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About the same time it happened that the London County Council had acquired an extensive area for the Holborn improvement scheme, and in consideration of Mr Passmore Edwards's munificent gift, the County Council agreed to appropriate to the purpose 4,000 square feet of surplus land acquired for the above scheme in Clare Market, of the value of £14,770. The trustees-the late Bishop of London, Mr R. B. Haldane, K.C., M.P., and Mr Sidney Webb, LL.B., L.C.C.,-agreed, with the concurrence of Mr Passmore Edwards, to erect the building free of any cost to the County Council, and "on the Council's own freehold, thus making the Council the absolute owner of the premises for ever." Among the liberal subscribers to the additional cost to be met over and above Mr Passmore Edwards's gift were Messrs Rothschild and Sons, who gave a donation of £5,000. The new buildings were formally opened by Lord Rosebery on 29th of May last year, an important event in the history of the School, and the beginning of a new period for which the promoters expressed the hope that "the School will become the most efficient centre in the world of scientific training in all branches of economics and political sciences, and do its best to help to build up a great Imperial University."

It was to learn something of what the London School of Economics is doing towards the realization of such an ideal, and the advantages it offers to those for whom higher Commercial Education is of importance, that we recently paid a visit to the School, and, through the courtesy of the Director, Mr W. A. S. Hewins, M.A., and his staff, were afforded every facility for obtaining the information we sought for. The President of the School is the Right Hon. Lord Rothschild, and its body of Governors, of whom Mr Sidney Webb is the Chairman, includes the names of a number of men of eminence in the world of education, technical, commercial, and scientific, and a glance at its course of lectures is at once an indication of the soundness of the curriculum and the high standing of those who teach it. The following extract from the time table of the summer term of the School, which is just ended, will give a fair indication of the character of the teaching afforded.

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"The Principles of Economics" and "Economic Theory," and "Public Finance," by Mr Edward Cannan, M.A., LL.D., teacher of Economic Theory in the University of London; Banking and Currency," by Professor Foxwell; "Financial Systems" and "Existing Economic Conditions," by the Director of the School; "English Foreign Trade," and Chartered Companies," by Mr A. J. Sargeant, M.A. (teacher of Foreign Trade in the University of London); "International Law," by Dr Oppenheim (late Professor of the University of Basle); Accountancy," by Professor Dicksee; "Statistics," Elementary Statistics," and • Mathematics," by Mr A. L. Bowley (teacher of Statistics in the University of London); "Local Taxation" and "Local Government," by Mr Percy Ashley, B.A. (Russell Student of the London School of Economics and Political Science, 1898); "Economic and Political Geography," by Mr H. J. Mackinder (Principal of University College, Reading); "English Government Departments," by Mr Sidney Webb, LL.B., L.C.C.; Early Economic History," by Mr Hubert Hall, F.S.A., of H.M. Public Record Office; The Railways of France," by Mr Hugh Owen Meredith, B.A. (Russell Student of the School, 1900); "Industrial and Commercial Law," by Mr J. A. Simon, M.A., barrister-at-law. These are some of the subjects and teachers included in the courses provided by the School and approved by the London University. The courses now cover all the subjects required for the B.Sc. and D.Sc. degrees in the Faculty of Economics and Political Science, besides other branches which have not been organized primarily with a view to University examinations and degrees. Among other subjects for occasional lectures may be mentioned such subjects as Taxation and International Trade, Local Rates, Growth of the British Empire, and among the occasional lecturers are men of the greatest eminence. We may add that the time table subjects quoted above are, with one exception, evening courses of study. (To be concluded.)

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THE COLLECTING OF STAMPS AND PICTURE POST CARDS.*

By E. W. RICHARDSON,

(Editor of the Picture Post Card and Collectors' Chronicle).

To acquire, to amass, to collect, is as human as it is to err, and the only difference between the millionaire who amasses heaps of money, and the schoolboy who collects obliterated postage stamps, is one of degree, and not of kind. Moreover, the value of the thing collected is in the eye of the owner, and though its specific value is of the meanest, it acquires an interest and dignity by the mere fact of its being collected. So let not the outsider scoff at the collecting of such things as posters, match-box labels, post cards, snuff-boxes or postage stamps, for the collecting of all these things has its respective interest, delights, and even uses. To take the last mentioned as an example, let me try to briefly state some of the attractions, uses, and profits of stamp collecting.

WHAT STAMP COLLECTING TEACHES US.

In the first place then, there is a joy in the search for, the pursuit of the thing desired, then in the finding, the acquiring, and possessing something which nobody else has, or what but few others possess; for rarity after all is the secret of the success of any collecting, the highest object of which is to possess something different from, better than, or more difficult of acquiring than that owned by somebody else. And even when the acquisition of the stamps of a certain State, for instance, is not particularly difficult, it is something to say when acquired, "I have a complete set of every stamp issued in such a country." In the next place, stamp collecting teaches one perseverance, system, order, a love of art and a knowledge of engraving and printing, as well as of geography and modern history. To take the last named first; the stamp collector learns from his little labels something of the political history of the countries which issue them. He becomes familiar with the names, and even features of their respective rulers; he learns their currency and the value of their coins; and from their artistic appearance or otherwise from the emblems, armorial bearings, and even views of places or things depicted on them, he often learns a great deal as to the state of the country, its Government, and even its produce. Moreover from the class of stamps called commemorative, he may learn-or be reminded of such things as that Columbus discovered America, in which he was helped by the sovereigns of Spain, who pledged their valuables to find the money for the expedition-all of which is duly recorded in the postage stamps of the United States. Here again he would be reminded by postage stamps of Vasco da Gama, who discovered the sea-route to India; or to come to the events of a nearer date, that the Bulgarians used a wooden cannon in their fight for independence in the Turkish War of 1876, while to show that stamps take cognizance of things of the present, I may instance the PanAmerican Exhibition stamps of last year, one of which bore, for the first time in history, a representation of an automobile. This formed one of a set, illustrating the most modern means of communication, others of the series having representations of an express train, an ocean greyhound, a ship-canal lock, and

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railway bridge. Among other things found on postage stamps may be mentioned, by way of illustrating the ground covered by these labels, bicycles, post offices, Nile gunboats, monuments to martyrs and patriots, fortresses, sponges and salt-mounds, maps, theatres, proas (Papuan boats), disputed frontier boundaries (one of which stamps had to be withdrawn, and another formed a philatelic attack on Great Britain), waterfalls, and rock-cut stairways. But indeed the things pictured on postage stamps would take a volume to describe them. While as to natural history, the stamps of many countries afford quite a pictorial résumé of the flora and fauna of the respective lands they come from.

As to a knowledge of engraving, colour-printing, papermaking, etc., it is wonderful what an insight is given into these arts by the study of stamps; for frequently the difference between a forgery and a genuine stamp is only to be discovered by an examination of the paper, perforations, and even the gum of which it is made. All the processes of engraving, and reproduction of the design, become familiar to the advanced collector whose intellect is sharpened by a continual examination of the minute difference between stamps, and by the possibility of discovering something new and interesting in his philatelic treasures. It goes without saying that a collector soon acquires an accurate knowledge of the actual and comparative values of the moneys, represented by the figures and words, or initials, engraved on his stamps. This knowledge is, of course, most useful in commerce, or in travelling for pleasure. Indeed it is not too much to say that stamp collecting gives an added pleasure to foreign travel.

ENTIRES."

A general collection of postage stamps embraces a class of postally franked matter known as "Entires," and called sometimes in derision "postal stationery." This includes post cards, stamped envelopes, wrappers, etc., all, of course, officially issued. The collection of these things, while deeply interesting, has the drawback of requiring a good deal of space, on account of the extra bulk of them, as compared with stamps. Quite recently, too, certain of the large stamp importing houses ceased to buy "Entires," on the score of their difficulty of handling and housing. This is a pity, for the collecting and study of officially issued post cards, wrappers, and envelopes is rich in results, and moreover supplies information on many points not obtainable from their corresponding values in adhesive labels. Obviously there is more scope for inquiry into such things as paper manufacture, letter-press printing, embossing, etc., while the greater surface of the post card allows for a larger display of illustrative design. To take but one instance, that of the current one cent post card of the United States. This gives us a medallion portrait of the late President McKinley, with the date of his birth and death, an oval with the arms of the U.S.A., and some interesting postal instructions, from which we learn that a space is reserved (for the first time in the history of the country) for post marks. Again in certain envelopes, fine silk threads were incorporated in the material in order to make the forgery of them more difficult. This reminds me that "Entires are worthy of respect by stamp-collectors, if for no other reason than that the first English penny stampand therefore the first in the history of the world-was an "Entire." For this remarkable progenitor of the modern stamp was an envelope, or cover, whereon was printed a large design by Mulready, which acted as the franking sign,

and bore the value in words. This "Mulready Envelope," is now very valuable, and is besides of extreme artistic, historic, and philatelic interest. Of less historic, but greater artistic and ethnographical value, are the post cards of various South American States which bear beautiful engravings of the arms of the country, views of cities, portraits of presidents, railway trains, and even of popular festivals and religious processions.

THE COLLECTING OF PICTURE POST CARDS.

And this brings me, naturally enough, to the second part of my subject, the collecting of picture post cards. And though there is no real philatelic connection between postage stamps and illustrated post cards, the collecting of the one leads as naturally to the collecting of the other, as do a man and maiden marry and become a wedded pair. And even as sometimes the maid and sometimes the man, falls first in love with the other, so do stamp collectors turn to post cards, and lovers of post cards are led on to collect stamps! Moreover, many countries now issue officially stamped picture post cards, so that the genuine collector is bound to take cognizance of these "Entires," even though he be no collector of picture post cards! Among philatelic sinners in this respect, and, be it a sin to join together the "science" of stamps and the art of new post cards, may be mentioned the Colonies of Queensland, Natal, New Zealand, and the Cape of Good Hope (Tasmania had the audacity to issue official stamped envelopes bearing views of places in that lovely island), whilst Hungary had 30 cards with coloured views and historical subjects, and Greece-more cartophile than cartophilists themselves, not only issues over a hundred view post cards, but allows no one but the Post Office to publish picture post cards of the country in the kingdom itself! Thus no longer need the pictorial post card collector apologize for his amiable weakness, but rather does he carry the war into the enemy's camp, and proclaim him traitor to philately who ignores her twin-sister-philocarty.

The picture post card owes its birth to several countries, but Germany is undoubtedly the land where it flourished first, and whence it spread to other places. So great is its vogue there now, that during the summer holidays the cards sent through the post in a week amount to about ten and a quarter millions, or nearly a million-and-a-half a day, and the Imperial Post Office receive in postage on these cards £24,000 a week. The craze has not spread to such an extent in England yet, though even here the extent to which the cards are used would surprise those unacquainted with the facts. It is said that one firm in London alone made over £20,000 profit on post cards last year, and the Managing Director of the same company, at the last annual meeting, admitted that their increased profits were largely due to picture post cards. There are in London more than 25 big houses which publish these cards, several of whom devote their entire energies to this branch of trade, while every large provincial town has its own post card publishers, and even in the small country towns, there is generally to be found a stationer who prints and sells local view cards. Collectors of these dainty missives are found in every corner of the kingdom and among every class of the population; they have their exchange clubs, and even their organ in the Press. In their ranks are found soldiers and sailors, doctors and clergymen, children and business men, ladies and lawyers, all alike joined in their love for a common hobby.

VARIETIES OF POST CARDS.

The varieties of the post card pictorial are many, but they may be roughly summarized under the following heads: Topographical or view; topical or commemorative; artistic or fancy; patriotic, including statesmen, and naval and military heroes and subjects; theatrical and musical; comical and humorous; advertisement and private post cards. Portrait post cards have recently sprung into wide popularity, especially those reproduced by the real photographic process. Among other processes employed in the reproduction of the original designs may be mentioned phototype, including the line block and the half-tone processes; collotype; chromophotography; photochrome process; three-colour work; etching; Rembrandt intaglio; copper and steel plate, or wood block engraving; photogravure, and finally handcolouring and painting. Sometimes a combination of two or three processes is used in the production of one card. Thus it will be seen that a study of the picture post card is in itself a very practical introduction to the art of colourprinting and the various processes employed in producing a pretty post card.

Of the uses and beauties of the post card pictorial, I have, alas! but little room left to tell. To deal thoroughly with so large a subject, would need not a single article, but a whole volume. Suffice it to say that picture post cards have their origin in one of the simplest and best emotions of human nature the desire to share with others the pleasure we are enjoying ourselves. For what is more natural when looking at a beautiful landscape, building, or picture, than the wish to let others not so favoured, join in our joy? The chief function of the view post card is to bring before the eyes of a distant friend the scene or object enjoyed by the sender when posting the card; and so long as it fulfils this object, and so long as human nature remains what it is to-day, I do not see why the picture post card should not remain also. To the hurried, tired tourist the post card pictorial comes as a boon and a blessing, for it saves time and trouble, and it is cheaper, handier, and hardier than a photograph. Appealing thus to one's love of nature and art; to some of the highest and most altruistic, as well as the most selfish of human emotions, the present immense success of the picture post card is not to be wondered at, nor can one doubt its abiding and future popularity.

NATIONAL HANDWRITINGS.-It is a remarkable fact that no man can ever get rid of the style of handwriting peculiar to his country. If he be English, he always writes in English style; if French, in French style; if German, Italian, or Spanish, in the style peculiar to his nation. The difference between the American or English and the French handwriting is immense; a schoolboy would distinguish it at a glance. Mix together a hundred sheets of manuscript written by a hundred Frenchmen, and another hundred written by Englishmen or Americans, and no one could fail to distinguish every one of them, though all should be written in the same language and with the same pens and paper. The difference between Italian, Spanish, and German handwritings is equally decided. In fact, there is about as great a difference in the handwritings of different nations as in their languages. And it is a singular truth that, though a man may shake off national habits, accent, manner of thinking, style of dress and speak the language of another nation as well as or even better than his own-yet never can he succeed in changing his handwriting to a foreign style. New Penny Magazine.

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J'ai reçu votre honorée lettre en date du 2 ct. concernant les changements' apportés à l'immeuble du numéro 9 Upper Thames Street.

Je ne puis admettre que les lézardes ou autres signes inquiétants auxquels vous faites allusion aient pour cause les travaux en sous-œuvre exécutés dans le bâtiment de mon client. Quoi qu'il en soit' je suis tout disposé à vous donner les détails les plus complets sur le sujet, et en conséquence, je vous envoie ci-inclus6, suivant votre demande, les dessins du plan et des sections. Je puis ajouter que nous n'avons trouvé aucune trace de cheminée sous le mur mitoyen. Nous avons employé pour ces travaux du ciment et du béton de ciment. Le dessin vous montrera à quelle hauteur le mur mitoyen sera élevé.

Il serait désirable que nous eussions bientôt une entrevue sur les lieux10, afin que nous éclaircissions sans délai les difficultés11 pendantes2 entre votre client et le mien. Pouvez-vous venir demain matin? Veuillez 13 donner votre réponse au porteur1.

Agréez l'assurance de mes salutations empressées.

THOMAS INGRAM, ESQ.

FREDK. WILSON.

I alterations; 2 disturbing, disagreeable; 3 observe the subjunctive; 4..4 however that may be; 5 quite; 6 hereincluded, enclosed; 7 following, according to; 8 drawings; 9..9 any "footing" of a chimney breast; 10 premises; II questions; 12 pending; 13 be so good as; 14 bearer.

(Letters Nos. 63 and 64 will be given next week.)

FOREIGN COMMERCIAL EXERCISES.

GERMAN. 97.

BANK FÜR ELEKTRISCHE UNTERNENMUNGEN IN ZÜRICH. Der Rechenschaftsbericht' der Gesellschaft, deren Actien sich nahezu vollständig im Besitz der Allgemeinen Elektricitäts-Gessellschaft befinden, kommt einleitend3 auf die ungünstige Conjunctur des Jahres 1901/02 zu sprechen, deren Ende nach Ansicht der Verwaltung noch nicht abzusehen sei". Speciell das Unternehmergeschäft, das für Institute wie das der Bank in erster Linie in Betracht fällt habe an Umfang unter der Wirkung der schlechten Conjunctur noch mehr eingebüsst. Zweifelsohne trages daran die allgemeine Depression der wirthschaftlichen Lage" in Europa, welche durch den

ungewissen Ausgang der Verhandlungen über den Apschluss neuer Zoll- und Handelsverträge noch verstärkt12 wird, eine Hauptschuld13. Daneben wirke aber mit, dass die Anlagen1 auf dem Gebiete1 der elektrischen Centralstationen und Strassenbahnen, soweit es sich wenigstens um hicsichtlich ihrer Ertragsfähigkeit 18 gerechtfertigte 19 Projecte handelt in den hierfür einstweilen 20 in Betracht fallenden Ländern zum guten Theil bereits ausgeführt21 sein dürften. Für die Gessellschaft fallen die schwierigen Verhältnisse22 der Elektricitäts-Industrie deshalb weniger ins Gewicht, weil zwar wohl eine erste Constructionsgesellschaft an der Bank in hervorragendem23 Maasse als Actionär betheiligt erscheint, die Bank selbst dagegen nicht an Fabrikations- und Constructionsfirmen, sondern bloss an Gesellschaften, welche die Verwendung 25 elektrischer Energie bezwecken, interessirt ist. Der Kapitalist.

I report and accounts, report; 2, 2 almost entirely; 3, 3 comes introductory, begins; 4 is; 5..5 comes into consideration; 6, 6 in extent; 7 suffered loss; 8 bears, has; 9,9 economical state of affairs, state of commercial affairs; 10 result; I discussions, negotiations; 12 strengthened, rendered more acute; 13 principal guilt; 14 investments, sums invested; 15 department; 16 tramways; 17 in respect of; 18 capacity for earning profits; 19 reasonably well founded; 20 for the present; 21 carried out; 22 condition of business; 23 prominent; 24 to have a share; 25 application; 26 apply themselves.

ENGLISH VERSION OF LAST WEEK'S EXERCISE. FRENCH. 96.

THE BREAD TAX.

The strike which the bakers of Cosne have recently organized is more than enough to prove to us that French bakers become infuriated when the bread tax is rigorously applied to themselves.

To put an impost on bread in his own commune is a maire's highest act of authority, consequently he is jealous of this prerogative, not an enviable one, however, because it renders him, in the eyes of the populace, responsible for the price of bread. It is, however, this unique prerogative that prevents deputies, of whom the greater part are maires, from voting the abrogation of the inauspicious law of the 19-22 July, 1791, an abrogation long since demanded by the French baking industry.

This furious attitude of the bakers is not easily comprehensible at a time like the present, when they have at their disposal several methods of effectively protecting themselves against it.

It is well understood that the bakers would not have recourse to such an extremity, except when they are constrained and forced to it, and when they see no other way of honourably facing their business engagements; but that is not a sufficient reason for not moderating their legitimate indignation, a course which will end by putting them in a false position, although they have reason on their side.

I know well enough that the bakers of Cosne have not been taxed at a higher rate than their own selling price; but if a premium on baking had been conceded which might give them a chance of making their living, they would not have acted in the manner they have. On the contrary, they would in such a situation have used the natural means placed within their reach. They would have made use of flour of an inferior degree of whiteness, and would have added to it a more than normal quantity of water. In this way, they would have regained with the right hand what had been taken from their left.

The consumers would certainly have suffered a detriment in this respect, a detriment for which the bakers could not be blamed, (for they cannot work at a loss), but rather the maire who put the tax on the municipal bread.-—L'Echo du Commerce.

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"If you are so grateful for what I have done," said Eric, "may I not hope that you will secure for me admission to this beautiful island." "Oh! sir! was the answer, "if we only attempt it, we shall both lose our lives!"

They had now reached the brink of a river. The lady alighted, and bidding Eric adieu left him. Eric now galloped off into the thickest part of the wood. Here he let his horse loose and put on his little red cap. Then he wished himself in the fairy island of which the lady had told him. In a moment he found he was in the most beautiful spot in the world. The palace was of pure gold, and in it were all the wonders of science and art. But among all this was no man or boy to be seen. "Lily did not deceive me," thought the prince, "the very notion of man seems to be kept out of this fine place." He saw in the palace ladies of great beauty. In the hall of audience of the princess the walls were formed of one great mirror. As he went in she was seated on her throne, and she seemed to be very youthful in years.

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The princess missed Lily, and asked her maids of honour if they knew what had become of her. They could only say that she had vanished from their sight. Eric came in at this moment, and assuming the voice of a parrot, of which there were a good many in the room, said that the lady had barely escaped being carried away, but was saved by a young prince. The princess cried out that this was a very pretty tale, but that when Lily came she would say that it was not true. In a short time the lady returned and related her story, in which she gave a full account of all that had befallen her. She said that she should have hated all men if she had not seen Eric, but though he begged to be allowed to come with her, she thought that she did right not to bring him. On this the parrot voice exclaimed that the poor fellow would die of grief if he were not allowed to see the princess. "Well, he must die, then," said she with a sigh.

When the party sat down to a grand supper, there was a fine stool placed for the favourite cat of the princess, which was fed from the table. Eric, as he had his little red cap on, managed to sit on this stool and put the cat on his knee. When it was fed he was able to get a share of all that was given it.

(To be continued )

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