ïho rejectioh of the pfopos-tla of the conforenco by tho ïurkish draad Conncil is nccepted by evory one here as an evidenco of tho complete failure of that means of eettling the Eimtern question, and the London papers still devote their coluinns to the discussioii of the subject. It was lookert upon as certain that the Porte would not clare to dissent from tho decisión of the Örand Conucii, and that its formal reply to iho Plenipotontiaries, no matter how it might be smoothed over by polite or equivocal expressions, would be subatantially the same. Henee the break down of the negotiations in the breuk np of the con'erenco was f airly expectod. Wliat wili follow nest is the great subject of spoculation here just now, and the question is discussed with a keenness and an anxiety that show how well the dangers ahead are appreciatcd. WHAT THE REVIEWS SAX. The Spectator eharaoterizes theresnlt as a humiliation for Europe, inasmnch as all the great powers nnited in raaking tho demaiids. The Saturday Review, hougü usually taking opposite views on :he Eastern question from the Spectator, üinks that the Turks in setting tho Russian domands ut defiance have offended all the governments of Europe. The Jiconomist goes further, and says that var alono can settle the E'istorn quesion, BISMARÜK SAbDLED WITH THE BLAMB. Thero is a general unanimity in the ne of the papors on this subject, whieh is hardiy to bo wondered at under the eircumstances ; but on ono point the agreemont is carried to a somewhat ridiculous extent. Whtn things go wrong it is very convenient to have a scapegoat which can bear Üie odium o the public illa, and in this instance the usual rule ia followed. Bismarck fo some years past has been the belenoir ot tne ünglish press, no loss than of tbe I renen, and whon anything goes wrong iu Europesn politics, or somo cherished project of EDgland falla to the ground, the blaruo is inimodiately luid to tho door of the astuto and crafty Germán Chaucellor. UISMARCK's DESIGNS ON AUSTRIA. Iu tuis case Bisinarck is cbarged with fnjstratmg iu somo imexpected ïaanner, and by somo unknown agoncy, the programino of tho conference. The raotive alleged is that he wishes to see Eussia engaged in a war in order that he may be able to promote his own aims in Europe. One of the priucipnl of those aims is tho acquisition of Ihe Germán proviuccs of Austria, and it íb suppoaed that ho believes that the latter country caunot remaiu neutral whilo ltussia is taking possessiou of the Slavoiiio provinces of Turkey. No sooner, it is said, would Austria be engaged iu hostüities with Kussia than a Germán army would march into her Germán provinces and complete the unification of the Fatherlaud by their anneiation. WHO HOIiDS THE XEX ? The fact is, tho English are glad to eatch at any excuse as a reaaon for the faüuro of the conference, and Bismarck comes ready to hand. There is no aouDt, iiowever, that he holds in his hands the key of the Eastern position, oud that upon his action dopends in a great measuro whether Uuss'ia will go towarornot. Ii' the Czar could be sure of the friendly neutrality of Gerniany, or that she would hold Austria in check, his hands would be free, and he would know exactly what eneniy he had to meet. The kuowledge of this fact, no doubt, is at the bottom of Encland's fear of Bismarck. WAK INEVITABLE. Gen. Tchernayeffhas been interviewed to a ridienjoua extent by Prench and Euglish correspondente. He prophecies in his usual way about the oertainty of war. "1 have good reasou," he says, "forBaying that Russia is qlute prepared. The Grand Duke has nover been seriously ill, and if Turkey does not consent to liussia's fair demands respecting tho freedom of the DardanelJes then war will c-nsne. liussian agente are now awaitiug orders in Vienna and ]5elgrado to proceed to Crete and tho Slavonic provinci in case of war."