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CREMONA, June 30, 1866.

The telegraph will have already informed you of the concentration of the Italian army, whose headquarters have since Tuesday been removed from Redondesco to Piadena, the king having chosen the adjacent villa of Cigognolo for his residence. The concentrating movements of the royal army began on the morning of the 27th, i.e., three days after the bloody fait d’armes of the 24th, which, narrated and commented on in different manners according to the interests and passions of the narrators, still remains for many people a mystery. At the end of this letter you will see that I quote a short phrase with which an Austrian major, now prisoner of war, portrayed the results of the fierce struggle fought beyond the Mincio. This officer is one of the few survivors of a regiment of Austrian volunteers, uhlans, two squadrons of which he himself commanded. The declaration made by this officer was thoroughly explicit, and conveys the exact idea of the valour displayed by the Italians in that terrible fight. Those who incline to overrate the advantages obtained by the Austrians on Sunday last must not forget that if Lamarmora had thought proper to persist in holding the positions of Valeggio, Volta, and Goito, the Austrians could not have prevented him. It seems the Austrian general-in-chief shared this opinion, for, after his army had carried with terrible sacrifices the positions of Monte Vento and Custozza, it did not appear, nor indeed did the Austrians then give any signs, that they intended to adopt a more active system of warfare. It is the business of a commander to see that after a victory the fruit of it should not be lost, and for this reason the enemy is pursued and molested, and time is not left him for reorganization. Nothing of this happened after the 24th–nothing has been done by the Austrians to secure such results. The frontier which separates the two dominions is now the same as it was on the eve of the declaration of war. At Goito, at Monzambano, and in the other villages of the extreme frontier, the Italian authorities are still discharging their duties. Nothing is changed in those places, were we to except that now and then an Austrian cavalry party suddenly makes its appearance, with the only object of watching the movements of the Italian army. One of these parties, formed by four squadrons of the Wurtemberg hussar regiment, having advanced at six o’clock this morning on the right bank of the Mincio, met the fourth squadron of the Italian lancers of Foggia and were beaten back, and compelled to retire in disorder towards Goito and Rivolta. In this unequal encounter the Italian lancers distinguished themselves very much, made some Austrian hussars prisoners, and killed a few more, amongst whom was an officer. The same state of thing, prevails at Rivottella, a small village on the shores of the Lake of Garda, about four miles distant from the most advanced fortifications of Peschiera. There, as elsewhere, some Austrian parties advanced with the object of watching the movements of the Garibaldians, who occupy the hilly ground, which from Castiglione, Eseuta, and Cartel Venzago stretches to Lonato, Salo, and Desenzano, and to the mountain passes of Caffaro. In the last- named place the Garibaldians came to blows with the Austrians on the morning of the 28th, and the former got the best of the fray. Had the fait d’armes of the 24th, or the battle of Custozza, as Archduke Albrecht calls it, been a great victory for the Austrians, why should the imperial army remain in such inaction? The only conclusion we must come to is simply this, that the Austrian losses have been such as to induce the commander-in-chief of the army to act prudently on the defensive. We are now informed that the charges of cavalry which the Austrian lancers and the Hungarian hussars had to sustain near Villafranca on the 24th with the Italian horsemen of the Aorta and Alessandria regiments have been so fatal to the former that a whole division of the Kaiser cavalry must be reorganised before it can be brought into the field main.