The Magazines Of The Month.

besides its extremely varied and interesting array of problems and Lands for solution , some severe , but justly pointed comments on a recent Card scandal , familiar to all frequenters of Clubs . Baibj has an excellent programme this month , " Racers and Chasers , " by Amphion , " Coursing—the Waterloo Cup , " by Sirius ,

and " Country Quarters—The East Essex , ' go some way towards making a good number . To these may be added a further chapter of " Frank Raleigh of Watercombe , " and a lively array of domestic

and sporting criticism and jokes in " Our Van . " The most seasonable contribution bears the title of " The Roaring Game , " which is neither more nor less than a very spirited sketch of a game played mostly north of the Tweed , and known familiarly as Curling .

London Society is deservedly a popular magazine . The fiction is generally good , while the occasional papers are invariably worth reading . " The Recollections of an old Habitue , " "The Comedie Francaise , " " Ghent and the Beguinage , " and " Gossip Honeyman

on Cads , " are cases in point as regards the latter , while " The Westend Notes , " if somewhat unequal in the matter of taste , aro smartly written throughout . The illustrations are worth noticing , especially George Cruikshank junior ' s " West-end and East-end . "

Cassell ' s Family Magazine inclines to what Sir A . Helps would describe as common-sensible articles , such for instance as " How shall I fnrnish my Dining-room ? " " Cold Leg of Mutton , " " Chit-Chat on Dress , " aud "How I managed my Children . " All these , as may bo judged from their titles , treat of matters of domestic interest ,

and are handled skilfully , and , as we have hinted , common-sensibly . But these aro far from being the only subjects worth noting in the present number . The further chapters of the serial stories , " The Manchester Man , " and " Pretty Miss Bellew " ore capitally written , the description of the school lights in the former being life-like , and

recalling very vividly some of onr early experiences of school life . The advice in " Garden and Field in March" seems sound and practical , though Londoners are hardly the best judges of what is good advice in such matters . Among the other contents , Mr . David Ker ' s article , entitled " Swept from the Earth , " and " Non-Collegiate Students at Cambridge , " seem most worthy of attention .

Among the most noticeable features in the Gentleman ' s are a sketch of " Tho Parliamentary Leaders of Germany , " " Charles Khigsley in the Saddle , " Mr . Fraucillon's " Physiology of Authorflhip , " "Is Verse a Trammel ? " " The Punishment of Flogging , " by J . Roland Phillips . As to the last of these , we are decidedly at issne

¦ with the writer , who is against the application of the lash to wifebeaters and other such like ruffians . We know there is considerable diversity of opinion on this subject , but we have a certain faith in the maxim—Similia Similibus Caventers—brutes may be cured by brutal punishment .

There are several good tales in Temple Bar , to only one of which we aro inclined to take exception , that is the " Greville Memoirs , ( No . 2 ) . " We fully sympathise with the writer of the Quarterly critique . We strongly object to the publication of such memoirs , all the more strongly , indeed , that they are read with such avidity ,

This does not palliate , but adds to the sin of publication . " Romance in a Paris Prison" is a neatly written tale ; the material is slight , bnt well put together , and the two or three important personages are very admirably drawn . " The Dean ' s Watch , " and " Beatrice ' s Dream " are pleasant reading for an odd half-hour , and with most of the remarks on " Fashion " we feel disposed to agree .

Chambers ' s Journal contains , among other matter , some serviceable hints " A bout the Dinner Table , " a " History of Advertising , " and sundry contributions , by W . Chambers , . in two of which are

disenssed the recent "Assyrian Discoveries" by Mr . Smith , aud " The Dangerous Classes . " Our readers will also bo pleased with an article on the " Droll Selection of Names , " " The Lifeboat and its Work , " and " A Night in the Backwoods . "

The description of certain English Cathedrals—Winchester and Bristol—are among the chief attractions in All the Year Round . There is also , too , a well told story iu " Marigold , —a Romance in tho Old Garden , " and " John Bull in the China Shop , " contains an account of Sundry rare , specimens of old Porcelain , which will greatly interest the collectors of old China .

The Covcnt Garden Magazine , the first number of which appeared last month , does great credit to its conductor , Mr . W . H . C . Nation . Tho contents are of the usual character to bo found in our periodical publications . We have noted in particular , " The Caverns of tho Ardennes , " "A Reminiscence of Heidelberg" and the "Ni ^ htside

of Caravan Life . " Mr . G . M . Feun's story , " Both Sides of the Mirror , " is not unprofitable reading . The weakest feature in this magazine is the poetry , of which there are two or three specimens , but none of them possess merit . " The Wine and Walnuts " would be more acceptable , if there were more of them . As it is , the supplv of chit-chat is far too scanty .

The most attractive papers in the Contemporary are Lady Verney ' s "Mysteries , Moralities , and the Drama , " Julian Hawthorn's "Saxon Studies , " tho subject being" Stone and Plaster" and the last two by Mr ., Greg and Professor Huxley respectively . The former is strong in his comments on the present " Life at High Pressure" and fewwtfthink

, , will venture to deny the justice and force of most , if not all , of his remarks on this subject . Professor Huxley describes , for our edification , "Some of the Results of the Expedition of H . M . Steamer 'Challenger . '" The treatment is worthy alike the valuable results attained and the

reputation of the writer . It is not often we have a number of the Contemporary which ia of such general interest as is the present . We mostly find one class of subjects , of which , indeed , there are specimens in the instance before us , such , for example , as Mr . Matthew Arnold ' s " Review of Objections to Literature and

The Magazines Of The Month.

Dogma , and " Necessary Trnth , " in answer to a previous paper by Mr . Fit / james Stephen . But this kind of theme is in the minority , this month at all events . Good Things , Good Words , The Leisure Hour and Sunday at Home

contain their usual complement of healthy literature for their several classes of readers , and all of them are fairly illustrated . Mrs . Broderip ' s conduct of " Puz / . Iedom " in tho first mentioned of them bids fair to rival in success that of her brother , the late Tom Hood .

Money Market And City News.

MONEY MARKET AND CITY NEWS .

FRIDAY . There havo been comparatively few changes in the dealings taking place this week . Business presents an unusually quiet appearance for the time being , and it is probable that the inclement weather of the past few days has something to do with the want of animation now

prevailing . At the same time markets are not much borne down , as some few investments aro reported , while it is also to be noted that the Bank rate remains unchanged at 3 J per cent . In the early part of tho week , subscriptions were invited by the Messrs . Rothschilds to a New Zealand loan for £ 4 , 000 , 000 sterling , at 4 J per cent ., the issue

price being fixed at 94 £ . The number of applications , we understand , far exceeded tho amount to be allotted , and , in consequence , the lists had to be closed sooner than was expected . We hesitate to say how this success has been brought about , but at all events it shows how ready tho public are to enter into new undertakings of this kindt

without looking at the terms upon which they part with their money Having previously referred to some of the more important features to be kept in view by capitalists , in selecting some of the best known channels of investments , we now proceed to offer ono or two suggestions in connection with Foreign Railway Shares and Bonds . The

shares quoted in the Stock Exchange official list , under the head of Foreign Railways , are of various characters , regarded as investments . In the first place , the situation of the railway—that is to say , the part of the world in which the lino runs—has an important bearing upon the character of its shares as an investment . Secondly , it

makes some difference whether the company is an English or a foreign one . And lastly , the financial condition of the various companies , as regards the payment of dividends , materially influences , as a matter of course , the estimation of their shares . A complete mastery of the particulars on these points is , therefore , the first step

to be taken by a person intending to invest in the shares of a Foreign Railway Company . In respect to the financial condition of a company , the examination cannot be too close , or extend too far into its past history . The difference between an English and a Foreign company , is that the former is constructed according

to English law , is managed by an English board of directors , and ia generally conducted in such a manner that Engliih Shareholders can readily obtain information respecting their property , and , to a certain extent , have a voice in its management , whilst in a foreign concern the reverse is the case on all these points . Many of the railways , the

shares of which are quoted here , aro situated in South America , and these undertakings aro of English origin , and under the control of English directors . Most of the European lines are foreign companies and under foreign managements . One difference of detail as regards the form of security , according to whether a company is English or

foreign , is that , in tho former case , the shares are registered in the holders' names and transferable by deed , whereas in the latter they aro generally shares to bearer . Many foreign railway shares possess the guarantee for a certain rate per ' cent , of the Government of the country in which they are situated . This guarantee is , however , in

numerous instances , of a peculiar nature , and by no means the same as a guarantee of a certain rate of dividend on the shares . It is particularly necessary that investors should make themselves ac . quainted with the exact nature of the guarantee , when one exists j inquiry should he made whether the guarantee has been fulfilled , and

the dividends actually paid should be compared with the amount of the guarantee . If there be any discrepancy , an explanation will exhibit clearly the nature of the guarantee . As a class , foreign railway obligations offer , as suggested the other day in the Money Market Review , a good rate of interest , 6 per cent , being

obtainable from some of long standing with very fair security . Their merits are not appreciated as highly as they deserve to be by investors generally . The English funds retain their strength at 93 to 93 J- for

money and 93 J to 93 ? for the account . The foreign department has been more than usually dull , and there has been a disposition to effect sales to secure profits , while tho heavy withdrawal of gold from the Bank has also reacted on the market generally .

Notwithstanding the unfavourable state of the weather , the home railway market is better supported than any other . The traffic returns maintain a good standard , and , as money is abundant , tho tendency ia decidedly towards urmness . Caledonian aud Great Western have