The Express.
London, England, 1860-03-26 00:00:00

COMMERCIAL INTELLIGENCE.

New You.—Yoney unchanged ; loans as cell, 5 to 6 per
cent. Exchange closed arm ; London, usl to 109 ;
Mr. 151 c. Cotton dull ; middling, 114. *des of the day,
1,000 bales. Flour sc. to 10c. batten, but cl.eed
easier. Wheat and corn less buoyant. Provisions steady.
Freights unchanged. Stocks moderately active.

thusaile, MANCH 13.—Cottou Mn ; sales, 10,500
bales ; middling, 10.1 c. to 11r. ; receipts, 24,000 bales ;
freights, gd. Exchange unaltere.l.

M 01111.4 MANCH 12.—Cottoa quiet ; wle■, 3,500 boles
QUKENSTOWN, Si YD.II, MARCH 25.

The Royal Man steuaahip Niagara arrived here at 8.30
p. m., embarked mails, and proceeded for Rabb.: and Boston
at 9 p.m. All well.

EXPRESS FROM PARIS.

(mom on own comteseoltoncr.)

PARIS, SUNDAT EVICIIERG.

The terms of the treaty between Sardinia and
France for the cession of Savoy and Nice, as set
forth in to-day's Moaitetr,•, will, perhaps, be ac-
cepted as a alight mitigation of the transaction. At
all events there is a certain respect for forms which
was not to be found in the Emperor's speech to the
Savoy deputation. The King of Sardinia is careful
to say that he conveys only his own rights, and be
transfers the neutralised parts of Savoy expressly
CUM onere. The union is to be effected without any
"constraint of the will of the populations," which
are to be consulted in such manner and form as the
two sovereigns shall hereafter determine. Of course
this means that a vote shall be had after France
has taken military possession of the country,
and made all necessary arrangements to ensure, be-
yond the possibility of doubt,an euormoua majority,
The idea of the Savoyards being allowed to vote
the French troops out of the country when once
they are in, is absurd. It is perfectly plain that
they will have no practical alternative but sub-
minion. In fact, the treaty is at no pains to con-
ceal this ; the union is not indeed to be effected
without the consent of the people—but it is to be
effected. Nevertheless, it is a certain homage to
principle and public opinion, that some sort of a
form of consulting the people is to be
gone through, and that the Emperor aban-
don the position implied by the Moniker's
report of the reception of the Savoy depu-
tation, that the place-hunters who commissioned
themselves to proceed to Paris had any authority to
give their countrymen away. With regard to the
interests of Switzerland and the great powers in
the neutralised provinces, the treaty is certainly
an improvement upon M. Thouvenel's despatches,
because the Emperor promises distinctly not merely
to consult but to "come to an underatanding "
with the powers represented at the Congress of
Vienna, and also with the Helvetia Confederation.
As to the present state of the negotiations from
the powers, it is to be inferred from the following
article of M. Grandguillot's, in the Coiedifutiontist,
that France has no doubt about the result of them,
although I believe it will turn out that they all,
without exception, stigmatise the act which they do
not think it worth while to make war about as a
violation of treaties. M. Grathlguillot says :
We said, yesterday, that the annexation of Savoy and the
county of Nice was a matter that directly concerned France
and Sardinia alone. The other Matte have only indirect
interest which happily are in no um rionuicel by this in
ternational act. We believe the affair has been 1,0 under-
'toed at St. Petersburg, Vienna, and Berlin. England,
which had at first protested only to M. t'avour, his Nit an•
swered M. Thouvenel'e despatch. This ,answer must neve
sadly represent the well•known MentilllCllts and opinion of
parlirunent, but we are emitiileut that it cannot
change the good understanding between the allied
nations. The Empercw's government, in the clear and
conclusive despatch of M. Thouvenel, frankly submitted his
masons for the annexation of Nice and Savoy to the great
powers. After having taken this step the affair could only
be agitated between the two cabinets .if Paris and Tuns,
and could only be resolved by a diplomatic treaty. This
treaty is signed, and its Offitild publieatiou will Is the irre-
vocable consecration of a fact henceforth accomplished. It
will only remain to present the treaty for the adhesion of
the populations, and what we know of their irresistible
im-
pulsiun towards France, leave:, no doubt whatever as to
the result. Savoy and Nice will enter the great Freoch
family. Their inhabitant* will not be received
by us as foreigners conquered by our recent victories, but
as old Frenchmen restored to their true einntry. As to
France she will see in her moral conquest and this angina.
tenon of territory but an additional duty --that of never
departing from moderation and justice --that of redoubling
her devotedness to the cause of civilisation. At the moment
when this solemn act is about to be cousummated we
cannot but render homage once snore to the entire loyalty
of King Victor Emmanuel. It may be truly said of him
that neither satisfied ambition nor the nowt unexpected
favours of fortune have in any way affected his manes
of soul. He has known how to set an example of that
virtue which is at once the noblest of all :cal the most
difficult to practise—that of gratitude for the benefits to
which he owes the new destinies of his house.

Surely this eloquence must touch the heart of
Mr. Kinglake himself.