The Sun.
London, England, 1865-01-11 00:00:00

S TATE OF TRADE.

MANCHESTER, Jan. 10.—The market opened ex-
ceedingly quiet,. but the interpretation given to the
news by the North American steamship caused
some slight improvement in the afternoon. In ship-

ping yarns there was nothing doing in the early
part of the day, but a report from Liverpool at noon
that the American steamer brought word there were
only 13,000 bales of cotton, instead of 33,000, in
Savannah had the effect of improving the feeling in
the market. The published telegrams say nothing
of this, but the report, whether well or ill-founded,
taken along with the news of the failure at Wil-
mington, has had a good effect, :and towards the
close of business the holders of yarns showed more
confidence, and there was more disposition for
business. In home-trade yarns also the downward
tendency of prices was checked, but the little busi-
ness done was at 2d. to 3d. decline on the highest
prices ruling in December. The cloth market
opened very flatly. The publication of the stock
account in Liverpool at the end of the year, show-
ing a great excess of quantity, and the recent news
of Federal successes, combined, had induced buyers

to withdraw from the cloth market, and there was a
total indisposition to operate up to the middle of
the day, and though the news by the steamer has
somewhat improved the feeling among sellers
of cloth, as among spinners, it has not led to an im-
proved business. There have been no additional
offers for cloths, and there is no improvement as re-
gards values. Prices are fully as low as at the close
of last week, but, on the other hand, manufacturers
do not appear disposed to press the sale of goods so
as further to affect prices. The market has been
extremely flat.
LEEDS, 10th.—The weather has been damp and
unpleasant, and has in a slight degree checked the
attendance of both buyers and sellers in the cloth
halls this morning. For a Tuesday's market a mo-
derate business was done, and that in ordinary plain
cloths, as well as in spring meltons and tweeds.
There is little improvement in the demand by both
the home trade and the export houses, and the pros-
pects of the spring trade are generally deemed satis-
factory. The country manufacturers report that
they have a fair amount of orders in hand, thong
rather less than in brisk times. There is no change
erlective
instclha::
s modera.
eY
in the price of wool, and for most kindstethi
moderateefrlb.be
laotwt e
steady demand. The flax trade
and the principal mills are runnin
NOTTINGHAM,
and the demand for lace
ante on 'Change to-daY,
yarns was limited, at
The inquiry for hosiery yarns
rates of last week.
was dull, and prices bad a tendency to recede. For
silks higher prices were paid. The demand for brown
nets was very inactive, and prices, if anything, were
abouthaldd.a
rather in favour of the buyer.
RecupALE, 9th.—The flannel trade keeps rather
quiet, purchases being made cautiously and in rather
smaller quantities than is usual. To-day's market
has been but thinly attended
amount of transactions
was comparatively small.
The goods bought
were of a miscellaneous character,
including a f • air portion of both heavy and light
fabrics. P • rices, however, were well maintained.
Little was done in Yorkshire goods, many of the
manufacturers of such, having agreed to attend the
new market opened last Saturday at Halifax, were
not represented. There were, however, a fair num-
ber present. In wools there is no change. There
is a quiet demand at late prices.

PRESERVATION OF IRON PLATES ON SEAGOING
VESSELS.—The French iron-clad frigate Invincible has
just been taken into the dry dock at Castigneau, which has
afforded an opportunity of judging of the efficacy of the
system applied to that vessel for preserving her iron plates.
A band of zinc, which by isolating the electric currents
guarantees the plates from that green coating which causes
injury, has transformed the nature of that vegetation, and,
instead cf a casing of marine herbs, there was foiu3d at•
tacked to the frigate's bottom a fine collection of corals.—

g.•••••••••••••••••• aaorro•n•ra•mm•-----
ROYAI -41 ENGLISH OPERA, COVENT-
GARDEN.
(Opera Company, Limited.)
TIIIS EIrIi,NING, THE BRIDE OF SONG. Renee,
s Tbirll§ 701; Beatrix, Madame Fanny Huddart ; Adel-
'bat, Mr. Hi mry Haigh ; and Hannib.l, Mr. A. Laurence.

the cause of that danger. Here follows a passage
so entire in its comprehensiveness, and so excellent
in its purport that it is worthy of quotation, and all
who read it must certainly be struck by its force
and fluency. " The danger of a break-up of the
Confederation did not lie in the views of the
• ority upon the 7th of December in the preceding
year, and the sth of December last, as to the
right of the Confederation to occupy the Duchies—
but in the views 'of the Prussian Government as to
its right to take the law into its own hands." Can
anything be better timed than this, and does it not
exactly explain the working of the case in regard to
its complex and intricate manoeuvres. Prussia is
caught in her own toils by this masterly reply, and
just when she thought to make a grand display and
vindicate her power, behold the effort has called
down a reproof and reproach that must make her
feel alike ashamed and annoyed. Further on the
Bavarian-Minister proceeds to declare that it is not
the province of any individual Government to
decide upon the competence of the Diet, but the
" Federal Assembly itself " is alone competent to do
so. The high-flown and grand-sounding declara-
tion of the Russian Government to await the resolu-
tion of the Federal Diet, is effectually put down
by the very simple and straightforward intimation
of the writer that such is the indispensable course
to pursue in all difficulties, and also adds that, in-
the event of any " active proceedings against the
Saxon Government" they would then be obliged to
recognise an open breach of the Confederation.
Finally, Herr VON DER PFORDTEN considers the real
point of importance when he treats of the intima-
tion which Herr VON BISMARB makes at the con-
clusion of his despatch, when he declares it very
easy to inform them of the determination of Prussia
to maintain intact her rights and inviolate her pri-
vileges. Truly is this passage thus comprehended
here in these words—" We are therefore almost
forced to believe that the real object of Herr VON
BISMARK'S despatch is to deter the KING'S Govern-
ment from every further vote in the Federal Assem-
bly to which the Prussian Government does not
acknowledge its right." This is, in truth, the most
correct interpretation to put upon the whole affair,
and a very proper answer is made to the impertinent
intimation. It is distinctly asserted that in the
event of such being the intention of the Berlin
Cabinet the KiNG's Government declares that they
intend in the future, as in the past, to " base their
votes solely upon their own convictions," and to be
guided by the fundamental laws of the Assembly
itself, and not " the will of an individual Govern-
ment." A plainer answer could no-; have been
given to a crooked question, or a more honest reply
made to the request of a dishonest and dishonour-
able policy, which, under cover of rights, scruples
not to do great wrongs, and thus to make a cat's-
paw of the Federal Assembly to crush its antago-
nists, and thus reign supreme the despot over the
States supposed to be joined together in the bonds
of unity, in terms of amity, and a position of
equality. It is well said at the end of this reply
that the KING'S Government attaches value to the
continuance of the Confederation, not because of
immediate advantages, but because it is a duty to
keep the " political bond of the entire German na-
tion." But is added they do not see that it is either
right or fitting that in an association of States pos-
sessed of equal rights a single member should be
permitted to prescribe the measure of the action of
the " Confederation." Such an answer as this is I
well timed, and reflects great credit upon the Bava-
rian Government, but at the same time it must be
borne in mind that Prussia is playing with edged
tools in this insane attempt to tyrannise over the
minor States. Some day when least expected
France will take the alarm, and then woe betide the
autocracy of Berlin. The feud now commencing
in the Germanic Confederation augurs ill for the
prospects of Prussia.

Very speedily there has been a break in the cloud
overhanging the military fortunes of the Confede-
racy, and a check has been given to the exulta-
tion of the North. Savannah, it is true, has fallen,
and HOOD'S progress in Tennessee has as yet brought
little profit, but these disasters have been quickly
followed by a decisive and important success. The
grand combined attack on Wilmington has been
repulsed, and repulsed in such a conclusive manner