and he concluded by demanding an explanation, more full and explicit than had yet been elicited, as to the foreign policy of the government. Lord Granville in reply said, it was obviously unfair to judge of the policy of the government by isolated despatches, and he said that the relations with France were founded on the only principles which ought to influence a great nationneither blind distrust nor blind confidence, and that the two countries acted together because they believed that their joint action would be beneficial to the general interests of Europe. This very cursory reply brought what can hardly be called a debate to a close, and the address was carried unanimously. The mover and seconder were the Earl of Sefton and Lord Lismore. cates given to bankrupts, and to set forth cases of misconduct which would warrant the judge of his own motion in either refusing the certificate or suspending the order of discharge, or committing the bankrupt to prison. In the case of non-traders, the attorney-general at great length referred to the impolicy of the existing laws in requiring a term of imprisonment before an insolvent could obtain relief from the court, a provision which was of no advantage to the creditor or the community; whilst it was of the greatest injustice to the insolvent. It was, therefore, a boon to all parties to place the law of insolvency on the same footing as the law of bankruptcy. It appeared to him that the great difficulty was to constitute the overt acts which should constitute insolvency, and certain simple rules were laid down on the point. The bill was received, at the hands of the legal members of the house, with considerable favor, and was ordered for a second reading. The pro In the House of Commons matters did not end so quietly. The address having been read, it was moved by Sir T. E. Colebrooke and seconded by Mr. Paget, and was immediately met by an amendment from Mr. White, who proposed to add a paragraph on the subject of par-longed and often-interrupted discussion on this measure liamentary reform. Mr. Digby Seymour having seconded the amendment, a long debate ensued. The late chancellor of the exchequer, following in the same line of complaint as that pursued by Earl Derby in the other house, observed, on the subject of parliamentary reform, that he thought the government could not be censured for omitting the topic in the royal speech, having in view the manner in which the reform bill had been treated in the last session by their supporters. Lord Russell replied rather more fully than did Earl Granville, but to the same effect, and was followed by Mr. Bright, who urged ministers to proceed with the question on the extension of franchise during that session. Mr. White's amendment only received 46 votes against 124 for the government, so that the address was agreed to without further discussion. Having in view the fact that the previous session had not produced measures at all commensurate to the time occupied, the government at once proposed the formation of a committee to inquire into the mode of transacting business, with a view to facilitate despatch. Many changes were proposed of more or less utility, the most important and beneficial being the substitution of Thursday for Friday as a government night, and the adoption of Tuesday as a supply night. An address of thanks to the officers and men in her Majesty's service who had been engaged in the recent operations in China, moved by Lord Herbert of Lea, in the House of Lords, was unanimously adopted, Lord Derby paying a high tribute to the valour and energy of those engaged in the expedition. A similar resolution was moved in the House of Commons by Lord Palmerston, was seconded by Mr. Disraeli, and was carried without a dissenting voice. during its progress through both houses of parliament, extended almost to the close of the session, did not result in much alteration as to its details in the House of Commons. In the House of Lords, after a long debate maintained principally by the law lords, the bill was referred to a select committee, at whose hands it received considerable alteration, that part relating to the appointment of a chief judge being expunged. Some of the altera tions made by their lordships being considered of much importance, it was for some time thought probable that the government would not proceed further with the measure. Eventually, as a compromise, the attorneygeneral proposed to agree to many important amendments made in the other house, but insisted on the retention of the clauses relating to the appointment of the chief judge, and to the creditors' assignees. The bill was accordingly sent up again to the House of Lords, by whom it was received, in reference to those clauses which the commons had decided to retain, with an uncompromising resistance, the members on a division being for the government forty-six against eighty. The bill was therefore again in jeopardy, and it seemed more than likely that many nights had been spent in the discussion of a measure which must at last fall to the ground. On the 31st July, the attorney-general took the step which secured the passing of the bill, and moved that the amendments of the House of Lords be agreed to; this was done, and the measure soon afterwards received the royal assent. The death of the Duchess of Kent, on the 16th March, led to the adoption by both houses of motions of condolence with her Majesty in the great bereavement which she had sustained. The speeches made on the occasion were full of that tenderness and feeling which have always characterised the relations between the sove reign and her parliament. The real work of the session may be said to have commenced on the 11th of February, when the attorneygeneral, Sir Richard Bethel, moved for leave to bring in The subject of parliamentary reform, which the a bill for the amendment of the laws relating to bank- government had abstained from dealing with on the ruptcy and insolvency. With this question successive ground that the country had not given any inclination parliaments had endeavoured to deal, but without suc- of a desire for an alteration or an increase of the fran cess, and the measure introduced in the last session, so chise, was not allowed to sleep. Mr. Locke King, who altered as to agree with the opinion of parliament and had for many sessions endeavoured, but with little sucthe country as then expressed, was substantially that cess, to achieve the reduction of the county franchise to now introduced. The bill would separate the judicial a £10 qualification, again introduced his measure, and and administrative functions of the law, and restore was met by an amendment from Mr. Griffith to the to the creditors in bankruptcy the power of settling following effect: That considering that the object of their own affairs. The great object of the measure was the proposed bill involves the practical adoption of a to reduce the enormous expenses of proceedings in bank- principle which has generally been considered as opruptcy. It was proposed to appoint a chief judge but posed to the spirit of our parliamentary constitution, to continue the commissioners of bankruptcy, to abolish namely, the uniformity of the county and borough franthe commissioners of the insolvent debtors court, and chise, it is not expedient to reduce the county franchise to permit the majority of the creditors to remove the below £20." Lord Palmerston said there was in all case out of the bankruptcy court into the county courts. things a time for waiting and a time for action; One of the primary objects of the bill was to enable a present session he believed was a time for waiting upon bankrupt's estate to be administered and worked out this question and not for action. Believing that such without the necessity of going into bankruptcy at all. measures as those of reform should be introduced by a It was proposed to abolish the distinction of the certifi- responsible government, he regretted that some of his the friends had thought it necessary to anticipate the action | used and sent by post, was introduced by Mr. Dodson of the ministers of the crown, and said they must take upon themselves all the responsibility of the future progress of the measure. Mr. Griffith having withdrawn his amendment, the bill was read a first time and set down for a second reading on the 13th March, when the opposition to the measure was so strong that the bill was lost by a majority of nineteen votes. A measure having for its object the extension of the borough franchise was introduced by Mr. Baines, but was thrown out on a division. The ballot system found its usual champion in Mr. H. Berkeley, who, in a very able speech, cited the opinions of many gentlemen of experience, both at home and in Australia, who were more or less in favour of the vote by ballot as a cure for bribery. The motion was, however, but feebly supported, receiving only 154 votes in its favour against 279 for the government. The home secretary brought in a bill for the purpose of assigning the four seats which had been vacated by the disfranchisement, in former years, of the boroughs of Sudbury and St. Albans. Two of the seats they proposed to assign to the two largest counties, the West Riding of Yorkshire and South Lancashire; the other two seats they proposed to give, one to Chelsea and Kensington, and the other to Birkenhead. The debate which ensued was somewhat enlivened by the national feelings exhibited. Mr. Maguire thought that at least two of the seats should be given to Ireland: Mr. Stirling put in a claim for Scotland, and there were English members who were of opinion that neither Scotland nor Ireland had any right to increased representation. Lord Palmerston supported these latter gentlemen, as he did not think there was any cause for an addition to the representation of either Scotland or Ireland. The motion for the second reading led to renewed debates and demands on the part of Ireland, and Scotland especially, for a share-in fact, the lion's share-in the increased representation afforded by the four vacant seats. The second reading of the bill was, however, agreed to; but on its committal Earl Jermyn moved that it be deferred till that day six months. He argued that the case of the borough of Sudbury was a hard one; and that unless the legislature were prepared to act upon some broad and comprehensive principle, dealing with the whole subject of bribery and corruption at elections upon some definite and well-considered basis,-not with isolated cases as in this instance-its present proceeding would become a laughing-stock and a mockery instead of a warning, as he supposed it was intended to be. The motion was not one fatal to the bill, it was one only intended to allow of the whole subject being fully discussed and legislated upon. The home secretary did not think it was at all necessary to re-hear the case of Sudbury, or to have any more discussions such as were hinted at by the noble lord. This was evidently the feeling of the house, for the amendment was rejected by a majority of nearly 300 votes. Mr. Collins then proposed that two of the four seats should be given to the West Riding of Yorkshire; Colonel Dunne moved that one seat be assigned to the County of Cork, and Mr. Bazley proposed an additional member for Salford, but each of these propositions was rejected. Mr. Knightley moved the omission of the words which gave one member to Chelsea and Kensington, which was carried against ministers by a majority of 103 votes. Various divisions then took place on propositions apportioning one member to various places, which fell through, until a proposition by Lord Palmerston giving one of the seats to Birkenhead was carried by a large majority. Subsequently it was decided that two members should be given to the West Riding of Yorkshire, one to East Lancashire, and one to Birkenhead; in which form the bill passed the House of Lords and received the royal assent. A bill, the object of which was to facilitate elections for the universities, by permitting voting papers to be on the 24th April. The home secretary, on the part of the government, gave but a lukewarm support to the measure. The universities, he observed, were in a peculiar position in regard to the election of their representatives. The electors were not united by any local ties, except sc far as they were resident members of the universities, and it could not be said that they had any common character. There were, no doubt, many objections to making the rule universal, but these objections did not apply to the universities. As there existed no model on which the details of the bill could be formed, he thought that a select committee of the house would be the tribunal most fitting to decide the matter. This suggestion was, after a long discussion, agreed to; when the bill was again before the house, it was unchanged in principle but changed in many of its details. To the measure as it then stood, the government offered all the resistance in their power, their spokesman, the home secretary, entering very fully into the reasons for their dislike of the measure. First, he urged that the introduction of the new system into the universities might be regarded, when established, as a precedent in the large counties and boroughs. It was a departure from the established principle that a man was master of his own vote, as by forwarding duplicate or triplicate proxies, the absent elector might transfer his power of voting altogether, as the person whom he entrusted with the proxies might not only not give the vote, but give it to either candidate he pleased. The principal of a college, or the leader of a religious party, might easily get 50 or 60 or even more proxies placed at his absolute discretion, and by withholding them until the last moment he might become practically the arbiter of the election, and be enabled to exercise a power nearly approaching to nomination, which it had always been the object of the house to put down. The government, in their opposition to the measure, did not receive that support which they counted upon, so that they were defeated in two divisions by large majorities, and the bill was sent in triumph to the House of Lords, where ultimately it was passed. The special advocate of the abolition of church-rates,. Sir John Trelawney, again came to the front with his measure. On the motion for the second reading Sir W. Heathcote practically moved its rejection by asking the house to read it a second time that day six months. The debate which ensued was of much interest. Mr. Gladstone, in speaking of the bill, said that there seemed to exist a desire for the settlement of this question. The arguments which had been used by the supporters of the measure had, however, failed to convince him of its utility. To get at the merits of the church-rate question it should be divided into two questions, as respecting two portions of the country. In populous parishes it might be in practice bad, and he would abandon the principle of the rate there, but in rural parishes, where the rate was paid with as much satisfaction as any other public charge, there did not exist any reason for its extinction. In rural parishes it was the land which paid the charges, and here it was proposed to force £250,000 a year upon the proprietors of the land. If the law of church-rates was an old and a good law, if. it provided for divine ordinances for the benefit of the poor, amounting to a large majority of the population, it was too much to say that such a law was to be abolished in order to meet not the scruples but the convenience of individuals. His opinion was that it would be best that the legislature should begin by converting the power of the majority of the parish into a right, firmly maintaining the right of the parish to tax itself, and giving the power of raising a voluntary rate to those parishes where the ancient church-rate had lapsed. After a long discussion the measure passed its second reading by a majority of fifteen votes. In committee on the bill long debates ensued, and on the 19th June it was set down for a third reading. On that evening the principal struggle took place, the friends of the measure and its opponents mustering in great force. On a division a singular result appeared. In favour of the measure there were 274, and against there appeared the same number. It therefore became the duty of the speaker to give his casting vote, which he did as an opponent of the bill. The importance of the measure led the right honourable gentleman to explain his reasons for voting as he did. He said, "If the equality of voices had arisen in an earlier stage of the bill, I should have had no difficulty in the course to be pursued; because, guided by a rule which has been established by many able men, I should have desired so to vote as to give the house another opportunity of deciding the question for itself, rather than to have taken that decision into my own hands. But that rule does not now prevail on the third reading of a bill. We have now reached the third reading of this bill, and I find that the house hesitates and is unable to express a decision or to give any determination whether this law shall stand or shall be changed. As far as I can collect the opinion of this house from the course of the debate, I think the general opinion of the house is in favour of some settlement of this question different from that which is contained in this bill, and I think I shall best discharge my duty by leaving to the future and deliberate determination of this house whether a change in the laws should be made if the house should think right so to do, rather than by taking on myself the responsibility of that change." The bill was accordingly lost for the session, but it was then generally believed that it had been extinguished only a few days before it would have been had the House of Lords received the measure into its hands. he estimated the expenditure, in round numbers, at £70,000,000; and the revenue, including the duplication of the duty on chicory, certain alterations and modifications of the stamp duties, and the duties on licences, and £750,000 expected from China, and assuming also the continuance of the tea and sugar duties, and an income-tax, was estimated at £71,823,000, leaving an estimated surplus of £1,923,000. This balance not being "in hand" he proposed to continue the tea and sugar duties, but to reduce the income tax from 10d. to 9d. and to repeal the paper duty. Considering the yet unredeemed pledge under a resolution of the house, the difficulties attending the existing law, and that the proposal for its repeal had been sanctioned by a large majority of the house in the last session, the government believed that the proposal to repeal the paper duty would be received with cordial approval. The financial results of the year would then stand as follows. The 1d. taken off the income tax would reduce that tax by £850,000, and the repeal of the paper duty would cause a net loss in the year of £408,000, which would, however, still leave an estimated surplus of £408,000. A discussion of several nights' duration then ensued, towards the close of which Mr. Disraeli announced his intention of dealing with the budget in the following manner. He would not oppose the resolution as to the income tax, and with regard to the next resolution for the renewal of the duties on tea and sugar, he proposed to direct his opposition to the war tax upon tea. The house then went into committee of ways and means, and shortly afterwards passed without division the resolution referring to the income tax. On the consideration of the second resolution, Mr. Horsfall moved as an amendment, "that the house The great event of the session, however, was the in- should re-impose the duty of 18. 5d. on tea, to enable troduction of the budget, and the debates which followed. it to remit the duty on paper, or reduce the tea duty The statement of the chancellor of the exchequer was to 1s. by retaining the paper duty." On a division, the made on the 15th of April, and was compressed into a numbers were found to be very equal, being, for the rather smaller compass than was usual for the right government and in favour of Mr. Gladstone's second honourable gentleman. It was lucid and argumentative, resolution, 299, and in favour of the amendment 281, bristling with facts and figures displayed with all the showing a majority on the side of the government of skill for which Mr. Gladstone is noted. The expendi- eighteen. After this division, Mr. Gladstone proposed ture for the year as estimated and provided for, amounted to embody all the resolutions in one bill, which, after to £73,664,000. The actual amount, however, amounted much discussion as to the unconstitutionality of the proto £72,842,000, being less than the estimated expendi- ceeding, was brought in for a second reading on the ture by £822,000. The revenue of 1860-61 amounted 13th May, which stage was passed successfully. In to £70,283,000, showing a decrease of £806,000 as com- committee, the whole force of the opposition was di pared with the revenue of 1859-60. Last year taxation rected against the fourth clause of the bill, by which the had been remitted to the extent of £2,900,000, while paper duty was repealed, and the issue of the debate was new taxes had been imposed nearly to the same amount, waited for with much anxiety, as an adverse vote was and there had been temporary resources which reduced looked upon as likely to be fatal to the government. the absolute diminution to £500,000. The expenditure This result was, however, not achieved; although the having been £72,842,000 and the revenue £70,283,000, majority in favour of the government, fifteen, was very there resulted a deficiency of £2,559,000. But allowing small. The numbers were, for the clause 296, against for drawbacks on stocks belonging to the accounts of the 281. In the House of Lords the bill was received in former year and for other deductions, the real deficiency was no very favourable spirit, but the wise counsels of Earl shown to be only £855,000. In the revenue department Derby and other noble lords prevented any contest the stamps, taxes, post-office, crown lands, and miscel-between the two houses, so that the bill was passed by laneous sources had yielded a slight increase; the receipts from customs had slightly fallen off. The loss on the wine duties, through the relief afforded last session to the consumer, was much less than was expected, and amounted to £493,000; the excise duties showed a falling off of £1,926,000, mainly in the case of malt, hops, and spirits. With regard to the latter, the main cause of the failure was the material reduction which had taken place on duty-paid stocks, which he was well convinced would be successful in more than one point of view; it would be specially useful in one aspect, namely, in preventing illicit distillation. Dividing the imports into three classes,-first, those untouched by the legislation of 1860; second, those on which taxation had been reduced; and third, those the duties on which had been repealed he showed that while the amount of the first class had been nearly stationary, the imports in the second class had increased nearly 174 per cent., and those in the third nearly 48 per cent. For the ensuing year their lordships almost without dissent. A considerable amount of time was occupied in the discussion of the army and navy estimates; the latter were moved on the 11th March by Lord Clarence Paget, and the former by Mr. T. G. Baring on the 14th of the same month. The navy estimates for 1861-2 amounted to £12,029,475, which was condemned as excessive by many members of the house, and a motion for inquiry into the constitution of the board of admiralty, moved by Admiral Duncombe, was carried against the govern ment, but the estimates were subsequently agreed to. The army estimates did not give rise to so much dis cussion. The amount required for 1861-2 was £14,606,75, less by £185,795 than the sum estimated as required for the previous year. This amount was eventually agreed to. Foreign affairs became the subject of discussion early in the session, the progress of events being particularly watched. The disruption of the United States of America led to much anxious debate, in which the policy of nonintervention announced at the commencement of the session was strictly adhered to by the government. The state of China, Poland, the French occupation of Syria, and the condition of the Ionian Islands was likewise desultorily debated. East Indian finance was debated in the usual manner, namely, in almost empty houses. Loans for the furtherance of railways in India, and for other purposes, were authorised, the financial statement being made by Sir Charles Wood, and his proposals were, after some considerable discussion, agreed to. A new attempt was made during this session to legalise marriages with a deceased wife's sister, by Mr. M. Milnes, the opposition being led by Mr. Hunt, who moved an amendment to the effect that any measure that would have the effect of placing the law of marriage, with regard to the prohibited degrees, on a different footing in different parts of the United Kingdom would be highly inconvenient. This amendment received the support of the house, so that the bill dropped through, the votes in its favour being 172, and for the amendment 177. Another act of this session deserves notice, that which had for its object the extension of the advantages and improving the security of savings-banks. Two bills, which proposed somewhat different methods of amending the laws with reference to the wills of British subjects domiciled abroad, were found not to be inconsistent in principle, and were both passed into law. The subject of national education occupied the attention of the government for many nights, the secretary for Ireland (Mr. Cardwell) introducing the vote for education for that country; this vote, which was somewhat summarily disposed of, being for a larger amount than hereto fore. On the 16th of March, her Royal Highness the Duchess of Kent died, full of years and honours, having enjoyed a large share of public respect. Immediately upon her demise, motions were made in both houses of parliament, that addresses should be presented to the throne, "to condole with her Majesty, and to express our sincere regret at that melancholy event; to assure her Majesty that we shall ever feel the warmest interest in whatever concerns her Majesty's domestic relations; and to declare our ardent wishes for the happiness of her Majesty and of her family." The address in the upper house was moved by Earl Granville, who said: "Your lordships are all aware that the Duchess of Kent, at a very early age, and after a brief period of domestic happiness with her second husband, the Duke of Kent, was left in this country the guardian of that illustrious lady under whose rule we are now living. Since that melancholy event, with the exception of the loss of her eldest son, a few years ago, her life has been one of great prosperity and success. From the moment of her arrival in this country she enjoyed the greatest popularity among all classes of the people down to the close of her existence the other day. She had the gratification of seeing her first family gain general esteem and respect by their conduct, and of seeing one of her grandchildren distinguish himself, at the risk of his life, in the naval service of the country which she had adopted. She had further the satisfaction of beholding her youngest brother profiting not only by his own ability in administration, but by the information as to constitutional government which he had acquired in England, to lead a friendly neighbouring country to the full appreciation of free and liberal institutions. The great historical event in the life of her royal highness is the charge of the only child of her second marriage. In the twelfth year of her Majesty's life, her royal highness was unanimously chosen by parliament as regent of the country, in the event of the sovereign's death while his successor was in her minority. Many of your lordships may recollect that admirable speech of Lord Lyndhurst, in which he dwelt on the manner in which, up to that time, her royal highness had conducted the education of her child, and pointed her out for the important and responsible duty which she was then called on to perform. Six years afterwards, she saw that daughter, at the early age of eighteen, not yet arrived at the years of womanhood, placed in the most difficult and responsible situation which any one of her age and sex could possibly occupy-the ruler of one of the greatest kingdoms in the world. In her daughter's reign she beheld the beneficial effects of her previous education, and the influence of those personal qualities which she had fostered and developed. Soon after, she saw the queen, of her own free choice, contract a marriage which has been of great advantage to this country, and which has led to a degree of domestic happiness not to be surpassed in any sphere of life. She saw her daughter reign for nearly a quarter of a century, during times of national glory and prosperity quite unexampled. She saw her bring up a numerous family in a manner that gives us promise of their emulating her own public and private life." On the 3rd of May Lord Palmerston brought up a message from her Majesty, communicating the intention of her Majesty to sanction a marriage between her Royal Highness Princess Alice and Prince Louis of Hesse, and expressing her Majesty's conviction that the house would make an adequate provision for her Royal Highness. After some remarks of a congratulatory nature, Lord Palmerston moved that an address be presented to her Majesty in reply to her message. Mr. Disraeli seconded the resolution, which was agreed to. On a subsequent evening, in committee on the Queen's message, Lord Palmerston moved a resolution granting to the Princess Alice an annuity of 6,0007., which was agreed to; and in committee of supply it was agreed that a dower of 30,0007. should be granted to the Princess Alice, on occasion of her marriage. Almost the last debate of the session was one on the question of a revision of the liturgy, which did not however, lead to any immediate legislation. The business of the session having been brought to an end, parliament was prorogued by royal commission on the 6th August. Her Majesty informed her faithful commons that the progress of events in Italy had led to the union of the greater part of that peninsular in one monarchy under King Victor Emmanuel. This result had been brought about without any active interference on the part of England, as her Majesty had continued to pursue that policy of non-intervention which had been announced at the commencement of the session. Her Majesty deeply regretted the open war which was then being carried on in the United States of America. While lamenting this calamitous result her Majesty had determined, in common with other powers in Europe, to preserve a strict neutrality between the contending parties. Tranquillity being restored in Syria, the troops had been withdrawn, in pursuance of the conventions between her Majesty, the Emperor of the French, the Emperor of Austria, the King of Prussia, the Emperor of Russia, and the Sultan of Turkey. Her Majesty had observed with pleasure the increase in the volunteer force, and had cordially given her assent to the various measures consummated during the session. Parliament accordingly stood prorogued from the 6th August; having, during its session, done more than the usual quantity of work, and succeeded in passing a greater number of useful measures than had received the royal assent for many a session previous. The prorogation afforded a repose which the incessant and unflagging exertions of the session had indeed well earned. At home and abroad, with the exception of the lamentable war in the United States, the aspect of affairs was satisfactory, and was the subject elsewhere than in the Queen's speech of hearty congratulation. Produce of the sale of old stores and other military and naval extra receipts Amount received from the revenues of India on Imprest and other Moneys... Total Revenue Excess of total Expenditure over Income in the year ended 31st December, 1861... EXPENDITURE. s. d. 23.774,000 00 8,488,170 12 0 3,119,000 0 0 9,962,000 00 3,500,000 0 0 293,478 19 4 period the Bank sold, in the same forms, gold to the amount of 693,1027., and silver to the amount of 1,824,9287. It also paid in British gold coin 7,139,088/. in excess of the amount received, and was furnished with 8,186,8107. from the Mint. The total amount of gold imported was 12,163,9377. and of silver 6,583,1087. The export of gold amounted to 11,238,3721., and of silver to 9,573,2767. POST-OFFICE SAVINGS BANKS. An Act "to grant additional facilities for depositing small savings at interest, with the security of the government for due repayment thereof," generally known as "the Post-Office Savings Bank Act," promises to be one of the most important in its results that ever passed the British Legislature, affording, as it does, the greatest facilities for the investing of the minutest 190.00000 savings securely and profitably. 547,665 19 7 536,058 13 5 32,477 3 0 £69,603,851 74 2,214,207 12 2 £70,818,058 19 6 £ s. d. Interest and management of the Permanent Debt. 23,710,327 8 Terminable Annuities 1,843,875 10 1 518 15 0 404,048 0 10 697,241 3 0 This Act received the Royal Assent on the 17th of May, 1861. The regulations of the post-office authorities, which were needful to bring it into practical ope ration, bear date August 13th, 1861; and on the 16th of September about 300 offices were in active operation. By this Act the "Savings Banks" of other days may be said to be entirely superseded, as no risk exists for the depositor, and the facilities for paying in money are such as no private organisation could hope to rival. The interest (2 per cent.) is good, considering the other 424,288 3 1 advantages offered by the system; and the facilities with which small deposits may be made, and transfers and withdrawals effected, are all most perfect in their way. The working man who can save a shilling be comes, in virtue of this Act, a stockholder-as abso 176,478 15 9 lutely so as the possessor of a thousand pounds. Those who are familiar with the operations of the Money Order Offices will have no difficulty in comprehending the working of these banks. Every post-office -as far as the regulation can be put in practice-becomes a savings bank. The deposit may be one shilling, or any number of shillings, or pounds, but not frac tional parts of a shilling. The amount of deposits under one name must not exceed £30 in one year, nor £150, exclusive of interest, in the whole; but the depositor may have a second sum in the name of his wife or child in conjunction. When the saving, together with the interest, amounts to £200, it is capitalised, and not allowed to increase beyond that sum. The interest of two pounds ten shillings per cent. is allowed on every complete pound deposited, and is added to the principal on the 31st of every December. 4,604 O 6 €00,000 0 0 302,726 0 6 14,875,868 11 2 780,000 0 0 Value. £ 8. d. 7.487.636 16 0 565,433 19 5 83,952 0 0 151,872 0 0 In the year there were 308,873 ounces of worn silver purchased at the nominal value, and recoined, upon which there was a loss of 12,659l. 18s. 2d. BULLION. During the year 1861 the Bank of England bought gold in bar and foreign coin to the amount of 11,790,0957., and silver to the amount of 1,411,1017. In the same Married women, having improvident husbands, will find in these banks a valuable resource, a provision having been made for repaying to them whatever sums they deposit, unless the husband shall give notice, in writing, to the postmaster-general, that he claims the amount. The following is an abstract of the principal sections of the Act: "In order to facilitate the deposit of small savings, the postmaster-general, with the consent of the treasury commissioners, is authorised to direct such of his officers as he shall see fit to receive deposits for remittance to the principal office, and repay the same, under such regulations as may be prescribed. Every such deposit (which may not be of less amount than one shil ling, nor of any sum not a multiple thereof) is to be entered in the depositor's book, attested by the receiving officer and by the dated stamp of his office; received is to be reported on the same day to the post. master-general; the acknowledgment is to be transmitted to the depositor, and this acknowledgment is to be conclusive evidence of his claim to repayment with interest; but for ten days after deposit the signature of the receiving officer is sufficient: if within that time the acknowledgment has not been received, written applica the amount |