placers on the Klamath and Umpqua rivers, near the borders of
California, is encouraging as to the yield of dust, but the Oregonians
place their main reliance on their agricultural interests. The yield of
wheat is said to be not only double per acre that of the Atlantic
States, but it is a never-failing crop. The people in Oregon City are
agitating the subject of a railroad to connect the Willamette Valley
with the Columbia river, at some point accessible to large vessels. It
is estimated that the whole cost will only be about $500,000, which it
is proposed to raise in one thousand shares of $500 each. Twelve months,
it is believed, will complete the work.

EUROPE.

On the first of February, England was in a tranquil condition, the
anti-Papal agitation having almost entirely subsided. The journals were
engaged in discussing law reform, the New-York Revised Code being
commended as a model in many quarters. In the Queen's speech at the
opening of Parliament--an advance copy having been forwarded to this
country--a thorough reform of the Equity courts is recommended, as well
as the introduction of an act for the registration of deeds, equally
applicable to each of the three kingdoms. Her Majesty alludes in terms
of comparative mildness to the Wiseman affair, commending the question
to the attention of Parliament. Public opinion is strongly in favor of a
large reduction in taxation, and it is anticipated that the window tax
will be abolished. The quarterly returns of the revenue have been highly
satisfactory, since, notwithstanding the abolition of the tax on bricks
and the reduction of the stamp duty, the income exceeds that of the
previous year by about L165,000.

The great crystal palace in Hyde Park is rapidly advancing towards its
completion. The immense structure is exciting the wonder and admiration
of the metropolis, and the opening of the fair is anticipated with great
interest. The strength of the building has been amply tested by a severe
storm of hail and wind, which passed over without breaking a pane of
glass. All quarters of the world are sending specimens of their
manufactures and natural productions. South Africa, Australia, and the
islands of the sea will be represented, while Cashmere shawls, robes of
pearl, and Runjeet Singh's golden saddle, will be sent from India.

The U.S. Mail steamer Atlantic, which sailed from Liverpool on the
twenty-eighth of December, arrived in the harbor of Cork on the
tw