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Latest Foreign news.

The European news, to the 5th instant, is very interesting.

Earl Russell has made the following reply to the dispatch of the Confederate commissioners and the manifesto of the Southern Congress:

Foreign Office, November 25, 1864.

I have had the honor to receive the copy which you have sent me of the manifesto issued by the Congress of the so called Confederate States of America.

Her Majesty's Government deeply lament the protracted nature of the struggle between the Northern and Southern States of the formerly united Republic of North America.

Great Britain has, since 1783, remained, with the exception of a short period, connected by friendly relations with both the Northern and Southern States.

Since the commencement of the civil war, which broke out in 1861, Her Majesty's Government have continued to entertain sentiments of friendship equally for the North and for the Smith.

Of the causes of the rapture, Her Majesty's Government have never presumed to judge.

They deplored the commencement of this sanguinary struggle, and anxiously look forward to the period of its termination.

In the meantime, they are convinced that they best consult the interests of peace and respect the rights of all parties by observing a strict and impartial neutrality.

Such neutrality Her Majesty has faithfully maintained, and will continue to maintain. I request you, gentlemen, to except, etc.,

To J. Slidell, Esq., J. Mason, Esq., a Dudley Mann, Esq.

The London Times fears that Earl Russell's letter will find no favor either with the North or South. First, he snubs the Confederates--they are only "so-called Confederate States," and have yet to establish their right to the appellation. This, too, is a compliment to the United States, but then follows a counter snub to the United States--they are the formerly "united republic."--But to say they were "formerly united" is to imply they are now "disunited, " and to acknowledge, therefore, the "existence" of the Confederate States.--Earl Russell seems to be in no danger of forgetting that "neuter" does not mean "both." Therefore, if he would maintain, even in words, strict neutrality, it is necessary to avoid any demonstration of friendship to either belligerent.

The Times, in its "city article," says:

‘ The Liverpool cotton market is very sensitive, and it is remarked that, should there be a repetition of the peace rumors from America, a considerable decline is likely to take place, although the end of the war is considered to be far off.

’ The ship Great Western has finally quitted Liverpool for New York, taking with her a large number of the alleged Federal recruits and the agents who engaged them. The law officers of the Crown did not see sufficient ground for legal proceeding.

The case of the Rappahannock has been fixed for the 5th of December, before the Queen's Bench.

The Times "city article" replies to Mr. Cobden's remarks on the American finances, and justifies its own predictions.

David Roberts, the artist, is dead.

The Paris Constitutionnel has published a paragraph warning against pirates and corsairs. It is supposed to have reference to the alleged letter of marque stated to have been granted by Juarez.

The Opinione Nationale attacks the Constitutionnel for the warning, and taunts it with having upheld the Alabama, Florida, etc. It charges the Constitutionnel with changing its opinions, now that French commerce may be jeoparded by similar cruisers.

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