LONDON. [From our own Correspondent.] May 5th, 1856. At last the ratiieations of Peace hare been exchanged, and the Treaty has been published. the general opinion, now that this important diocunment has been perused, seems to be that the avowed objeeta of the iar are seenred byr the terms of the Treaty as completely as the most conflident supporters of the Government have ever declared they would be found to have been. the protocols, or in other words, the minutes of raw. trercertine of eneh aitthtr ftarther showr on acerptingeondi"tous which cannot but have been most unpalatable, There are two reasons for this realdness to ehooee between. Either t.nonia h.?s some deep game in view, to which she trusts for attaining her large and deeply cherished projectsof tastern dominion, or she is so ex ha?oted as to be unable to continue the ef'forts required for earrying on the war. However, peace is now "a great fact,"bhaving been officially procelimel in the metropolis on Tuesday last with "barbaric spleolour." Yes terday was observed aso a day ofthanksagiving for theausopidcious ervent, and the 29th inst. the day appoin:ual for the celebration of Her Majesty's bitthtay, a grand public pyrotechnic display is to take place in the principal metropolitan parks and Primrose Hill. he grandest event" that has ever "acme off"in this-or any other country was the naval revierr at Portsmouth on the 23td lt.; this intereeting spectacle was witnessed by upwards of 300,000 persons, comprising represents ices of almost every r:uropean nation. The detail ofthe scene you will find in your London papers. I may, however, mention that upwards of 250 steam vessels, of different vires, were assembled of from 100 guns downward, in addition to thisthere wasa filet of 160 gun boats. This armanent is mannel by 40,000 men, carries 3500 guns, and propelled by steam power equal to 30.000 horses.
- The review itself went off with great ecat, but Lords and Commons have been both loud in their complaints of the management of affairs upon that occasion_ They encounteretl disasters of every description. The train that conveyed the Lords broke down, the fires on board their steamer were extinguished-their leader (Lord Grenville) deserted them in ther dtree, they were passed from ship to ohip, from boat to boat, and from carriage to carriage; two learned judges had to work a capstan, and their Lordships did not reach London till three in the morning. The Commons faErred no better. The rpoaker waited two hours before he could "forma he re." In short, theyall arrived too late-to see the review, and got back toolate to go to bed. The whole affair showed the rsow . oedlral mananement, or rather the want of ma nagement which mused so much misery ia the Crimea. Sthe 3inisters hav beien tottering for rome time past, hoaing been defearted several times ain Parliameiti" and last week Lord Palmer sten was muth alarmed at thre probable result of a motion by Met Whiteide on the ndbjecL of rLL Li of iar,. IM. Lordship coaosesuentlvealled a meeting of his nasual sup portetrs together with a sprinkling of independent members. The Perl party were absent alto gether, and the independ-nt Irish members were not invited. Lord Palmerston statl that the motion of Mr Whiteside implied a censure upon the Government, andesplainol the reasons why the Allies had not sent troops to Karn, and other circumstances connectel therewith, and conclude!l by saying that no Government could go on without the co-operation ofmembers, and i" it was desired that the liberal party should be reprented, thatsortof support must be given fraakly, or the government must surrender the reins of o lice to a party holding opinions less in axconlance with those of the majority. The debate in qer.tion came on atnight and contisuolto he debatedl during three evenings, and the result of tod Palmerston'os "appea" wa, felt in the dishion which took place when the numbers were for the motion 17, agah.iost it 303. Thust the Gorernment obtained a ma jorityof 127 ina lhaseof nearly 500 mem Lers. Thits evening the T:eaty of Peace is to be dis cucal in Partliament, 3inisters will move that as adl:ryes sall be presentel to Hler 3Majeo-ty sexpressive of the '"j, and satisfetlion" felt at ite. "re.e-r.tablishmentof Pace." Althtogh it is expeett t:ere will ils a gene. al ,iui Lon tpn the stdject, it is surmised that arex:bers will e a=::e oisl minor grounds of ,i+:threne, au al! the mere o!tvns of sf:,rty, andl wil tcardiy uni ten lai g the aclress at the fo.t f the ilhroee,as tteordiai and unani m ou- ext.rn:!:-lea of ,?th! llsc.c o4" tei.. I!.e j ape rn the- A.trie: enlictment q,?e ton i,-:e !, e'1 made pu . an I it a.,t;.rs tbat the,.:hzr e.br..ueht :*g?n-tr 3It pt o:np~ [h;er l:ea proevi a cstrey on :Le p?art of two wort~! mens, wl.o, as Lord Clarendon seail, se "not ort!y of crelit' Ani thics the :ehole affair turns out a "btte of smoke." i'reparatious are smatog for the retturn of our troops trom the Crimeardt is said that h
3Ljesty will review upwards of 30,000 infantry at .lershot, on the arrival cf the irest dlivison ; there are already about 19,000 troops in camp there. On Friday next, her Majesty and P1inco Albert have igunitiedl their intention of being present at the trystal Palace, on the ocea-ion of the inauguration of the monument in honor of the Crimean heroes, cud the Peace Trophy eecentdtl within the palace by Baron M3aru-? chett. Hler Majesty will be attended on the occasion by a guard of honor, composel of sohliers whohave ervelin the Crimea. The r aron llruncow hae arrived at the Russian embassy in London, charged it is said, with the mission of announcing to our Court the fact of the accession of the Emperor Alexander to the throne. The vacant Governorship of your colony has given rise to mutch discussiona in the publice prints here in conselueoce of it having been ottfered to the Earl of Elgin and Lend 3lareue, and eoliond by both. toe of our liberal jour iats refers to leading articles in your paper, and in the Melbourne Ileraid, stating that the moi there country neglects the postal Eerviee,-to the meeting with reference to the appointment of y:ur own governors, and also that you object to the tone of our gov, rnment in American atfairs. The paler cae ondes by saying Thi atopretty- ontepoten, neat enetnnt much t0 tihe purpoe.s. We hope Mt leeoeli'e silt icy 1 tp heairt, ued that he will tell hiis ollenganee frank - thet teaeemeavtntion aed Peace with Ameneir are not onut itealrt by the people at home, but are mentl to the contutoo lotyaltynof our great gold ovrndioieanto.vy.
nieo.s, to aketurn h howt , at. more eptie t toI Uthan Clasttl o t h ? om roite ; aintd it to time cur Gorertmt,nt rcsent-e t the fta and treated tont-h €JoIa-ot. with tl onosiderstieo. The Aoustedla tt ssiontion Commiotee have bad another i..teriew en the oubject of steam po.tal commtnicatint to Australia with Lord Paolmerston, bat no further iforsmation on the subject has trant-pired at present. I have little to communicate in this letter upon the subject ot emigration. The Commissioners have chartered but one ship for your colony since my last letter, viz., the " General Hewett," for Portland Bay, at £13 4s 6d per statute adult. The mail per Beophorus, via Singapore, was delivered h re on 1'ouday last; thesame day that the mail per Beemal,'from Liverpool, was delivered in London. It is this day stated that the vacant Governor ship of your colony has been offered to the Marquis of Chandos?,and has not been refused by him. Looking at his political position, I can sesarcely credit the rumor. Y, tyoumighthave a worse man than the 3Iarquni, whoseconduct and principles are allowed to stand unimpeached; indeed, his self sacrifice with regard to his father's affairs havegained him the esteem and sympathy of a large prop irtion of the peop!e of ngland. I only give the rumor as this morning reported.
Ion i he pbe le-ne to hear that ..e entitre ,esidne of theslhares of the Geelong and wlel bourne Railway Compaq have been taken up in thepast mnuth; the amount receiv.d in that period having been no less than £60,000; and the shares are now at £1 preminm. Depend upon it, that anyAuAralian r.3lay under taking, ipprored by a Government goarantee for the interest, similar to the Geelong .nd Melbourne. wonid meet with the greatest ensouragemnt in this country, where the entire apital could be raised. There is nothing to communicate as rengads the markets for Australian prodce. The wool sals, as I stated in mylast, commenceon the 8th instant, and until after the ales thereis not likely to be much briskners in the woollen tradl. Prices will no doubt rule high. The tallow trade is dull, and a decline of Is 6d to 2s has taken place. Thisdayethe "Thames"nd the Statesman," both from t.eelong, have been telegraphe as harving:rrived in the Iowns.