Iris not necessary for us to do more than refer to the current but most improbable rumour that a modus vivendi has now been arrived at between Paris submitted to the Cave for his approval; and Peking, one clement of which is that the Pescadores shall remain in the possession of France on terms which, on paper at least, do not involve the absolute alienation of the soil. Viewed in the light of our Peking Correspondent's letter, the report that a settlement of any sort has been achieved does not strike us as in-her ently very probable; on the other hand, the fact that certain French members of the Customs service have been summoned to Peking lends it undoubted support, Afterall, it is the unexpected which generally Lappens, and the suddenness with which the arwistive wes concluded, and the equal suddenness of the rapprochement between Hugland and Russia, afford precedent for the sudden conclusion of a peace which, judging by external appearances, did not previously seem near, 'I'he fact that a difficulty had been experienced between the contracting parties about the Pescadores was referred to by us on Tharsday; it must, however, have been felt that France would scarcely bs so mad as to endanger pence for the duke of the Pescadores, and if, as is now reported, she is aiming at what would be the virtual occupation of those Islands, we think no other reason is required to explain the delay in negotiations, In. deed, the position of the Islands, lying as they do between Fokien and Formosa, would be sufficient of itself to give France far too great an enhancement of influence in China, and although she is naturally anxious to gain something to compensate her for the restricted aren likel, to fall to her lot in Tonquin itself, it is scarcely likely that the Im. perial Government would agree to the establishment of a French naval atation commanding such import tions as Foochow and Mai-wan Fa, The Chinese, we are informed, have been pressing the Evench hard; the Republic is no match for the diploatives of Peking; still, if the Bousée ority, without the neutral zone for which that instrament provided, is to be the outcome of these two years' fighting, it is absolutely necessary, to suave the prestige of France, that some supplementary advantage should be thrown into the scale, Bat, however mach of trath there may be in the statement to which we have referred, it would be manifestly unwise to act upon the conviction that a definite and permanent settlement bus been arrived at between France and Eh Misunderstandings are of eufiiciently probable occurrence, and these would lend to haggling and an indefinite prolongation of negotiations which would continue to embarrass trade, Direotly we hear that rive is to be free. ly shipped to Tientsin, it will be onto to conclude that a Treaty has been framed and signed; but till then, we can be sure of nothing. The Chinese, who were somewhat sanguine a few days ago, are now more sceptical, and many who occupy positions of trust in the local yamens do not speak hope-fally with regard to either the success of the correspondence uow progressing between the agents of the two countries or the permanency of whatever agreement may in the meantime have been arrived at,
Text read from the printed page and cleaned; old type leaves the occasional error.