[From the Correspondent of the Straits Times.] London, December 24th, 1852.

New Zealand Spectator and Cook's Strait Guardian, Volume IX, Issue 803, 13 April 1853, Page 3

[From the Correspondent of the Straits Times.] London, December 24th, 1852.

Here we are on Christmas Eve, not enjoying the holiday pleasures of the vacation, but immersed in the deepest whirlpool of politics. This will be the busiest and soberest Christmas that oar politicians have known for many years, and there is »ome reason for their anxiety, seeing that the country, which just now needs especially a good and strong administration, is at present under a provisional Government. Lord Derby and his colleagues have been defeated on their budget, and are now ouly holding on until the opposition can form a Ministry, which the oppositioo, after six days of negotiation, have not yet quite succeeded in doing. The division which decided the fate of the Ministry took place on the 16th instant, or, to speak more accurately, on the morning of the 17th, the vote not being lakca until ulout half-

past 3, a.m. The bulget had been discussed during four previous nights, and was more and more damaged with every handling. It suffered, at first, almost as much from Us defendeis as from its assailants. Disraeli is the only good speaker on tlut si le. His colleagues gave him no assistance. They talked, but they would have done better service by holding their tongues. Unlil this important and testing debate took place, the public did not clearly know what a set of mere sticks and harmless automatons all the members of the Cabinet, or at least all those in the Commons, except Disraeli, really were. He, indeed, on the closing night, made a remarkable speech, evincing talent enough to furnish half-a-jiozen ordinary brains. But it also displayed an inordinate endowment of the (acuities which phrenologists designate as comfoativeness and destructiveuess. in fact, be was in a terribly bad temper, and one time fairly ran a-muck, stabbing at his opponents right and left. He said of Sir James Graham that " he did not so much respect him as he greatly regarded him ;" he told Sir Charles Wood (who had been particularly severe upon the budget) that " petulance was not criticism, and insolence was not invective." He compared solemn Mr. Goulburn to 4i a weird sybil giving forth an oracle." Then he made the country gentlemen roar with laughter at some not over-refined ailusious. In short, he kept the bouse for three hours in a tumult of excitement by a very brilliant, and powerful, and sarcastic speech, and sat down amid " deafening cheers " from bis partizans. Mr. Gladstone rebuked him decorously, and replied to him very effectively. The division was taken nominally on the house- tax, but really on the whole financial scheme — and the votes were, for the Government, 2SG ; against 305 ; giving an adverse majority of 19. There was no 'absolute necessity for treating this vote as one of want of confidence. The Ministry might have withdrawn as their predecessors had done. But they had quarrelled among themselves ; and, besides, it was clear that they were not strong enough either in numbers or in ability or intellect to carry on the Government. Accordingly, they announced their intention of resigning, and as they had been turned out by a combination of Liberals and Peelites, the Qaeen, acting on the constitutional system, sent for both the Marquis of Landsdowne, as head of the Whig party, and the Earl of Aberdeen, as chief of the Peehtes. The Marquis unfortunately was laid up with the gout, and Lord Aberdeen accordingly went to Osborne alone, and, at her Majesty's request, undertook to form a Ministry. After six days, he has not yet fully succeeded, although it is stated this morning that the most important arrangements will probably be completed to-Jay, and veil] be announced to Parliament next Tuesday. Lord John Russell is to be Foreign Secretary, with ih© leadership of the House of Commons ; Lord Palmerston, Home Secretary, the Duke of Newcastle, Colonial Secretary; and the Chancellorship of the Exchequer, the first Lord of the Admiralty, and the Presidency of the Board of Control, are (according to the Times), to be distributed between Sir James Graham, Sir C. Wood, and Mr. Gladstone, but in what manner is not yet definitely settled. This will certainly be a strong ministry in point of talent and political influence, but it is certain that they will have to face an opposition very formidable in point of numbers, and likely lo give them a great deal of trouble. One thing which damaged the late Ministry a great deal, and had, no doubt, something to do in bringing about their resignation, was the manner in which their Secretary-at-War and ex-whipper-in, Majcr Oeresford, was mixed up with the bribery case at the election in the town of Derby. The select committee, appointed to investigate the affair, brought in their report on the last night of the budget debate : they reported that there was no sufficient evidence to satisfy them that Major Beresford was privy to the scheme of bribery ; but they considered, nevertheless, that his letter to Mr. Frail (his election agent, whose confidential man was detected in bribing) " exhibited a reckless indifference and disregard of consequences, which they could not too highly censure." After this report, Major Beresford bad no option but to resign his office, which he did immediately. But it is generally thought that he was let off far too easily, and that the inquiry was purposely slurred over by the committee, with a view of screening him from a more serious penalty. Strange to say, although every other person concerned in the affair was summoned as a witness, (and there was some remarkably hard swearing,) the individual who actually furnished the money for the bribery, a Mr. Cox, of Derby, was not called. It is understood that the case will not be allowed to reit here, but will be further investigated on the petition for ousting Mr. Horsfall, the member for Derby, who got bis seat by these improper means. There is a great deal of bad feeling, just now, in the political world. The Derby iles accuse the Whigs and Peelites of forming an unprincipled "coalition " to turn them out: and the others retort with charges of corruption and double-dealing. Mr. Gladstone, an amiable man, and personally popular in tho house, was grossly insulted by some hot bloods at the Carlton Club the other day ; one gracious cub told him that he should be delighted to see a gallows erected opposite the club-house, and all the Peelites hanged thereon. The affair has made a good deal cf noise ; the few Peeiites who continue to frequent Carlton Club are naturally in bad odour with the Derbyite majority ; and the Utter even talk of dissolving the club, and reconstructing it in order to get rid of their unwelcome associate?, most of whom, however, are old members. There is, moreover, a strong effort making by the same party to prevent the re-election ot Gladstone for the University of Oxford, in case of his taking office. The appointment of Sir Fleetwood Pellew to succeed Admiral Austin has been objected to, and on apparently good grounds. It appears that Sir Fleetwood entered the nary more than fifty years ago, and has not held a command afloat during the last thirty-four years ; so that his knowledge of steam navigation must be very limited. The absurd system of appointing sexagenarian, and even septuagenarian admirals and generals, for duties requiring great activity of body and alertness of mind is exciting a good deal of animadversion. Old General Godwin doing nothing at Burmab, and old Admiral Pellew helping him, will not afford t specimen of mil'tary eHicuncy hkcly to inspire our neiglc

hours across the channel with any profound aspect for our defensive resources. Tiiu speculation in gold mining shares has received a new incitement from the extraordinary luck of the Australian AgMCtilfural Company. Tnat Cornpoi.y owns a very extensive tract of j land in New South Wales, which was granted to | it many years ago for agricultural purposes. The Company's attempts in that line were not succesful, and the value of the shares fell to a merely nominal amount. A gentleman of my acquaintance was offered, about three years ago, twenty of the shares for £20, or £1 each, but declined the offer, as most person* would then have done. Extensive gold fields have just been discovered on the Company's land, and the shares have lapidly increased in value until they have been silling this week at £300 and upwards. The twenty shares which my ftiend refused wonld now be worth about £6,000 — a large sum to slip so easily through a man's fingers. The consequence of this and some similar events is that the mania for gold mining speculations is now very violent. A few lucky stock-jobbers will make their fortunes by it, and a great many persons will be relieved of that plethora of capital which financial writers consider so injurious. The Australian Royal Mail Company is certainly very unfortunate. The Adelaide, a fine new ship, was appointed to start on the 3rd instant, but not being quite ready, her departure was ultimately fixed fur the loth. She did not, however, get away till the 18th, and on the following day she put back in a leaky state, something being wrong about the hose pipes and the caulking. The repairs are expected to occupy three or four days. The chairman of the company, Mr. Hawes, has just resigned. The truth is, that for a steam company to avoid these mishaps, it must begin in a small way, like the " Peninsular and Oriental," and the 11 General Screw" Companies, and gradually extend its operations. In this way, the officers, crews, and other parties concerned, are educated for their respective duties. The new Emperor of the French begins to find that neither the course of the empire nor that of " true love" is likely to run smooth with him. His senate* which has heretofore been so obsequious — and which even now has awarded to him the enormous income, or " dotation," of 25,000,000 of francs (£1,000,000), has begun to exhibit some signs of independence, by objecting to the proposed alterations in Louis Napoleon's constitution, which would deprive the legislature of the small modicum of control still left to it over the national finances. The difficulty has been compromised for the present, the " Empeior" giving way a little ; but it shows bow insecure is the basis of his despotism. Then the princess Carola of Yasa, who was to have been empress, and for whom a " household* was actually in preparation, has, at the command of her father, transferred her affections — or, what is more essential, her hand— lo Prince Albert, of Saxony. The Emperor is not likely to find a partner of princely lineage to share his ephemera) and blood-stained throne. His partisans, moreover, are quarrelling among themselves. The Ministers, Fould and Persigny, are said to have had a furious altercation in the presence of Louis Napoleon himself. This personage has tried again to induce some respectabls politicians to enter his Cabinet, but in v rt in. He sent for M de Beth mom, one of General Cavaignac's republican Ministers, and urged him, with his friends, to take office, but one aud all indignantly refused. Bravo Murillo, the Spanish Prime Minister, who attempted to imitate Louis Napoleon's coup d'etat, by suppressing the Spanish constitution, and who actually went so far as to send General Narvaez out of Spain, has been compelled to succumb to the strong opposition which his measures excited. He has quitted office, and is succeeded by General Roocali, who, it is said, will endeavour to " reform" the constitution, but in a legal fashion, with the sanction of the cortes. By " constitutional reform" in Spain, and on the continent generally, is now to be understood of course restriction of popular liberties. That very successful ami radical reformer, the Emperor of Austria, is now on a visit to bis brother potentate, the King of Prussia, in Berlin. The visit is supposed to have political objects — the principal being the settlement of the customs union question, and the adoption of some common system of action with regard to ihe French Emperor. It appears that the three ;reat military powers, Russia, Austria, and Prussia, have not yet formally acknowledged the new empire, though they b&ve promised to da so. Their letters of recognition will, it is now said, arrive on the same day, and be couched in the same terms — a significant hint to Louis Napoleon of what be may expect if he should transgress his limits towards the east. The commercial difficulties between France and Belgium have been settled for a time by the re- , newal of the former treaty, which expired a few months ago. Wo have just received President Fillmore's last " message" to the American Congress. It is considered to be a respectable production, although he steadily persists in arguing in favour of " protection to native industry," notwithstanding the immense majority by which the in-coming Free Trade President has just been elected. He repudiates all aggressive intentions on Cuba, or any other foreign dependencies or powers, and states that the expedition to Japan is sent chiefly for the purpose of attempting to open a commercial intercourse by peaceable means with that rountry, but with orders to remonstrate in the strongest language against the cruel treatment to which shipwrecked seamen have been often subjected in it. Any commercial advantages which may be obtained, will, he, declares, be shared with all foreign countries, as was done by the British Government in the case of China. The expedition, he adds, has been materially aided by the good offices of the King of Holland. Tbe first vessel of the squadron, tbe steamer Mississippi, has already started on the voyage, and the remainder were nearly ready to follow. Tbe slave-trade is at present carried on with great activity in Cuba, many cargoes having been recently landed. That respectable person Queen Christina, is reported to share largely in the profits of this nefarious business, which is therefore winked at by the Cuban authorities. On tbe other band, it is announced that a considerable number of free Chinese labourers will be introduced into that island, at well at into the British West Indies, in which case the experiment of free versus slave labour will be fairly i tried.