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r-^r.- .'ii.i^ .*• imum BREAT BANK REVIEW OP THE FINANCIAL WORK- INGS OF THE COUNTRY. Tk« Baak of Eaclaiul nan l^xislfd w«r Two IVnlarirtâ€" Han a 4'«ra|>lrlr Mvne- p«lj of llie Sfotelssalog Powerâ€" r«-<la} II l» I>ractlrall7 tkr ftorld'a Bauk of Drpoxll. Following ia a summary of the bank- Wg system of KneUnd: The English banking system, whether the be<it or not, is the most interesting in the world. Under itâ€" as ordered by the act of 1844, which granted the Bank of England a practical monopoly of the oote-iasuing power, which monopoly will eventuaJiy be completeâ€" England baa proqjered. The system has been strong- ly criticised. There have always been Borne who have sought to change it, but such efi'orts are foredoomed to fail- ure ; for, waatever may be its merits or demerits, coincident with its ex- istence London has become the center of the exchanges of the world. This has probably been quite luj much due to the nation's freedom from invasion and the existence of a sing'le fixed standard, but that the Bank of Eng- land is itself largely responsible for this prosperity will always be the be- lief of most Kngliah"'"" The Bank of EUig-land had outstanding aa Novemlier U. ISJHi, notes to the amount of £49,732,000. while tbe Eng- dish joint stock bank bad a circiUalion of only £829,935. It wUl be seen, therefore, that the "bank" performs by far the largest shaxe of the note- issu- ing function. Tbe stability of the bank is due a's much to its B^e as to ojiything else and to a conservative which has been tbe result of that a^je aad the follow- ing of precedent during that time. It is over 200 years old, having been or- ganized in 1694. Erum the very first tbe bank has been a servant to the government, and it has retained thai character to the present tim«s, although the government ha& had no direct con- trol over its operations. It was or ganixed to relieve William III. from the difficulties which he experienced in raiding funds for the prjsevutioii of the war against Framce. The sum of £1,- '.iOO,OOU was required to be' raised by the terms of its charter, and the Liank was to have the priviiege of issuing notes, keeping the accounts ul THE PUBUC DEBT and transacting other banking busi- ness, with great freedom from re.siraiut In return for these privileges the bank agreed to loan its whole capital to the government at 8 per cent. This gave the bank a revenue of £1U0.U0CI at the very outset of ilts career. This oJiaracter aa .servant of the gov- eromeni has been retained by the bauk through al lof its subsequent ca^ reer. although in a somewhat dimin- ished degree. Th â-  i-apital was increas- ed to £'i:Ml.0(tO \Miluu two years after its organization, in 1710 it was again mcreased to £5,5«J0,0l)0, and on June »9. 181(1. it was increase<l to its pn-sent tiuui of £14.553,000, equal to about >72,- UOO.OOO. Ils career has not aJway.s beeu proH|>erous. It failed in 1696, and in later years has Ijeen .subject to runs organized by private bankers, some of whom to this very day are jealou.s of ils power and influence, li.'j policy has been often assailed and thousands of books and pamphlets have been writ- ten against it. Up I.U 1826 the Uank of England was the only joint &iock bank in hjngland and until 1835 it remained the oulv joint Slock bank in London. At tha"t date the London and Westminster bank was founded, and at the same time ulher joint stock banks were estab- lished in Great Britain. Th»! original •barter gave the bauk exclusive pri- vilege of issuing notes payable on de- mand. U has gradually l>e«»me. not only the bank of the government, but its stability hii-s made it the bankers bank. The bullou reserves of all oth- er banks are kept ajt the Bank of Kngland, and this in it^lf makes it the center of the Kuglish monetary sys- tem. This reserve is seldom allowed to fall below £10.000,000, a fair average be- Dig £10,000,000 to £15,000.000. Its daily transsietions have sometimes run as high as £6,500,000. The bank as it now exists was made «> by the ai^t of 1844. The issue depart- ment of the bank was separated and placed in chai-ge of a committee ap- pointed from tbe directors by the en- tire body. The governor was tlirected to transfer to the issue departiuent se- curities to the valu4> of £14.000,000, of which the debt due ihe bauk by the SoVBrnment was to be a part. The unk was ail.so to deliver to the issue department such UOLB COIN AND BULLIOV as was not reiiuired for the banking depai'tment and was to receive in re- turn ni>tes therefore. Tbe price of gold was fixed at £3 17s 9d an ounce, and at that priw it hat* remained through- out the world ever sin<.«. The bank of iasue was therefore al- lowed to issue notes, which ai-e a legal tender against the secusitie.s amount- ing to £14,000,000 of which £11,015,100 due the Hritish government formed a part. Since then the issue department Las beeu allowed to put our notes above this amount only for gold deposiled, except that by a provisuin of the act the i>ank might hold silver to the ex- tent of one-quarter of its gold hold- ings (but this it has never done), and that by auoth»»r provision if any other bank issuing notes at the time when the al^t wiis passe<i should for any rea- son discoulinue its is.sues, theissiie de- partment of the Bauk of Kngiand might add to the amount of seeutilics h<'ld by it to the extent of two-lhirtia of the note issuer) of l>auks retiring from busi- ness and put out its own notes against these securities. The amount of secur- ities against which notes are thus is- sued on January 2, 1895 was £16,600,000 .As on t he same date the amount of notes ic'sued against gold i-oin and bul- U(j«i on hand amounted to £30,849,89.'!, U will be seen that the is.sue department of the bank, is, to all intents and pur- poses, simply an establishment whi<-.h stands rendy to exchange cx>ld for notes or notes for gold, and its' paper is little more than a gold certificate. For every note lasued tbe bank has gold on hand to pay on dem;ind, with- in a certain very narrow margin re- presented by tbe debt â€" which in itself Ls covered by the bank's surplus, to .s<Mae extent. A iiank of England note therefore means that there is no doubt that the holder can get ITS FACE VALUE IN GOLD for it at any time. The bank has never taken advantage of its privilege to issue notes on silver. lis notes are a legal tender iuid are to lie such as long as the bauk is able to redeem its notes in gold. By tbe act of 1844 the bank note was substantially destroyed as an instru- ment of credit and it became substan- tially a golil certificate. The fuuctioms which the hank note had in part per- formed were left to other instrumenus of credit. Under such a system there IS no elasticity of the currency as we know it in this country, and on this ac- count there has beeu much criticism of it. Bankers say that elasticity of currency simply means the ability to contract or expand ihe currency in ac- cordance with the businejM needs of the community. Under the English sys- tem gold is practically tbe only cir- culating medium, there being very few uncovered notes in circulation, and the amount of money in the kingilom can only be increased by the attraction of gold to the country which is effected by changing the discount rate. It is contended that the locking up of so niuch gold, while leas would be suffi- cient for the purpose, is conservative to the point of extravagance. At the .some time it makes tbe notes safe to the greatest extent, and to this is due Ihe absolute ronveriibility of the bank note upon which Englishmen lay such great stress. There can be no doubt that the ex- perience of over fifty years proves the success of the arrangement, whether any other might have been sufficient being an open question. While elasti- city is not given in the sense which .Vmerican economists use tbe word, an- other ciHisideraiion of little less impor- tance enters into tbe question. The perfect stability prevents boarding. The boarding ot money through fear, such as is seen from time to time in Amer- ica, is what operates to make money ^arce during panics, and this freedom from fear is. it is contended, of more importance than automatic devices for the elasticity of the currency. THE DANGER TO PANIC IS lessened as the motive to board lessened. While the prevention of hoarding will lessen the danger of a panic, pan- ics must come from time to time. There was a great panic in 1866, whioh culmin- ated in the famous Black Friday. I'he failure of the Joint Stock Company was followed in March by the suspen- sion of Ba me Id's bank in Ijiverpool. I'hen. on May 10, the biggest failure in the hi;jtory of Kngland occurred lie- oaust of a run on Overeml, Gurney & Co.. causing their suspension with lia- bilities of £18.727,915. Pbe failures were due to overspeculation. and the series led to Black Friday, May 11, ^866. a date which will always be re- membered in financial history. The Bank of Bng^land during the day ex- tended accommodations in loans and dis- L'ounts for an amount exceeding £1,000, OW). and the banking reserve was re duced cdoee to £3,000.000. That even ing the chancellor of the exchequer re- commended that the bank act be sus- [H-nded, and ihis was done by the gov- ernment. The pressure upon the Ixinks was relieve<l at once, and the Bank of Kngiand found it unnecessary to take advantage of the suspension and issue notes beyond the legal limits. The ilpiiiunds for discount continued large, but were met from the deposits, wliJch came in freely from tbe other bankers, who were assured that their drafts would lie honore<l by the issue of notes, it necessary . This simple device has served the purpose and its availability has pro- bably prevented other panics. At all events, under the British system, there has been but one panic in thu'ty years, which is better than a panic every few months, as results when currency ex^ieriments are made which do not provide for stability as of the greatest importance. Orilmarily the lianking dei;arimeut of the Bank of England cannot call upon the issue de- partment for assistance any more than could any other institution. ONLY ON THUEK (KXWSIONS have there been runs on the lianking department, which occasions were in i847 and IST,! as well as in 1866. Then the English government has authorized the iiisue department to issue notes to the banking departnieiiL without re- quiring the latter ti> deposit gold in ex- change. Thus Ihe li.iuking ilepariment has Ijcen furnished with ample funds and all danger of failure prevented, restoring confideure to the whole fin- ancial worlil ot which the bauk. is the center. The sUibilily inspires confi- dence and the emergency measure is usB<t imlv ill an emergency. The banking department is almost as interei^tiiig in its operations as th-e is- sue dcparlment. It is practiciUy the world's bank of deposit and also Ihe clearing-house of the world, fhe Bank of England holds the position In EnglLsh finance that the New York banks do in that of America. It is the rearing house of the other great London banks, and thoy, as well as the other Eiig- iish banks. hi»Ul reserve in the Hank of England. Only such currency as i.-i neiessjiry to trausaiM their current business is kept on bund by the small- er banks, and they keep their surplus in the Bmk of Englsind. In crises the demand for funds always comes upon the "old lady of Tbreaiineedle street." The chief means used by the I^nk of England to protect itself is by liiising the rate of disi-ount. This has the effect of making liorrowing more difficult. It also has the effect of inducing mtmey to come to Loudon from other parts of the world, or at all events to check its outflow, lis efficiency lins been proved over and over again. T!his fluctuation in the doscount rate is somewhat cri- ticised because of the underlying causes, but changes in the rate seem preferable to a dangerous reduction of the coin reserves. They are, in fact, the moderti method of checking such reductions in the reserve. A UNIFORM RATE, offers steady conditions to legitimate industry. This is evidently the belief of the "directors of ,lhe l)ank. for changes are made as seldom aa possible. It IS said that the prosiierity of the Bank of England is laigely due to the fact that it is out of politics, and is merely an ordinary corporation do- ing busineas for the Ijenefit of its share- holders. It is governed by a board of twenty-four diiwlors and a governor and deputy governor, who each serve for one year. All the directors serve in turn as deputy or as governor, and it is usually not until a man has l>een a director for twenty years that he obtains the position of governor. The board meets with the governor and de- puty every Thursday in the "bank par- lor" and passes upon the report for the week. Thtjre are very few branch banks, and tbe control is centralized as much as possible. Although very close to the govern- ment tbe latter has. since the time of Pitt, interfered very little with its mamigeinent. The Itank is purely the goveriuuent lianker and not its cash- ier, maintaining the same reltaions with the government as with any de- positor. The state has no share in the profits and the taxes are only £200.000. The other banks of issue in England are uniiuportaut in a consideration of circulation. While, with tbe usual re- spect of English law for vested rights, the exiting private and joint stock banks were permitted by the act of 1844 to continue their existing circulation every effort has been made to retire their notes. When currency is with- drawn by country banks, the Bank of Kngiand issues circulation for two- thirds of tbe amount. In 1844 in effect by the 207 private banks was £5,153.- 417, and £3,478.230 for the seventy- two joint stock banks. The lapsed is- sues since 1844 have bi-eu £2,902,997 on (he part of 143 privute banks, and £1,- 504,028 on tbe part of thirty-seven joint stock banks, making, according to Conant a total of £4,-107,025. Mub- lenxan places the circulation of Eng- lish joint stock banJTH in Decem.ber, 1894, at £892,935. THE QUEEN AS AN IDOU strange auirj Vnm rktbel-Nr. Najarl- boBkit Trilx Bow Her Majestj ts Wvr- tkippeit ky tke Tkikelaa*. In addition to being Queen of Eng- land and Empress of India, it appears thai her Majesty is a goddess. An Englishman named Stuart Major- ibanks has recently returned from a five years' sojourn in Tbilwt and Ben- gal, and be is tbe authority for tbe following remarkable story. When he was journeying in Thibet in 1893, Mr. Majoribanks says that he heaid through the natives of a white goddess worshipped by a sect whose place of habitation was in the most mountainous section of that rugged country. With two guides and a native ser- vant Mr. Majoribanks started for the mountains that bad been described to him, and, on reaching them, found tbat he was the first white man known to have made his way to this spot. Tbe treatment accorded him by the members of tbe iiect for whom he bad been searching was amazing. He bad been told that he was going to CERTAIN DEATH, and that no man's hand could save biin. I'o his surprise he u^s treated as a most welcome visitor. He was received witjj profound salaams, and with his escort was assigned quirters in a hut for the night. In response to bis request for tnformatiuu, be was courteously told that all be wished would be made clear to him in the morning. The villagers kept their word to the letter. After tbe morning meal tbe visitor was escorted to the bouse of tbe princi|>al official of the town, who is termed the Khan. Two priests appeared by order of tbe Khan, and conducted Mr. Miijoribanks to a building loiaied at tbe crown of a high hill. Entering, the traveller found himself in a diiuiy lighted ap.irl- uieut furnished with all the evidences of a barlwric religion. But tbe most amazing thing of all was that, seated in a delicately curved cbnir, was the fig- ure of a woman, wearing a gulden cruwn, apparently attired in European costume, and looking not unlike a speci- men from Mme. Tussaud's. Closer inspection, uocessarily of a very respectful nature, disclosed the fact that the figure w:is intended to be a ivpivsenlation of QIKEN VICTORIA. Careful scrutiny showed thai the imi- tation, so far lis the clothing was con- cerned, was very crude indeed, but the likenv.ss ot ihe fai-e to the original was startling in its fjitUfuliiesa. Af- ter leaving the temple Mr. Majori- banks bad another interview with the Khan, and from him leorned hmv the Queen of Kngiand came In lie th<' god- dess of a heathen trilie. It seems th.it a tew years iigo the tribe was sorely l)e3et by eneiuies, and a dcpuititiou was sent from tlie village to CaK-utla to appeal to I Ik' English Government to interfere and cau-sc i,he Indian mar- auders to remain it home. The nii.s- sion wasi entirely successful. When the I'hibptaiis rettuued from Calcutta one ot the men had secured a photograph, of Queen Victoria, and apparently out of gratitude, as good an imitation ;is it was possible for the^u to construct of the Itreat White Queen was fashioned, placed in the temple, and worshiped as the chief ot all the tribe's gmls. A Thrifty Empress BALATA RUBBER. 0\ving to the increttsed demand for india-rubber, caused by the use of pneu- matic tires tor bicycles aud other ve- hicles, there is said to be serious dan- ger of a "rubber famine." The meth- od of gathering india-rubber in trop- ical countries has been exceedingly wasteful because tbe easiest way, thai ot culling down the trees, has too fre- quently been adopted. rbe -search for substitutes has re3ulte<l in tn.aking known the virtues of a South Ameri- can tree called the bal.xta. Fhis abounds in British Guianii, and the rubber pro- duced from it, while not possessing the electric and some other properties of caoutchouc, is said to answer very well for mosd of the ortliuary purposes of india-rubber. A book exptaiivtng "Hcv to be Happy, Though a Queen," would undoubtedly find Inrge sales in all Europeai. courts except that of the Empress ot G*-imany. She is one of the few feminine crowned beads who migkt truthfully be describ- ed as finding as much solid, homely cantentment In her husband's palaces as any honest workman's wife in ber vine clad, cottage. This is a good deaili more than can be said for ber sister majesties who, pro- bably with the exception of Queen Vic- toria and the jo'Jy little girl who will some day ruJe Ho'Jand, are a weary and unsatisfied class of women, at least their faces bea.r ali the marics of rather peev- ish discontent and unsatisfied longings. Not so, however, does £Impress Augusta Victoria, who was never an beires in her girlliood, who at eighteen was told to marry a young man deeply in love with another woman and who between a olever, critical motber-in-law and her luiaband's chief political; friend, seemed Liiely to find lite at the Imperial court anything but a bed of roses. A'J ber early years Princess Augus- ta spent with her mother and sisters it the modest, not to say frugal court of Do'zig, for her father, the Grand Duke of Schfeswig-Hoietein, was poor in alil but pride and bis wife and daughters practiced tbe most rigid economy. Tbe Princeas was taiigit to cook and sew, to carry the keys, give out the clean Imen, to play tJie piano, a bit on tbe violin, to speait English and Frencdi,and her Lutheran cateobiam. Ten to one she never thought about Ujvers or marriage until tbe most flat- tering offer arrived for ber hand, from the court of Berlin. Never having read novels and brought up to imp'icity respect tjhe sage saying of "cbilxiren obey your parents," Prin- cess .Aogusta made no 6l>jectian when eine waa ordered to receive the addresses ot no 'jees a person tJian Emperor Wil- liam's eldest grandson. Undoubtedly ri»e match was, from a worldly point of view, excellent, but there are bitter words and almost a tragedy behind the Clattering offer When the present Einperor of Ger- many was at tbe most susoeptible point in his career he folil in love, and it was characteristic of the young m.'in that be fell! wildly and desper- ately, choosing for the abject of hia adoration the beautiful elder sister of tbe Czarina, who is now the grand Duchess Serge of Russia. Of course tbJs was all! very time and romantic, but state policy came be- fore hearts and as there woujld be nothing to gain by m&rrying tbe heir of tbe German throne to a Princess of Hesse Darmstadt. Bismarck told Em- peror WiUiam it wouldn't do at all The old Emperor, of course, broke the news to his grandson, who stormed imd su ked, finally promised obedience and whi-n a^ed to look about and select s» me otbpr nice young princess brake out with: â€" "Chooee whom you l-ike; it is alwo- Itite'y the same to me. so long as it is not one of the Enslisb lot." Of course this was just what the iron chanceHor wanted, and to heal the long stajiding hrtsacb l^etween the Holstein- ers .xnd tbe I'niseians.' he propo.se<l for the Princess .Vugusta's hand and Prince WLl'liam want a-wooing. Naturally be did not find in his prosj^ective bride any I such rare beauty and accomplishments' as bis Hessian cousiu possessed, but at! any rate he did meet and amazingly ro- bust, sensible young lady with the fresh- est pink aud white skin, nice blue eyes, | fair hair, and a chariuiugly amiablie temper. Moreover tbe eaidured his cool court- ship with a great deal of dignity and w:is quiet Ij married to him ui 1881 at the Schloss chapel of Uerlin on a cold February day, /Vfter tJiat ber trials began in earnest, for intrigue was rite at the Germa-u court. Bismarck and the Crown Princess Frederick were swum enemies, and Prince William took a prominent part in all tliese doings, but his wife triumphed in the end. She remained the same cheer- ful, busy, amiable young lady of her girlhood days, healed quarrels by a mild word at the right time and pre- sented her husband In turn with five rosy sturdy boys. j Her •wholia object in life seemed to, !-e toward the perfect achievement ofj domestic duties, and since she has, chiinged her title of Princess Williaiu, tor that of Queen of Prussia and Em.-; press of Germajiy,she bas not attempt-' ed ,xny vocation luore aiuluiii>us. ' 'i'hi're has never been the slightest ef- fort on lier part to lead in the soi-ial, world ami in fact were any one prol,<-! al>ly to ask her why she does not read more or undertake the first place in society she would explain that she had not the time to spare. In whatever palace sJie may be stop- ping, her days are as eareftiiHV laid out as tbos*» of her husljanU, and from her 0W11 waiting maids to Ihe si-ullions. she keejis an eye on every servant. TTn-' less confined to her fc«d by illness tjie Empress is invariably up by si-\ every ' niorniiiK .ind eight o'docik finds her pouring tbo Emperor's coffee. This meal tlieir majesties laJje quite alone, serving each other and gossiping to- gether I'ike any middle-class couple and 111 nine sharp, her Royal Highness may lie expected to the nurwries. The needs of seven young fuCk require a keen eye ot superintendence and tbe Empress is passionately fond ot spending time and money on her chijldren's ck'ibcs. ] It IS the Kaiseinne's one extrava^ ajice that sti is constantly replenish- ing their wai.lrobes, looking over chil- dren's fashions sent her from Paris.' London, atid New Y'or*;, but ordering every garment made by German needle womem. Every slitob of the etlalnirate layettes provided for her seven Itabies she and her sisters have laid in and eni- broideivd and by ten o'clbok the royal' housekeepers are received. Lists of dishes for the loincheon and dinner ot tbe day are handed her and at her hu»- bacd's preferences, the menus are ebos- BB. \fter the menus are selected ahs oonnders bouaethaTd bills and thefx writes ber own lAttera. X'A this while she is presiding in the nursery tbe KalSerin weats a soft white morning gowTi. a good deal on the wrapper pattern and a vast vitbits apron and tbe children looked after she investigates ber beloved Itnm cjoaet. No one but herself is allow- ed to give out even tbe most modest duster and on shelves, reaching to the ceiling, are stored vast boards of white l^olts, heaps of aiowy table cloths, and. bed clothes, sufficient to supply many families. By eleven o'clock the Em- press dresses tor a drive witb ber hus- band, or a walJt witii her children and at one the entire RoyaJ. family meet at luncheon . This is etrict:y a family feast and after Inncb tbe yomigBters have an hour or more witb their parents, or at 'jwst until three o'clock. Then, in • quiet reception toi'jet. the Empress ia at home in ber drawing-rooms to cai- â- Ibtb. No great formality reigns. Wo- men come to pay their respects, open philani bropic schemes and every onst who seems respectai>je and anxious to B her Majesty is permitted to enter. At six dinner is announced and this is the grand me&li of tbe day. The Empress then appears in fuiU state toilet and many jewels. 'Tbe com- pany is af.ways large and brilliant, a page in splendid custume stands be- hind every second chair and beside each plsite is laid not only tbe menu printed in German but a programme of tbe music discoursed throughout the feast. The food is sure to be good and a great deal of Wagner's, Sulli- van'aj Weber's and Deiibe's harmonies rises from tie invisibje orchestra, oom- posed of no 'jea than twenty-foui* pieces. During dinner the Empress is as aiert and watchfui of the serving, quality ol diahfis, etc.. as any conscientious house- keeper, and, if possible, when dinner is over, ahie rims up for a moment with the children while they are going to bed. Again, wtben tbe evening is over and guests dispersed, she liooks in again on her babies, and if one of the young«ers is ili or restless, or there 18 medicine to be given, she trusts no bands and eyes but ber own. Bo muob quiet devotion and simple ami- ainLity bas, in tnis gentle German lady, found its just reward for a more devoted husband than the youns Kaiser wouild be bard to find. When drawing his idea of a per- fect woman it is easy for listeners to recognize his wife as his modeu.. Wheni away from buuie be writes to her daiiy ber strong religious convictions have made of bim a devout church- man and though she never a^s ques- tions or demonstrates any opinions on political questional no one knows mor« of tbe affairs of tbe empire than tbe Einpress, who is her hu3i>and'« QJosest confidant. As far as possibCe she follows bia wishes in everything and though it is not according to her desire tbat the tbree eldest boys are educated for ths army, no word ot complaint bas come from thair mother: she encourages no goesipping feminine acquaintances, for her sisters are ber only mtimate friends, and as Empress ot Germany she spends no mon- munev tian when as Princess Wiliiam, she was on a rather modest income. Her bushand selects and buys tor her both jew«>ls and gowns and all in the worst possibile taste, but it is his daligbt to see her gaily '^^ richly oostumetl. Very rarely does he come back from one of the journeys without some gift for tbe Kaisertn, and when a* Vienna he went to selkict a fine tea gown for his wife, ajl long tailed costumes were waived aside. "Oh, those wouid be ot no earthly use to the Kalserin," he insisted, '"she a'-waya bas tour or five boys tumUioK around ber ^irts and they would maiie short work of gowns like that." To two good uld-faahioned habits tJiB Empress clings with a devotion that would make the very new wo- man smile. .She writes daily in a dairy and a lockeil one at that. No ona, not even the Emperor, could tell tbe contents of these Russia leather books, that daily have a page tilled and at the end oi the year are laid away in a locked ssiie with her jewels and a new volume Iiegim. Beside this she keev-s in constant use a vast well worn work basket. Out of it sl»' makes with her own fingers all her Christmas and birth- day gifts, occasiiMialily gives a lift wili tbe rovali mending and says it is owing to this consl.-uit ami imjiorlant ot'cupar- tion she never has time for noveCs and music. LIVERPOOL .tn Aawriran'« Wplninu «r Thâ€" «r»»l Knallsk «'ll.>. Liverpool may l>e consiilered a fron- tier town. It faces a good, big, wide frontier, a very formidable frontier, but, nevertheless, it is a frontier town. Across St. George's Channel there is In>land, and across the broad and tur- bulent Atlantic tbvr-.- is .-\merica. Though there are now aclive rivals, Liv- er^iool remains the principal port for embarkation .ind delvirkation to and troin Americca, and this is the spot, in all Europe, whore the stream of .Vmer- icans passing to and fro is most cod- stani and most numerous. How many .â- Americans are tb<-re whose first impres- sion ot Europe is derived from landing al Liverpool. Perhaps, if a cab awaits to lake them at once to one of the best hotels, the impression will be fav- orable. There is no denying the ma- .jestie appearance of the Mersey, with its long line, six miles in length, of crowded docks. Then the cab is almost sure to drive pasL St. George's UalU and the Lime street site is certainly one of ihe most remarkable iu Eng- land Ueiv al least we have the idea of a gix'at city and great buildings. Xa open triangular space is dominated on its northern side by the hu«e North- western Hotel, which hides the station that is uudenieai h and behind. Oifo- site Ihe broad thoroughfare is St. George's Hall, witb ils Greek colon- nades. It is one of tbe finest pubiio assembly ixjoins in this country. But what is so remarkable is not merely the space round the hall, the st itues and monumeiits that <lecorato Ihis spot, the size and dignified appini ranee of the ball itself, but the row of public buildiiu^ that line the western side of the tri- angle. Every structure here is mon- uiueutal, aud everything >â- > piU>i>«,