WASHINGTON, Dec. IS, 1915.

ARRIVAL OF THE STEAMSHIP HIBERNIA,
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1 ton eaftF yesterday morning. AR The intelligence is of very important character

 tappears to be pacific, and favorable to the United States.

 Lord John Russell utterly failed to form a ministry, and Sir Robert Peel had to return to power Annexed is a list of the new cabi net =

 Sir Robert Peel First Lord of the Trea- surv.

 Sir j. R. G. Graham, Secretary of State l for the Home Department.

 Lord Lvndhurst, Lord Chancellor.

 The Duke of Bucclegh. Lord President of the Council.

 The Duke of Wellington, Commander-in Caief.

 The Earl of Aberdeen, Secretary for Fore i ign Affairs.

 The Fart of Haddington, Lord Plivy Seal.

 The Earl of Ripon, President of the Board of Control

 The Right Hon. II. Goulbourn, Chancel- Tor of the Exchequer.

 Lord Granville Somerset Chancellor of the Duchy of Lancaster

 Earl Lincoln, First Commissioner ofLand Revenue

 The Right Hon. Sidney Herbert, Secretary at War

 The following are the new members of the Cahaot:-

 The Earl Of Dalhousie, President of the Board of Trade.

 The Earl of EIlenborough, First Lord of the Admiralty.

 Tine Earl ofst Germains, Postmaste-Gen- eral

 The Right Hon. ". Glandstone, Secretary for the Colonies.

 Tine Presidents message had reached Eng land, md the effect 1t produced on the press there was somewhat remarkable. In Paris it had not the effect anticipated. We make several extracts

 It appears that fear of the indiscretion of Lord Palmerston caused the disruption in the whig ranks

 There has been slight improvement in cotton

 The London money market closed firmly on the 3d inst. The quotations for consols were 94I to 94 3-8 being heavy. Bank stock is 203 204; and Exchequer bills are 26s to 28s premium,

 The Railway shares are quiet.

 Lord MetcaIfe,has considerably improved since his return to England, from Canada.

 The French Chambers opened on the 26ih nit.

 The Spanish Cortes is opened

 COMMERCIAL ArrAiRs-The past year has been ono fextraordinaryl lvicissitudes, in it's commercial not less than in it's social and political phases. It opened auspiciously. There was plenty of food, employment was abundant, capital abounded, confidence pre- vailed, and the machinery of society worked 1 harmonious and beautiful.

 The cotton trade, during the year, has eX- perienced the mutations to which we allude ] the instability to which all things sublu nary are subject. There was excellent busl- ness doing in the great staple in the earlier months; the price f not high or hopeful was uniform; and the large consumption, with the encouraging feeling abroad, was a guarantee against further depression in price. At this period, and for some time after, the consumption was greater than at any former time in oar commercial history. The pub l lie prosperity was so buovant that capitalists sought out new fields of investment; and the railway mania sprung up with fierceness which has never had parallel, and, 1t IS to be hoped, will never again find mllallon The elements gave the alarm.

 They drenched the fields with supervious moisture; and the confidence which existed gave way on the slightest appearance of dan ger Alarm succeeded-a panic followed and, beginning with the stags of the Share market, il ultimately reached England's Pre- mier-foFeed on him reluctant resignation, and for time reduced the executive ma chmery to a dead lock. The history of the price of food and the varying appearances of physical nature, from the beginning of the past to the commencement of the present year, is in fact, the history of the Cotton l trade

 Tur OREGON QuEsrloN.-The commit tee of Inc London Peace Society have memo raizad Sir k. Peel in favor of settling this question by peaceful rather than by other means, whatever provocalion the British gov ernment may receive to adopt war like tone and policy They earnestly deprecate war be- tween the too nations, and urge the propriety of seuline the dispute by arbitration.

 THE NEW MAN'Sn MESSAGE.

 No public document has ever been receiv- cd in this country with higher appreciation than the Presidents message. None has more deeply impressed the public mind, by the important facts which it developed, and the wisdom and boldness with which he re- comments the measures which he deems ex- pedient for the public good. None has drawn forth warmer and louder plaudte from all classes, and from all cliques. None has gone so deeply to the heart of the American people. A similar fate has attended 1t in England, so far at least as relates to the ability which this new politician bas stamped upon his work, and the respect which his firm ness, as well as moderation, has produced upon the mind of the English people. Our countrymen abroad have hailed it with pleas ure and with pride, as work that is worthy ol the high character of our country, and the elevated position which its author occupies