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she had treated him. Accordingly, one Sunday, after evening service, as they walked through the church-yard on their way home, he paused beside the tomb on which he had fallen asleep.
"Alice, dear, have you no association with this grave?" he asked.
"Of course," said she, lowering her eyes to read the inscription, and looking a little solemn ; "for it bears my name, Alice North. My grandmother is buried here."
"Oh!" murmured Roger, silenced by this unexpected turn to his train of thought. Another time, when they were strolling at twilight in the garden, he said, looking admiringly on her light summer dress:
"You wore this, Alice, the first time we met."
"Are you sure?"
"Yes, I remember the little blue stars, and your blue ribbons." "What a memory!"
"Alice, dear, did you happen to wear anything else blue that evening?"
My little blue ring with the turquoise ?" "No, I am sure you hadn't on a ring. But did you not lose something that evening?" "Yes, now that I think of it, I did," she said, not looking directly at him.
"Must I really?”
"Well, then,-a little piece of my heart." Before Roger could reply she turned into another walk, and, running away, left him with her girlish laughter ringing in his ears.
But his time came at last. One rainy afternoon, Alice took out a piece of knitting.
Roger watched her slim white fingers for some time, as they deftly plied the shining needles, before he noticed that she was knitting a ribbed band of blue silk, the very mate to the one he still wore near his heart.
Here, under his eyes, was the solution of the mystery that he had employed so much unnecessary finesse to discover.
"What are you knitting?" he asked, his eyes dancing with suppressed amusement. "Something for Arthur, that I ought to have finished long ago, but I am so lazy."
Something for Arthur!" exclaimed Roger, breaking into irrepressible laughter. "That is a good joke! Do boys about here wear that kind of thing?"
"Yes," said Alice, in innocent wonder. "Don't you? But I believe I did hear that they had gone out of fashion for gentlemen."
Roger continued to laugh in such an absurd manner that Alice looked annoyed and continued her explanation with dignity.
"I made him a pair last year, for a Christmas gift; but he lost a part of one not long ago, and I promised to knit him another. Ĭ told him I believed that he had hung a cat with it or thrown it away. Boys are so hard on their things! He confessed to having tied the fore paws of a beast with it———— "A beast!" exclaimed Roger, blankly. "Alice, what are you talking about?"
"About Arthur and his lost suspender, of course."
"Suspender!" exclaimed Roger, striking his forehead, as he became suddenly enlightened.
"Yes, suspender. What did you think I was talking about?" asked Alice, wholly puzzled.
AN ANTIQUE INTAGLIO.
GREAT cities that defied Time's power are dust,
Its beauty bears no trace of Time's keen thrust,
POST-OFFICE SAVINGS-BANKS IN GREAT BRITAIN.
AN important extension in the Post- interest, and when principal and interest Office Savings-Bank system in England has together were £200, all interest was to lately been introduced by Mr. Fawcett's cease till they were less. All deposits were act of last session, and it may be interesting to be acknowledged by the Postmasterto trace briefly the history of this banking General (thus providing an immediate check organization, which has in less than twenty on the receiving office). on the receiving office). Interest was to years gained two million customers and be at two and a half per cent., or rather at a thirty-two millions sterling of deposits and halfpenny per complete calendar month for interest. The Post-Office Savings-Bank Act every complete pound in the bank. Minors came into operation in September, 1861; and married women might be depositors, but for nearly fifty years before that time also friendly societies and penny banks, the system of trustees' or old savings-banks etc. Depositors were to send their books had existed and flourished in most of the yearly to the Postmaster-General for the principal towns, and the capital of these interest to be entered, but no postage was banks amounted to twenty-four millions (of to be charged for sending them, or for any pounds) in 1841, to twenty-nine millions in communications with the central office. De1850, and to forty-one millions in 1860. posits might be transferred to or from trusWhile giving much credit to the trustees tees' savings-banks. Deposits might be and managers of these institutions for their withdrawn at any office mentioned in the zeal and ability in carrying them on, chiefly form of application to be sent to the Postfrom philanthropic motives and often at master-General. All post-office employés personal inconvenience, it was felt by many were bound to secrecy as to their depospeople that, by the use of a widely spread itors' accounts. Such were the principal government organization, the risk of loss provisions of the new system, and they reto the depositors would be greatly obviated, main virtually unchanged except by the and in addition a much larger number of additional facilities granted under the act of savings-banks could be available. It was last session. As is the case in many legisalso desirable to extend the hours for mak- lative changes in this country, the old sysing deposits, the old savings-banks being tem of trustees' savings-banks was allowed open only on one or at most two days of to go on alongside of the new savings-banks, the week for an hour or two. After some but the regulation of the former by governdiscussion in the press, Mr. Chetwynd, of ment was made more stringent. The rethe money-order department of the post- sult was that in 1870,-nearly ten years office, submitted some proposals to Lord after the new system came into operation, Stanley, of Alderley, the Postmaster-Gen--the old savings-banks had decreased in eral, in which he gave a short description number from 638 to 496, in depositors of the suggested system, namely, that every from 1,586,000 to 1,385,000, and in capimoney-order office should receive and pay tal from forty-one millions sterling to thirtymoney on account of the Central Govern- eight millions. Meanwhile, the post-office ment Savings-Bank, the depositor being savings-banks had grown to 4082 in numfurnished with a pass-book for entries to be ber, with 1,183,000 depositors on their books, made at the office, and that receipts for de- and fifteen millions sterling of deposits and posits should be sent direct from the central interest. During the next nine years, the office to the depositor. Before the scheme new savings-banks more than doubled their was finally settled, various modifications business, their deposits reaching thirty-two were made as to payment of interest, etc.; millions sterling, which belonged to about and in 1861 the new act was passed and the two million depositors, or an average of following provisions came into operation: £16 each. More than six thousand offices The Postmaster-General was to designate are now available, or one office for every what post-offices should be savings-bank of twenty square miles, so that opportunities for fices; deposits of not less than one shilling at depositing savings have been brought within a time, or more than £30 in one year, might easy reach of most of our population. Since be made at any of these offices, provided 1870 there has been little change in the that the total amount to the credit of the position of the old savings-banks; their depositor did not exceed £150 exclusive of capital is now forty-four millions sterling,
to the depositor is now two and threequarters per cent. Unless, then, the value of money continues to fall appreciably, the interest will be fairly earned by the depositor without the overweighted tax-payer having to assist. It is possible, too, that the small difference, only a quarter per cent., between the interest in the new and old savings-banks may lead to a further closing of the latter, and a diminution of the business of those banks that survive. The new facilities for investments of small sums in the funds, to which I shall now refer, may also draw away many customers from the old banks.
Up to the present time, the holders of stock in the public funds have not been very numerous, owing, perhaps, to the difficulties attending the purchase and sale of small amounts of stock. In 1880, only about two hundred and forty thousand persons were entitled to dividends in the funds, of which seventy-six thousand reperceived dividends under £10, thirty-eight thousand received sums from £10 to £20, seventy-seven thousand took from £20 to £100, and thirty-six thousand took sums above £100; and even these numbers should be reduced by the number of holders of more than one description of stock, and who are, consequently, counted under each class. The three million and a half depositors in the savings-banks may, indeed, be considered, in one sense, as holders of public stock, since their deposits are invested therein; but the more direct investment, which is carried out by the act of last session, seems better calculated to give the investing masses a nearer personal interest in the national credit. Under the provisions of this act, a depositor in a post-office savingsbank may invest a certain sum not less than £10 in either consols, reduced three-percents, or new three-per-cents, and this investment will be made for him by the central office in London on his sending thither his deposit-book and filling up a form of application, which he can obtain at any post-office bank. The limit of stock to be purchased for any one depositor in one year is £100, and the whole amount to his credit must not exceed £300. These amounts are, however, independent of savings-bank deposits; so that a depositor may make a deposit of £30 and an investment of 100 stock in the same year, and may have to his credit £150 in the bank and
300 stock in the funds, and his annual income from the two amounts would thus be £12 15s. The question of allowing
and their depositors are a million and a half in number, although fifty banks have been discontinued, leaving only four hundred and fifty establishments in the United Kingdom. The larger interest hitherto given by the old savings-banks, as compared with the new, has, doubtless, assisted the former in maintaining their popularity, especially among the more opulent saving classes, the rate of interest having been usually three per cent. against two and a half per cent. paid by the post-office. The average amount invested by each depositor is, moreover, much higher than in the new banks namely, about £29, as compared with £16, and the cost of management would thus be somewhat less, and the much greater concentration of the business, in only four hundred and fifty offices, should also tend to economy. We accordingly find the percentage cost of management of the trustees' savings-banks to have averaged between six shillings and seven shillings cent. in the last ten years, against nearly twelve shillings per cent. in the post-office banks. Prior to the passing of the act in 1861, it was estimated that the cost of each transaction, that is, each deposit of money or withdrawal, in these banks would be sevenpence, but up to the end of 1879 the average cost was eightpence. It must, however, be remembered that a fair amount of this cost is for postage, from which the country takes a profit, and £100,000 of the charge represents outlay on new central offices in London. The income for paying interest in both the old and new savings-banks is derived from investments made in government funds by the National Debt Commissioners, who, up to last year, paid three and a quarter per cent. to the trustees of the old banks, and, as stated, from this sum the depositor received nearly three per cent., the remainder being absorbed in expenses. Owing, however, to the lower value of money of late years, the investments made by the National Debt Commissioners have failed to produce three and a quarter per cent., and the deficiency has been covered every year by payments from the exchequer; or, in other words, the tax-payers of Great Britain have made an annual contribution to the depositors in these banks. This has now been remedied by Mr. Fawcett's SavingsBank Act of 1880 (43 and 44 Vict., c. 36), by which the interest payable by the National Debt Commissioners to the trustees is reduced from three and a quarter to three per cent., and the maximum interest
larger sums to be deposited is one that has been much discussed, and naturally the bankers have always objected strongly to the competition of the state, with its taxaided resources in case of need. The present system touches little, if any, business that would be profitable to bankers, even if it were likely to come to them; but an extension of the limit of deposits to even £50 in one year would be a very different matter, and would place a large and dangerous engine in the hands of the Government.
But to resume the provisions as to investment in the funds: Within seven days after the depositor has applied for a purchase of stock, he will receive an investment certificate of the stock purchased for him, and the current price of the stock, and the commission charged will be entered in his deposit-book. The price charged will be that given or obtained by the National Debt Commissioners on the day of purchase, or, if no such transaction occurs, it will be the price certified by the Bank of England as the price of stock on that day. The rates of commission charged for purchase include the cost of receiving the dividends afterward, and seem very moderate, viz.: 9d. for stock not exceeding £25; 1s. 3d. for stock from £25 to £50; Is. 9d. from £50 to £75; and 2s. 3d. from £75 to £100. The commission on the sale of stock is the same, but as a depositor may own and wish to sell stock up to £300, the rates from £100 to £200 are fixed at 2s. 9d., and from £200 to £300 at 35. 3d. It is necessary to make the smaller sums pay a somewhat higher ad valorem rate, as these small transactions require the same formalities as the larger ones. The dividends on the stock are carried to the credit of the owner in his deposit-book once a year in the same way as interest on his savings. If, however, he wishes to have a separate control of the dividends and capital, he can apply to the central office for a "bank certificate," with dividend coupons attached, for £50, or any multiple of £50, and he will then draw the interest himself. The amount of the stock for which he takes a certificate is then deducted from the sum entered to his credit in the books of the department, and, in fact, passes out of the savings-bank control altogether; so that the depositor can again increase his purchase of stock through the savings-bank to the limit of £300 allowed by the act, provided his investment in any one year does not exceed £100, including what he bought before he
had his stock written off. The fees for these stock and dividend certificates are the same as for selling stock, namely, 1s. 3d. for £50 and 25. 3d. for £100; but, in addition, there is a small fee to the Bank of England, under the National Debt Act, 1870 (33 and 34 Vict., c. 71), which has to be paid by any owner of government funds who desires to take advantage of these coupon certificates. All these small fees are charged to the depositor's account, and entered in his book. The foregoing provisions as to investment in the funds apply also to depositors in trustees' savingsbanks, who may now use their own bank as the intermediary for the purchase of stock, and a depositor who transfers his account from or to a post-office bank may transfer his investments also, without any expense to himself, by sending his investment certificate to the savings-bank to which his account is transferred.
Besides the extension of the government savings-bank system to investment in the funds, a plan has been introduced by Mr. Fawcett, the present Postmaster-General, for encouraging minor savings, by providing forms for fixing twelve penny postagestamps, which will then be received at any post-office savings-bank as a deposit of one shilling for either a new account or an addition to an existing one. Objection to this was urged in some quarters, on the ground that it would encourage servants and employés to save their masters' or other people's stamps, and invest the proceeds for their own benefit; but the risk of temptation to pilfering was not considered likely to be serious, in view of the benefit to the masses by these facilities for small savings, and the experiment was tried for a few months in certain counties, and has now been extended to all parts of the Kingdom.
Lastly, I would mention that both life insurance and annuities have been granted at the post-office savings-banks since 1865, the limit on a life-insurance being between £20 and £100 on lives between sixteen and sixty; and, for immediate or deferred annuities, the maximum limit is £50 per annum. These branches of business have not, however, met with much favor, only eight thousand persons having purchased annuities to the annual value of £100,000; and the life insurances amount only to about £350,000, held by four thousand three hundred people. The competition of the many friendly societies has, doubtless, prevented a large expansion of this business.
THERE has perhaps never been a time when questions of art-literary, pictorial, and musical-have been so much and so ably discussed as the present. One of these questions, however, has not been so exhaustively treated as many which, in my opinion, are of minor interest. Success, that magical word which opens vistas of glory and wealth to its numerous aspirants-success, and how it can best be obtained, is the subject with which I wish to couple the name of Jenny Lind.
How often have we heard remarks on the peculiar influence exercised by some artists, on the mysterious affinity between them and their audiences, who are attracted to them unconsciously, nay, sometimes unwillingly, by this magnetic power! The leaders of opinion, our art critics, whose aim ought to be to guide and to enlighten the public, too often treat this phenomenon as an unaccountable hallucination. Austere and disdainful, they will not admit that an electric spark produced by a word of a Talma or a Rachel, by a musical phrase of a Malibran or a Grisi, may cause a thousand hearts to vibrate with the same sensation. They accuse these entranced admirers of yielding to an infatuation which cannot be justified, and attribute to a system of puffing, to the clever meddling of managers, and to the intrigues of the artists themselves, triumphs which they condemn as unreal.
Would it not be better to approach and consider this remarkable fact from a higher point of view? Notwithstanding contrary assertions, the hidden causes of that singular effect might perhaps be explained and traced to a positive and solid basis. This I shall endeavor to do in connection with the success achieved by the celebrated artist who has filled the two hemispheres with the fame of her talent.
Jenny Lind was born at Stockholm, October 6, 1820. From her earliest infancy she showed a disposition of an extraordinary character for music. At the age of three her childish voice had not only acquired power and intonation, but a quality of tone and a sensibility which drew tears from her listen ers. When only nine she was admitted by the director, Count Pulre, to the school of singing attached to the Court Theater. Without personal attractions, deprived even of the simple enjoyments of childhood, she
sought and found in music a little world of her own, in which she could forget the entire absence of true motherly affection and the many other troubles of her dismal home. It is often seen that adversity and a lonely life develop the reflective powers and a spirit of observation. This was the case to a singular degree with the young Swedish vocalist.
She appeared repeatedly on the stage in the parts of little fairies-for instance, as one of the genii in Mozart's "Flauto Magico," and always to the delight of the Stockholm audience. In her twelfth year she almost lost her voice for a time, but nothing daunted by this contretemps, she devoted her energies to the theoretical and instrumental study of music. Her precocious aptitude awakened the attention of one of her professors, Herr Berg, a musician of more than average ability, who soon became so interested in his gifted pupil that he gave much of his time to her advancement, guiding her not only in her elementary lessons but gradually initiating her in the school of the best classical authors.
After an interval of four years, and at a moment's notice, she undertook, in a public concert, the music of Alice in the fourth act of " Robert le Diable," and, having recov ered her wonderful high notes, sang the final trio with so much fire and expression as to take her audience by storm. Such a progress had been unexpected, but became still more surprising when, later on, she took up her abode with the family of the popular Swedish composer, Adolph Frederick Lindblad.
A clever musician, whose melodies have a charm of their own, impregnated, as it were, with the characteristic tenderness, nay, sadness, of Northern song, a friend of Mendelssohn, an enthusiast with a highly poetical mind, Lindblad could not fail to be attracted by this girl, so wayward, fitful, self-willed, but wonderfully endowed. He had never felt the value of his own compositions so much as when interpreted by the little Jenny. It is no wonder that, after some time, the impressions he received led to feelings of a different nature, and it can hardly be doubted that some of his most striking inspirations found their origin in his hopeless love. It was chiefly through his influence that she acquired a musical knowledge almost unparalleled. It would