Correspondence.

actions it may safely bo assumed that tho Order Avill always bo in a position to silence a great many of its detractors . But what about its members ? Do they oue and all stoutly enforce upon the world tho belief that social , moral , and perhaps also religious advantages aro to be derivo I from Masonry , that , a priori , a Mason must bo considered a " good man " in tho truest sense of the

Avord , and that to the generic definition of good character he adds tho necessary adjunct of good morals , aud also , as much as possible , that refinement of manners which is , in a very great degree , the best test of both . As one of the Fraternity , I ought not , perhaps , to put these questions , lost I should find some serious difficulties in tho way of giving them a

most affirmative answer . But if it is difficult to so praise aud appreciate the merits and valuo of each individual member of the Craft , is it not , for this simple reason , imperatively incumbent upon each and every Lodge , and much more so upon the " Higher Orders , " that thoy should always coutrivo to have at their head , not simply their blameless members , but also the most deserving among them , both

socially and intellectually ; men of honour and virtue , possessed of thoso qualities that unmistakably distinguish the " gentle " from the " ungentleman . " We kuow that the rule of tho Order is such that , it enjoins almost imperatively ou every member the obligation of cultivating his intellect aud polishing his manners , to tho best of his ability . But

we also knoAV that to fufil such an obligation is not a thing within tho attainment of every man , however inclined or resolute he may sometimo bo to undcrtako tho task . Hence , a man may be a good ordinary Mason in his sphere , even perhaps capable of being of somo credit to tho Brotherhood , in a humble position , and yet bo totally unfit to fill the chair , and presido

over his brethren in tho conspicuous aud most honourable office of "Blaster , " "Preceptor , " or " 3 [ ost Wise Sovereign . " For it may justly be said of tho latter , what is also said of princes and monarchs , tho higher their offices the moro conspicuous their shortcomings or abilities , their virtues or their vices . Certaiuly evoi-y Mason is , in tho eyos of the Great Architect of tho

Universe , upon tho same lovol of equality . Yet , no reason of seniority , indeed no privato influence should over bear upon tho Election of the Master of a Lodgo , and far loss that of the Heads of tho " Highor Orders , " who must be above all , aud in all cases , morally , socially and intellectually , not only competent and capable of doing the work of the office , but also in a position to reflect

houour ou the Fraternity , both iuside and outside the Lodge , Chapter , or Pi'oceptory . Tho Heir to tho Throne is now at the Head of the Fraternity , aud , unlike most of his predecessors in Office , he is also Most Eminent aud Supreme Grand Master of Knights Templar , and Patron and Member of the Ancicut aud Accepted Kite . Docs not this fact convey

m itself an idea of what and who should be , throughout the country , elected as his coadjutors and representatives in tho various Lodges , Chapters , and Preceptories , placed uuder His Koyal Highness ' s patronage and direction ? I trust tho brethren will reccivo tho above remarks in tho same spirit in which they are written . Yours , & c . PAST MASTER . Plymouth , January 1875 .

Masonic Honour At Funerals.

MASONIC HONOUR AT FUNERALS .

To the Editor of THE FREEMASON ' S CHRONICLE . DEAR SIR AND BROTHER , — . An old P . M ., a correspondent of mine , established in a colony which has not yet attained to the dignity of a District Grand Lodge , writes to mc as follows : — " On tho death of our worthy Bro . , the members of my Lodgo wished to bury him with Masonic honours , and consulted me upon

tho propriety of doing so . I was obliged to reply that I considered it contrary to the " Constitutions , " and I fear my opinion has been thought childish by some of the younger brethren . It does seem hard that , there being no District Grand Master here to grant a dispensation , and our distance from Grand Lodge rendering it

quite impossible to obtain one from head quarters , wc should be debarred from making so laudable and appropriate a demonstration when occasion requires . As the brethren put it to me : — ' Supposing that our actual W . M . should die in office , having expressed a wish to be honoured with a Masonic funeral , what are we to do ? '"

The addendum to the present Book of Constitutions is certainly clear , and shows that my correspondent was right iu setting up his veto ; but , as I concur with him in thinking the case a hard one , I beg permission to agitato the question in your estimable columns , which I hope soon to see recognised as tho general organ for Masonic culture and intelligence iu our colonies and in their motherland . Yours fratcrnallv , YRSILON .

[ There are no actual grounds for agitating this question . The solutiou is to bo found if the Lodges of the p ' . aco will joiu in n memorial to tho M . W . Grand Master , setting forth their reasonable doairos , together with such facts as they can adduce in support ot the

same , and praying for a dispensation from his authority for all such purposes . Of course , reasonable cause must bo shown , and the Lod ges must undertake to comply with tho proper formalities , such as regular records on the minutes , reports to the Grand Secretary , & c . & o . —EUITOK FREEMASON ' S CHRONICLE . ]

Money Market And City News.

MONEY MARKET AND CITY NEWS .

FIUIUY . Wo have entered upon another favourable turn iu tho financial current this week , the Bank of Englaud having reduced its rate of tUacotmt t 0 4 per cent ., being 1 per gent , lowev tliau . last week , Tjw

Money Market And City News.

present attitude of the money market is thoreforo presumably stronger than it has been for some time , and we may perhaps look forward , under other encouraging auspices , for a still lower figure in the official bulletin from tho chief establishment . The usual fortnightly adjustment of accounts was completed yesterday , and there has been nothing to obstruct the satisfactory settlement of thn various

transactions . In view of the present abundance of money , it isexpectad ; that several new loans will be brought forward shortly , aud , amongsi others , wo hear of a largo loan , £ 5 , 000 , 000 , for Brazil . Messrs . ltothschild aro to havo chargo of tho finauaucial arrangements , and , as this Government has always adhered honestly to its engagements , thero can be littlo doubt tho public will subscribe liberally . Tho issue will

bo in 5 per cent stock . In a previous number wo ventured on a few remarks touching the method of arriving at a proper couclusiou respecting certain investments . Let us now proceed to poind out , in tho interests of our readers , the best way of comparing the credit of Governments aud tho prices of their loans ; which seems to bo moro particularly applicablo just now , when rumours of loans

aro rifo iu all directions . The surest moans AVO can omploy to accurately compare loans of all descriptions aud shades with one anothcz-, is by reducing the several terms and conditions involved to ouo uniform sot of considerations —just as , iu fact , iu the comparison of vulgar fractions . We have first to find a common denominator before wo aro ablo to state which of two fractions is the

larger or the smaller . Iu the case of loans , the object to be primarily reached is to be in a position to answer thero questions ( 1 ) Wltat is tho actual ( not nominal ) amount of tho mouoy lent ? ( 2 ) In Avhafc term of years is it repayable ? ( 3 ) What is the rate of interest paid on this actual amount ? It is obvious that whon these three questions are answered with respect to all loans ( with or without

sinking funds ) , the process of obtaining tho relative cheapnoss oi clearness of several stocks is rendered quite simple . Having the duo rate of interest yielded , and the currancy of the loan , and knowing that its redemption is to be effected at par , Ave have every means in our hands for arriving at accurate conclusions , aud it is by

such a process alone that we can overcome the obstacles which present themselves Avhon we attempt to contrast loans carrying sinking funds standing at different prices , and consequently yielding different bonuses on redemption . The practical utility of the observations we have made , aud their applicability to other questions aft ' eotm " iuvestors , Ave hope . occasionally to illustrate still further .

The Funds remain without change , and are quoted 92 J- to 92 * fox money and 92 J to 92 £ r for the account . After a heavy settlement it usually happens that business remaiua quiet for a time , and the present is no oxception to the rule . Foreign Stocks therefore present very littlo movement , and the considora ^ tiou of the coming loans is chiefly occupying attention .

The English Itauway market shows a strong front . Midland have been in request on tho strength of tho statement that the new working arrangements gave every assurance , and that the policy adopted was likely to prove highly couducivo to tho interests of tho company . South Eastern and Brighton have also benefitted by the publication of satisfactory announcements respecting their dividends which are found to be GV in each case .

According to the annual tax returns , the taste for " cards" showa no sigu of abatement j ou the contrary , last fiuancial year tho threepenny stamp duty ou every pack of playing cards was paid ou 1 , 020 , 956 packs . Thus , the yield to the revenue from this source alone was £ 12 , 761 . Seven years ago , the number of packs on which duty was paid was only 743 , 350 .

Mr . J . 11 . Scott , the registrar of the London coal market , has published tho following statistics of imports and exports of coal ' into and from tho port aud district of London , by raihvay aud caual . during the year 1874 : —London aud North Western , 002 , 533 tous Great Northern , 872 , 016 ; Great Western , 555 , 225 ; Midland '

1 , 58 / , 301 ; Great Eastern , ( 363 , 015 ; South Western , 30 , 572 ; Loudonj Chatham and Dover , 5 , 714 ; South Eastern , 12 , 776 '; London , Brighton and South Coast , 2 ; Grand Junction Caual , 5 , 932 ; total , 4 , 095 ' , 709 . Imports during the year 1873 , 5 , 158 , 608 . Decrease on the vcar 402 , 839 . J

Railway Traffic Returns.

RAILWAY TRAFFIC RETURNS .

The following statement shows tho recei pts for tralild on tiia undermentioned railways for the past week , " as compared with tho corresponding week in 1874 : — ¦ r , ., Miles open . TleceintR Bariway . 1875 1871 l 87 Ueceipt fjw Caledonian . . . . 737 731 -16 , 703 40 . 09 : ?

Glasgow ana boutu Western . 31 o 315 15 451 l'Uysij Great Eastern . . . 703 702 . 10 , 517 40 , 105 Great Northern . . . 515 513 51035 48 944 Great Western . . . 1 , 525 ' 1 , 502 91 , 492 ys ' yft Lancashire and Yorkshire . 430 428 59 , 008 57 f .- ' 7 London and Brighton . . 370 370 25 ^ 253 24 188 London , Chatham and Dover . 153 138 14 , 520 13 . 533 tiouaon

ana jNon-U Western . 1 , 582 1 , 575 119 , 880 II'HIOI London , Tilbury and Southend 42 42 1 , 305 l'Vtt Manchester and Sheffield , 25 S 258 28 ^ 270 , ; 8 0 ' 1 Midland 911 883 95 ^ 098 91 / 201 Motiopohtau • . . 7 i 7 i 8 , 935 8 , 702

„ District . . 8 6 £ 5 , 185 4 , 354 „ St . John ' s Wood LJ 1 | _ _ North British ... . 839 820 39 , 387 30 , 151 North Eastern .... 1 , 378 1 , 378 91 , 418 1 ) 8 028

;> orru uonnon . ... 12 12 0 / 423 (; , 535 North Staffordshire Haihvay . 185 1 ? 5 8 , 42 . 1 9 22 ? . » » Canal 118 lis ]) o 30 * l , ll 0 South Eastern . . S 50 347 27 , 149 27 , 881 * Impeded by ice ,