On November 23 there was a near panic caused by rumours of British intervention.

These were denounced as false and in five days the price was back above its previous figure.

Then on November 27 came the news of the _Trent_ and the market was thrown into confusion, not because of hopes that cotton would come more freely but in fear that war with America would cause it to do so.

The Liverpool speculators breathed freely again only when peace was assured.

This speculative British interest was no cause for serious governmental concern and could not affect policy.