LORD DERBY, the English Secretary of State for Foreign affairs, made a speech early in May before the House of Lords, of which mail reports have now reached us. With his eyes fully open to the consequences of such an expression of opinion, he intimated that a war between Germany and France may be looked for at an earlier date than has usually been assigned. Of course he is too prudent to say this in so many words, but such is the impression which the speech carried with it all over the world. The substance of the speech as given by its interpreters, is that it is Germany’s policy to hasten the inevitable war because, although France is not ready now, she is getting ready so rapidly that there is no time to lose. Germany, moreover, is now at the height of her military power, but may begin to deteriorate at any time. The discordant elements in Germany, too, Republicanism and Catholicism, constitute another reason why she should desire war soon, if at all, as the present line of Imperial policy does not tend to foster the fighting qualities of Catholics, who must needs form a large proportion of an effective army. In emphatic confirmation of Lord Derby’s guarded statements, the Times’ Paris correspondent says that Bismarck, without any reserve at all, admits that he let France off too easily, having overrated her military spirit and underrated her material wealth. Had he known what he now knows he would have overrun every province of France, and quadrupled the indemnity. This, he thinks, would have so crippled her that Germany could have devoted herself to the amelioration of internal affairs without fear of French interference. As a bit of by-play it is said that when Victor Emmanuel visited Berlin, last summer, Bismarck pointed out to him how Nice and Savoy can be restored to Italy, if he, Victor Emmanuel, will pick a quarrel about those provinces, and go to war to recover them—Germany becoming involved for some plausible reason, and taking care to make an utter end of French power once for all. Probably the German Chancellor has not spoken so plainly on this matter as he is reported to have done, but his bitterest enemies may fairly assume that he has thought it all and a deal more beside. If Germany does not before very long, check the wonderful progress made by her revengeful rival, it will be because the fight will involve other great powers.—Selected.