The Sun.
London, England, 1861-11-28 00:00:00

EFFECT. OF TEE INSULT 70 TEE
.BRITISH FLAG ON THE 11101V.EY MARKET.

The news of the aggression upon the Royal Mail
Company's steamer Trent, by the United States'
ship of war San Jacinto, produced an indescribable
effect in the city yesterday morning. It transpired
about the middle of the day, up to which time
the English funds had shown great buoyancy, and
after a few Moments, during which it was deemed
almost incredible, the result on the funds was a fall
of one per cent. Prom this there was a rally of
nearly a half per cent., but the market closed with
a very unsettled appearance, although the precise
details of the act, which are calculated to increase
to an intense point the feelings with which it. will be
regarded, had not up to that hour been published.
The opening quotation of Consols for the account
was 92,1 ex dividend, at which there were after-
wards buyers. At one o'clock the notice from
the Royal Mail Company began to circulate, and a
rapid fall ensued to 91;1. An impression was then
encouraged that the particulars of the transaction
would, on their receipt, probably show some fea-
tures of mitigation, :and, as several of the parties
by whom speculative sales had hem effected were
disposed to realise their profit, a recovery Ensued to
92 to 3. A large portion of the public, however,
continued to regard the act in the worst light, as a
confiimation of the indications so long given by Mr.
Seward of his desire to involve this country in a
collision at any cost. Nevertheless', an unanimous
confidence is expressed that our Government on
this, as on former occasions, will maintain the
national dignity too well to be betrayed into irrita-
tion, and will pursue with the most literal exacti-
tude whatever course may be indicated by the pre-
cedents of international law and the natural
rules for the comity of nations. Although no
one in the city to-day has been able to con-
ceive it possible for any United States' warrant
to be served on board a British ship for the capture
of peaceable passengers not charged with any re-
cognized crime, the Cabinet will be fully supported
even in tolerating that act, provided it can be shown
to be in conformity with the reciprocal law between
the two nations, or the nations of the world gene-
rally. On the other hand, should the proceeding be
found unquestionably illegal, there will be no limit
to the energy with which the country will respond
to the demand for the requisite means for obtaining
instant satisfaction and upholding the ' common
principles that regulate and render possible the in-
tercourse of mankind.

The Liverpool cotton market this afternoon closed
in the midst of great uncertainty and agitation, the
possibility of events that may lead to a speedy rais-
ing of the present imperfect -blockade of the cotton
ports being among the contingencies recognized by
the operators.

Great attention was aroused in Mincing-lane
yesterday by the fact of the news of the attack on
the Trent having arrived at a period when the
market for saltpetre had been singulerly affected
by some recent transactions on American account.
Since Friday last about 3,000 tons of saltpetre have
been purchased on terms which have caused a rise
of from 363 to 40s per cwt. This quantity is about
equal to the entire stock in London, and, as there
was nothing in the position of the article to lead to
the expectation of any particular movement, the
affair caused surprise and curiosity. The buyers
gave out that, enormous as the quantity was, no
portion of it was likely to be thrown back upon the
market, and it now appears that they were acting
for the Federal Government. As the whole could
not be procured on :the spot, a portion had to
be bought for arrival ; but the great( st urgency has
been manifested to obtain immediate delivery of as
much as possible, and about 1,000 tons are under-
stood to be at this moment loading from London,
while shipments are likewise being hurried off from
Liverpool. Meanwhile a further advance has oc-
curred, and the price now asked is 435. Looking at
the state of affairs now known, the remark this after-
noon has been such that a sudden and, under ordi-
nary circumstances, improvident mode of buying
seems to denote that the intention of offering an out-
rage to England, such as might render it difficult to
obtain supplies hereafter, was the cause of the hasty
despatch of this extraordinary order. Under any
circumstances it is now assumed to be likely that
the British Government will summarily prohibit the
clearance of such contraband of war. It has also
become known that for several months past large
quantities of rifles and other fire-arms, amounting
to some hundred thousand, have been shipped hence
to the United States under the designation " hard-
ware," and that the business is still going on.
Henceforth, however, the public will -not be satis-
fied unless the most stringent measures are taken
to prevent this breach of neutrality in favour of
the Northern belligerents.
At Lloyd's yesterday in consequence of the news
by. La_ Plata, war risks of five guineas were de-
manded on vessels from New York.

The Tr•:nt is one of the steamers employed by the
Royal Mail Company in their Mexican and interco-
tonial service, and at the time of her stoppage was
on the way to St. Thomas, to transfer her passen-
gers and freight to La Plata, for England. She is
registered 1,856 tons, with 430-horse power.—
Times City Article.

TR.'S DAY'S MARKETS.


CORN EXCHANGE.

IMIERIAL WEEKLY AVERAGES. - Wheat, 60s 5d ;
barley, 37s 6d ; oats, 23s Od ; rye, ns ld ; beans, 42s
; and peas, 44s 11d.
TILE Six WEEKS' AVERAGES. - Wheat, 53s lid ;
barley, 37s 2d ; oats, 22s 4d ; rye, 37s ld ; beans, 42s 4d ;
peas, 44s 10d. _ _

ENGLISH GRAIN SOLD LAST WEEK.—Wheat, 100,506 ;
barley, 106,014 ; oats, 15,553 ; rye, 253 ; beans, 4,622 ; peas,
1,902 quarters.