors, should be better known, and publicly, as patterns to frail humanity. Miss Rye annoHnces her intention of sending a huodred female emigrants to Melbourne, next month. Indeed, women now have many friends, and from the aptitude they display, it is obvious they have been shelved too long. The ;'; ' Society for employment of women " does immense good, in originating labor markets throughout the kingdom ; and, under its sanction, a photographic establishment is opened, to iacilitate the entrance of females into that profession. In medicine, they are already conspicuous, for Miss Garrett, L.S.A , is becoming widely known ; and now tbat John Stuart Mill takes them all under his parliamentary wing, our fair friends may hope for the very beßt.

Mr Hawkshaw, C.E., is engaged in preliminary operations fer determining the

practicability of submarine communication between Dd^er and Calais; mid- channel explorations are being made to ascertain thestrata; and we are told to believe in the realisation of that grand idea, "an unbroken line of railway from London to Paris." Twenty years is the probable time of completion, twenty millions sterling the estimated cost ; and as the sum is considered a mere flea-bite, we may expect the best energies of inter- national science will be devoted to the undertaking. To this we have a counter scheme, to be completed in two years, for L 1,500.000,, 500.000, by Mr Fowler, C.E., who proposes an ocean ferry, -which, worked by powerful steam vessels, shall convey the entire railway tr&ii across the channel ; abut as we do not like such cheap things now-a-days, public opinion inclines to the Hawkshaw.

Cest le Cheval quest le Beevf is the name of a song rather popular just now amongst our neighbors, where there are establishments for the exclusive sale of horseflesh for human food, the price fixed j upon for the new-fashioned delicacy being I one- third that of prime beef. To our notions, this substitution for wholesome viands is outrageous, especially at a time when cholera is so rife ; but we must allow our friends to know best what is good for themselves. Cholera is certainly felt severely in France ; but the intrepid Empress again faces the plague ; visits the stricken patients, personally ministers to their wants, and prevents a dangerous panic seizing on the minds of the people. Very serious accounts come likewise from Germany, St. Petersburg, and the East. In England, the cholera shews in the northern ports, and other places where cleanliness is disregarded. In London and the smaller large towns of the kingdom, there is much sickness, and the epidemic is uamistakeable ; but we hope it is merely the usual " summer cholera" attendant on hot weather, poisonous beverage?, crowded lodgings, stale fruit and vegetables, and an insufficiency' of nutritious food ; a state of things much to be deplored, and full of danger to the poor people themselves as well as others. A vigilant watch, however, is everywhere observable. An Order in Council puts in full force the Diseases Prevention Act. A man-of-war is fitted up as a floating hospital at most of our sea ports. Parochial authorities and the medical staff are active with precautionary measures and instantaneous relief, and we thus hope to escape from a severe visitation. Our Rinderpest has now entered on its second year ; but a policy of isolation and slaughter has done much, and a continual decline of the disease gives us hope of its speedy departure. Ireland is likewise tolerably free ; for although some few cases occur in Meath, there are no apprehensions of anything serbus. It has long been an anxious thought what to do with our " street Arabs." We swarm with juvenile vagrancy : and the very expensive Rrformatory specific proves inadequate to meet the evil ; but as there is ever a difficulty in manning the Royal Navy, it is now suggested that our Reformatories should be afloat, not ashore. At present, we instruct the houseless wanderer in some trade, which interferes with honest iudustry, without reclaiming the youthful sinner. Ergo, as the State performs a parent's duty, let the urchin be brought under proper discipline and render service to that State where most required. To those familiar with " small crime" in England, this idea greatly imi proves on the Reformatory system; and as State, boy, and community, will all be benefited, a further ventilation of the subject is invited. The steamer Osprey, Liverpool to Antwerp, 10th instant, came into collision with H.M.S. Amazon, 4, off Portland — both ships went to the bottom; and it is a mercy that only ten lives were lost. But how such a disaster could possibly happen on a fine summer night in the Channel, required explanation, so the captain, officers, and crew of the Amazon were tried by court martiil, and all were acquitted, except Sub-Lieutenant R. C. Loveridge, the officer of the watch. Contrary to regulations for preventing collisions at sea, the helm was put to starboard instead of to port when first sighting the Osprey's lights ; and for this grave error in judgment, Lieutenant Loveridge is dismissed her Majesty's service; his previous high character, however, obtaining for him the recommendation of the Court to the mercy of the Admiralty. The Monarch of the Seas, Captain Kirkaldy, with 60 crew and 639 passensengers, left Liverpool for New York, 19th March, and has never since been heard of. On the B.h inst. a lifeboat, supposed to be- I long to the missing vessel, and several dead bodies, were washed up on the Irish Coast, near Kerry ; and nautical opinions are given that the ill-fated ship has foundered amongst icebergs. Alas ! for the hapless passengers. A subscription is opened for Capt, John Casey, now in London, who, after his dreadful long sufferings, was so miracui ously rescued from the barque Jane i

Lowden some lew months back. We have several other public subscriptions now on hand, and a wide field is offered to philanthropy — the Garibaldi volunteers — the Hanoverian wounded — the Austrian invalids ; many other charitable lists there are, and they all receive attention.

The Banda and Kirwee booty is no longer argued. L 700,000 with interest awaited distribution ; when, lo ! a second Daniel conies to judgment, and the case is already booked as a veritable came dlebre, with General Sir George Whitlock for the lucky hero. Thirty days occupied in discussion ; 40 counsel learned in law, twisting that law into all conceivable shapes ; 16 legal firms manufacturing briefs at a cost of L 75,00O — all this prepared us for a lengthy, if not a satisfactory decision Certainly the costs of all parties are to be paid out of the Rebel money-boxes ; but, excepting Lord Clyde and his staff, no one is to share the treasure with Whitlock and his force, the accidental captors. We thus see the end of the greatest " loot" case that ever set Indian warriors fighting over their spoils in a law court ; and those who record these facts must leave to their intelligent readers the d ; fficult task of discovering the equity of Doctor Lushington's verdict. The blighted hopes of those bleeding heroes who encountered and survived all the perils of that dreadful mutiny is another matter altogether.

The Great Eastern has fairly got to work: 500 persons are on board, with a very fair allowance of provisions — say, live stock, 10 bullocks, one milch cow, 114 sheep, 20 pigs, 29 g<ese, 14 turkey", 500 fowls ; dead stock, 28 bullocks, 4 calves, 22 sheep, 4 pips, 300 fowls, 18,000 egi*s. Tne store of fluids is not given ; but with decent weather, no doubt, they'll all be tolerably comfortable. Insurance on the cable commenced at 85 guineas per cent. The shore end at Valentia was made all right 11th inst; on the 13th, the splice was completed, the weather was calm, and the ship commenced paying ont. Communication continues uninterupted, and progress is regularly reported, the ship's daily average speed being about 120 miles, and everything has gone well up to the date of the telegram in this morning's paper. Commerce is still under the ban of the panic. The Birmingham Banking Company, the Preston Banking Company, the Longton Old Bank, Staffordshire ; the General Exchange Bank, the Estates Bank, the West Surrey Tanning Company, Messrs Carleton Brothers, of Lou don ; Dadabhai Naoroji and Co., Ea*t India merchants — have all stopped payment ; also, many country firms affected by the Birmingham and Preston Banks. The Finance Company, the National Finance Company, the Oriental Commercial Bank, the Bomba) 7 and Mediteranean Bank, are all winding up in Chancery. The Consolidated Bank resumed business under fresh management, 2nd inst. And now, to mitigate the effects of the recent crisis, it is suggested that Government should pass a short Act, enabling liquidators of insolvent firms to issue " certificates of indebtedness to bearer;" as a matter of business these documents could always be negotiated at a fair market price, and the creditor would thus be relieved of the embarrassment attending the locking up of money which will ultimately be paid. A city article tells us that Turkish securities are decidedly falling into disrepute, and that they will soon take rank .wifh Spanish passives and Mexican bonds ; this is regretted by those who recollect the high character once borne by the Porte in the money market ; but some folks prognosticate it as preliminary to something still worse. .:-gA Reform .meeting in Hyde Park was fixed for Monday last, and the police were instructed by Government to prevent it ; this led to a correspondence between the leaders of the movement and Scotland Yard, and, as the authorities would not yield, exciting placards flew about, urging the people to uphold the liberty of the subject, assert their rights, and defy the Tories dictation. As the day approached things grew serious, and the legality of the meeting was argued in the House of Commons. Opinion wa9 divided ; but, as Sir G. Grey coincided with bis successor, Mr Walpofe, that public parks &re not proper places for political harangues, the Reform gathering was sternly prohibited. The hour for meeting came; there was an assemblage of nearly 100,000 ; the park gates were closed, and guarded by 2000 policemen ; admittance was demanded and refused ; the gates were stormed, and the railings torn out from the brickwork ; the mob rushed in ; deplorable events occurred ; the military came on the scene ; and at midnight the people quietly dispersed. On Tuesday night, the crowd again assembled, last night also ; and we cannot yet see the end of it. Many arrests v?ere made, and hundreds of people are known to be more or lesß wounded. The police have also fared badly ; but, fortunately, the soldiers were not required to act, and as yet no lives are sacrificed. This evening, the I people are crowding to the Park ; but it is supposed some arrangement h u s been come to, as the police and military are beiu«; removed.

Obituary. — Marquis of LanadowD^aged 50 ; Earl of Landsborough, 72 ; Sir Chaa. R. Price (banker), 65 ; Sir Arthur Buller (the Indian Judge) 86 ; General Sir John Macdonald, 92ad Highlanders (a Waterloo man), 78 ; Lieut. Col. Z. Mallock, 60 ; Major- General A. G. F. J. Younghusband, 58 ; Lieut. Col. W. Rudman, 50 ; Major Robert Campbell (12th Lancers), 36 ; Commander R. P. Jonea (a Camperdown hero), 80 ; Dr. Alex. M'Kechnie, R.N., 63 ; Professor G. L. Craik, 67 ; Rev. William Buchanan (Editor of the Ayr Observer), 60 ; Dr. Singer, Bishop oi Meath, 80 ; Dr. R. W. Wilson (formerly R. C. Bishop of Hobart Town); Alderman Sir H. Muggeridge, 52; J. Spottiswood, Esq , 87 ; Mr R. Garrett (agricultural implement maker), 60.

July 26th. Ten per cent, discount has been the bank minimum during the month, and no hopts are held out of a reduction. Consols have been slowly rising— they now are 88£ for money, and 88§ for the account.

We have had a public trial of all the known breech-loaders, in the presence of the Duke of Cambridge and General Peel — no decision is yet announced, although it is believed preference "will be given to the " Henry" (not the American rifle, but one patented by Mr Henry, of Edinburgh), which fired thirty-six times in three minutes, took a heavier charge of powder than any other, and made a good score.

Alter much controversy it is decided that Asiatic cholera is unfortunately in London, Cheshire, South Wales, and other parts of the kingdom. 346 cholera deaths last week were registered in London alone; and should the hot weather continue> we have to fear a long weekly list of casualties. As yet it is confined to the poor snd dirty di-tricts, and much deptnds on generous sympathy, local vigilance, and moral courage.

Sal accounts of the cholera continue to come from France and Germany. Quarantine id still imposed at Cadiz and Gibraltar on all vessels from London, Southampton, Liverpool, and Mediterranean^ and Constantinople.

New York correspondence, July 14th y says the reported revolution in Cuba was a canard. The breach between President Johnsou and Congress is widening. A Radical Convention is organizing in opposition to the Philadelphia Union Convention of next month Gold 152£.

Foreign Ministers have remonstrated with the Ottoman Government on the non-payment of July dividends of the Turkish Consolidated debt, and demanded guarantees of payment for such dividends in October next.

The following telegram is received from the Great Eastern in the Atlantic: — " Noon, ship's time, July 25. — Canning to Glass— Lat. 49 30 N., lon, 48.11 W. Cable paid out 16J0 miles ; distance run, 1430miles; insulation and continuity perfect ; weather foggy, with wind and rain ; no observation ; all going on well."

Our Reform leaders waited on Mr Walpole yesterday. at the Home Office, and effected a compromise with Government. The question, " Have the people a right to meet in the public parks for discussion of political questions ?" is to be forthwith tried in open Court or before Parliament; meanwhile* no meetings to be held. Thus the Hyde Park riots are ended, and a victory is claimed by the Reform League over their Tory opponents. London is quiet.

How Ships are Lost. — A disgraceful account of the wreck of the British shipBloomer, of London, while on her voyage from Cardiff to Aden, has been received at the Foreign Office from Her Majesty's Consul at New York. The Bloomer, 814 tons register, commanded by Captain T. S. Fleming, sailed from Cardiff on the 10th of March last. Before the pilot left her, both the captain and chief officer were thoroughly drunk; and on the 22nd of March, when 100 miles west of the Sciilies r her stern- ports, which the captain would not allow to be properly secured, were beaten iv by a sea. The captain and the mate, still drunk, insisted, as the weather worsened, that the wheel should be abandoned, to see "if the vessel was. old enough to take care of herself," and the result of their prank was that the decks were swept, her main hatch was torn off, and she herself completely waterlogged. By six o'clock the next morning the Bloomer was in a sinking state, entirely in consequence of the misconduct of Captain Fleming and hi& chief officer, Mr F. S. Locke, who loudly expressed their anxiety that they and crew, 32 souls, "should all go to hell together." At last a sail hove in sight, the two remaining boats were launched, and the drunken captain forced into one, the drunken mate successfully resisting all attempts to force him into tbe other. The crew of the Bloomer rowed for the sail, which, proved to be the Prussian ship Germania, bound for New York. In boarding her onc#of the boats was capsised, and the Jrunken captain and four of hia crew were drowned. — Pall-mall Gazette,