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Important from Europe.

Great Eastern off Cape Race--Lord Palmerston and mediation — he can see no good result to be Derived therefrom — the Emily St. Pierre.

Cape Race, July 8.
--The steamer Great Eastern passed off this point at 1 o'clock this afternoon.

Her advices are to the 1st inst., with telegraphic advices to the 2d--two days later.

American affairs have again been the topic of argument in the House of Commons.

Lord Palmerston, in the course of the debate, said that he could see, no good result at present in the proposed offers of mediation, but the Government would with pleasure take advantage of any proper opening to mediate.

The correspondence in relation to the delay of the ship Emily St. Pierre by the American authorities, has been published, from which it appears that Minister Adams had not receded from the position first assumed by him on the subject.

Lord Brougham explained his speech in the House of Lords on American affairs, that he merely wished, as fellow-Christians, to remonstrate with the Americans on the course of the civil war. Gloss it over as they might, the war threatened fatal results to the character of the American people.

The diplomatic correspondence relative to the Emily St. Pierre is lengthy. Mr. Adams contends that the ship and cargo were confiscated, and demands their restoration. Russell employed legal arguments against, contending that Captain Williams' course could be dealt with in the Prize Courts of the captors. Adams rejoined with the contention that the claim for the restoration of the ship rested on the soundest principles of law and equity. America expected a different decision, and will be made wise by the result, and will take precautions in the future to better itself. Russell endeavored to convince Mr. Adams that the English Government had no power in the matter; but the latter closed by saying that the arguments had not materially changed the nature of the issue, and he had sent the correspondence to Washington.

The Morning Post editorially contends that the masterly Confederate movements in Virginia had compelled immense armistice for its conquest to cease the offensive, and content themselves with action on the defensive.

The city article of the Daily News regards the latest news as portending the almost indefinite postponement of peace.

In the House of Lords, Brougham deplored the continuance of the civil strife and its consequences to Europe. He thought it impossible for England to interfere, but expressed the opinion that the Americans would see the suicidal character of the struggle, and come to amicable arrangements before they entirely lost the respect and affection of Europe as a nation.

In the House of Commons, Mr. Hopewood asked if Government intended to take steps as a mediator.

Palmerston expressed deep sympathy with the suffering operatives, and eulogized their endurance. He wished it was in the power of Government to take steps for their relief; but interference in America now could only aggravate matters. Both England and France would be delighted to take mediatory steps. When a fitting opportunity arose, he should look upon it both as a duty and a pleasure.

After another debate on fortifications, the Government bill was read the second time by 158 to 56.

The operatives at Blackburn held a meeting to urge mediation, but overwhelming opposition was shown, and the Government was finally called upon to try and re-establish the confidence of the Southern planters in Lincoln.

Peabody was to have a public banquet, given by the Lord Mayor, on being presented with the freedom of the city of London.

The marriage of the Princess Allen took place the day the Great Eastern left Liverpool.

Again it was asserted that Persigny will assume the French Ambassadorship at London.

The Bourse was heavy at 68f. 15

The Italian budget passed both Houses of Parliament. Garibaldi, at Palermo, urged the people to concord.

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