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From Europe.

The steamship City of New York, with European dates to the 22d of May, arrived at Cape Race on the 31st. The following telegraphic summary comes through the medium of the Northern press:

The English journals continue to expatiate on the retreat from Yorktown and the fall of Rew Orleans.

The Times treats the retreat from Yorktown as a great reverse to the Confederates, and says if Richmond is captured it will be a tremendous victory to the United States. It metaphorically enlarges on the difficulties that must ar in governing the South, when the United States, by continual victories, have brought the Confederates within their power.

The Daily News says, although the full of New Orleans, in a military sense, cannot be overrated, it is of far greater importance in its social, commercial and political results, as the possession of the Mississippi opens the way for the industrial energy of freedom. and altogether destroys the political position and territorial prestige of the Southern Confederacy. The great territories of the West are lost to the slave confederation, and this alone is a suitable recompense for all that has been spent on the war. It is an enormous gain, not only for the Union, but for Europe, humanity and civilization. It praises the North for conducting the struggle as free citizens

In another article the Daily News defends the financial policy of the North from the calumnies of his foes. It says the financial position furnishes a striking proof of the constancy of a free people — the true wisdom of their rulers, relying on that constancy.

The Morning Herald shows grounds under which, after the decision of events at Corinth, New Orleans may be recaptured. It regards the possession of New Orleans as of the most tal political and commercial importance to the South.

The Morning F .st thinks the present condition off fire eminently favorable for effecting a compromise acceptable to both, but admit that it will be no easy task to reconcile the requirements of both.

The Liverpool Post regards the war virtually at an end, and looks for the proclamation of peace at any moment.

The captain of the steamer Bermuda, in a letter to the owners protests against her seizure while was going from Bermuda to Eassau, and represents it to have taken place in British waters. He, however, bear testimony to the gentlemanly conduct of his captors.

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