The Sun.
London, England, 1870-11-28 00:00:00

WAR RISKS AT LLOYD'S.

Last week and the ',resent there have been a good many
transactions in war risks on account of the possible danger
of a Russian war. The premiums are from ss. upwards, 10s.
being taken on sailing ships from the East and Russian
ships are hardly insurable against war contin-
gencies at all. The cot tingency of a war is thus
estimated very highly, but the estimated risk on
English ships is not considered very great. As to any
apprehension of Russo-American Alabamas, the notion is
that there will be no immediate danger of their appear-
ance at the outbreak of a war, as they must must take
some time to prepare ; and that if they do appear, the
danger of their depredations cannot be so formidable to
our mercantile navy as it was to the American. We have
a large steam fleet, moving in narrow seas and on
well-defined routes which can be easily patrolled
by our cruisers, and we have many ports and
stations all. over the world, which the United
States had not. It would also remain to be seen
whether the American GOvernment would really act on
motives of revenge, and be guilty not of negligence, but
of connivance ; or would not rather make a point of sheav-
ing that the standard of neutrality they set up is really
one which could be kept. There are many reasons for
believing that the latter course would be taken by the
United States Government, and have the support of the
most powerful interests in the Union. America would
have very much to gain by an English war in which she
did not entangle herself.—Economtst.

•
A SUGGESTION FROM " PALL MALL GAZETTE."
Pringe Gortschakoffs reply and. Count Bismarck's ex-
planation of his views in the matter should be taken
together. The maintenance of the Russian position is of
no real consequence at present if she maintains it in isola-
tion, and with the knowledge that as soon as she begins to
translate her intentions into deeds she will be confronted
by the resolute opposition of all the other signatories to
the Treaty. 'Whether this is to be the result of the con-
ference and inquiry now going on in the various
Courts of Europe mainly depends upon the answer of
Prussia. If she is loyal, the better course is obvious and
the end clear. Then the part of Bngland will he to insist
upon a joint note from all the Powers signatory to the
Treaty, which in effect shall address Russia in this wise :
" If you formally withdraw your determination to break
the Treaty, and substitute for it a proposal for the recon-
sideration of that contract of obligation, we promise ac
cord with you so far. If you resolve not to with-
draw from your position, it is obviously needless
and absurd to discuss the question ; a congress
or cmunittee to consider foregone conclusions is
not to be thought of. But in that case you must under-
stand that should the severe scrutiny you force on us
reveal any attempt to carry your luteution into effect, the
attempt will be and. is beforehand declared to be, a
cases beta ; and this is our warning to you, and our pledge
to each other, that this view of the matter will be acted
on immediately." Spite of the manifest danger
that even should that settlement be come to, we may
have to deal with a stronger revival of Russian self-will
by-and-by, when the Congress does meet for the
reconsideration of the terms of the Treaty, we see no bet-
ter or happier way out of the present difficulty than that
we suggest, and which the loyalty and goodwill of Prussia
would make easy. Such a result would actually maintain
peace—for a, little while at least; it would give a far
stronger guarantee than we now have that peace will be
maintained ; and it would sufficiently rebuke and resist 4
spirit of faithlessness too audacious and too dangerous to
be tolerated.—Ball Mall Gazette.

The C/obe believes the tone of Lord Granville's rejoinder
to Prince Gortschakoff's reply has been decided on by
the Cabinet at their second Coancil on the subject and
that it is much more warlike in its tone than was antici-
pated.

Among-the smaller merchants of Russia, and indeed in
military circles also, the idea prevails that Russia has, up
to the present day, continued to pay a heavy war indem-
nity to England and France, and that the specie of the
country has disappeared in consequence.

A telegram in the Cologne Gazette, from Vienna, dated
November 23, states that the Russian Ambassador has
read a confidential message from Prince Glortschakoff to
Count Beust, in which the former alludes to the good
feeling of both Courts, and expresses the hope that the
last dispatch would find a favourable reoeption by the
Vienna Cabinet, as Austria had already in 1867 taken the
initiative of a similar proposition.

THE WA