London, May 12th, 1848.

Dear Sir.—The great depression of business under which we have been suffering during this spring has given way considerably since the meeting of the French constituent assembly. They have been sitting upwards of a week, and so far things have gone on well. The Provisional Government having resigned, the assembly has elected a temporary Government consisting of Messrs Arago, Garnier, Pages, Marie, Lamartine and Ledru Rollin. You will be surprised at the order in which those names are put, but it is according to their position on the poll. The only way there is of accounting for Lamartine being so low, is that they were offended at his refusal to accept a place in any government of which Ledru Rollin was not a member.

These five are not to be ministers of particular departments, but a kind of presiding council having the ordinary Cabinet Ministers under them.

War has been going on for some time between Denmark and Prussia, which has severely inconvenienced our merchants and ship owners, in consequence of the Danes having established a strict blocked of the Prussian ports. Lord Palmerston announced the other day that he had every hope that it would speedily be terminated by the mediation of this country. Whatever settlement they may come to, I hope that our Government will recognise the principle that it is not the interest of Denmark or of Prussia that is to be considered, but the wishes of the inhabitants of Holstein Schleswig. That they wish to be separate from Denmark seems evident from their electing the chevalier Bunsen the Prussian ambassador at this Court, their representative in the German Diet.

The most interesting point at present is Rome. Many Romans had joined the cause of the King of Sardinia and of the Lombards against Austria, but when any of them were taken prisoners, the Austrians treated them as mere bandits, war not having been declared between Austria and Rome. It was at the same time intimated to the Pope that if he declared war against Austria, the German Church would renounce his spiritual authority. The Romans however were determined on war, and as the Pope refused, he was by the last account a prisoner in his own palace, and had consented to place all political power in the hands of a ministry, from which priests were excluded. This ministry seems to have promised to declare war, but it is nevertheless expected that the Romans will insist upon the Popes divesting himself of his temporal authority. This is quite right in itself and yet one cannot help regretting that the catastrophy should come on so good a pope.

A general movement for parliamentary reform has commenced in this country, headed by Hume, Cobden, Bright, &c. I have no doubt that it will shortly be successful, though not in this session of parliament.

Yours truly,

R. S. D.