| 1 ands, and theirs brought to us in retarn.-- From Newfoundland and her cOntinenta possessions, all her productions, as we'll as

 our vessels, were excluded. with occasional

 reiaxations. by which in seasons of distress.

 The former were admitted in British bottoms. By the treaty of 1794. she offered to con-

 cede to US, for limited time, inc right of

 carrying to her West India possessions, in our

 vessels not exceeding 70 tens burden, and up-

 on the same terms with British vessels, any

 productions of the Unilea States, which Bril-

 lsh vessels might import theFeifoal. Bat this

 privilege was coupled with conditions which

 are supposed to have led t0 it's rejection by

 the Senate; that is, that American vessels

 should land their return cargoes in the United

 States only; and, moreover. that they should

 during the cOntinuance of the privilege, be

 precludcd from carrying molasses, sugar,

 coffee, cocoa, or cotton, either from those

 islands, OF from the United States, (o any other part of the world. Great Britain read- fly consented to expunge this article from the treaty and subsequent attempts to ar, ange the terms of the trade, either by treaty stipu- latiOns or concerted legislation, having failed, 1t has been successiveiy suspended and allow ed, according to the varying legislation of the parties.

 The following are the prominent points which have tn late years. separated the two governments. Besides d restriction whereby all allimportations into her Colonies in American vessels are confined to our own products carried hence, restriction to which it does not appear that we have ever objected,a lead. ing object on the part of Great Britain has been to prevent us from becoming the car. rirrs of British West India commodities to any other country than our own. On the part of the United States it has been con- tended, lst, That the suhjcct should be regu- lated by treaty stipulations, in preference to separate legislation 9d, That, our pro6uc- tions, when imported into the colonies in ties than the productions of the mother coun- thy. or of her other colonial possessions and, Sd, That our vessels should be allowed to participate in the circuitous trade between the United States and different parts of the British dominions.

 The first point, after having been, for long time, strenuously insisted upon by Great Brit ain. was given up by the act of Parliament of July, 1895; aIl vessels suffered to trade with the colonies being permitted to clear from thence with any articles which British vessels might export and to proceed to any part of the world, Great Britain and her dcpendcn- cies alone excepted. On our part, each of the above points had. in succession, been ex- pEcitly abandoned in negotiations, prece- ding that of which the result is now amour ced.@@4. + s@ s~'#~ ~~''' "' This arrangement secures to the United States every advantage asked by them, and which the state of the negotiation allowed us to insist upon. The trade will be placed up. On footing decidedly more favorable to this country than any on which it ever stood and our commerce and navigation will enjoy, in the colonial ports of Great Britain, every privilege allowed to other nations.

 That the prosperity of the country, so far as it depends on this trade, wilt be greatly promoted by the new arrangement. there can be no doubt. Independently of the more obvious advantages of an open and direct in- tercOursc; its establishment will hc attended with other consequences or higher value. That which has been carried on since the mutual interdct under all the expenses and inconvenience uravoidahly incident to it, would have been insupportably onerOus, had it not been, in a great degree, frightened by concerted evasiOns in the mode of making the transhipments at what are called the neu- tral ports. These indrections are inconsist- ent with the dignity of nations that have so uUuNGNs uUt uubv tO sCCsW6S Ob mutual friendship. but to maintain such rrla- tiOns as will stimulate their respective citizens and subjects to efforts on direct, open, and honorable competition only, and preserve them from the influence of seductive and vi- tating circumstances.

 When your preliminary Interpretation was asked at the close of the last session, a copy of the instructions under which Mr. Me Lane has acted, together with the communi- cations which had at that time passed between him and tho British government, was laid be- fore you. Although there has not been any thing in the acts of the two governments which require secrecy, it was thought most proper, in the then state of the negotiation, to make that communication confidential one. So soon, however. as the evidence of exccu- ton on the part of Great Britain is received, the whole matter shall be laid before you, when it will be seen that the apprehension which appears tO have suggested one of the provisions of the act passed al your last ses- sion, tEat the restoration of the trade in ques- tion might be connected with other subjects, and was sought to be obtained at the sacrifice of the public interest in other particulars,

 as wholly unfnunded; and that the change

 which has taken place in the views 'of the

 British government has been induced by

 considerations as hOnOurable to both parties

 as, trust. the result will prove beneficial.

 The desirable result was, it will be seen,

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