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late New Zealand Company, has at last been brought to a close; and the decision of Mr. Shaw Lefevre, to whom the question had been referred, has given to the funds an addition of more than £20,000. The documents in possession of the Board show in the strongest light the steady attention and indefatigable perseverance of our agent, Mr. J. S. Tytler. His exertions can scarcely be properly appreciated by those who have not followed him through his very clear and detailed explanations of the various summonses and appointments, the repeated adjournments, the vexatious delays, the unexpected objections and the numerous demands for additional information of all kinds which have interfered with his prosecuting our claims to a successful termination. Even without his own letters, the final report of Mr. Shaw Lefevre bears internal evidence of the zeal with which our reasons have been enforced, our views maintained, and our cause made finally triumphant. The result at which we have at last arrived is mainly due to his untiring advocacy and masterly grasp of the whole subject.

The province is deeply indebted to him; and we shall cheerfully undertake the task of expressing its feelings. The various papers, letters, and documents connected with this affair are too voluminous for publication, but, according to the by-laws, are open to the electors upon their making a written application to the Secretary. They will be found to furnish conclusive proof of the advantages we now at last are about to obtain from those persevering protests and remonstrances which were for so long a time utterly disregarded or altogether refused redress, on the justice and propriety of which, however, the Lords of the Treasury have now grounded their decision in our favour.

STEAM.

Since our last report a loan of £2,000 has been promised to a Local Steam Navigation Company. A series of untoward events has prevented the company hitherto from bringing its plans into successful operation. For a long time it was found impossible to procure a vessel of the size, power, and light draught of water required for coast navigation; and when at last these difficulties appeared to have been surmounted, and a competent agent armed with full powers for making final arrangements had been despatched, the vessel in which he sailed never arrived at the destined port, and is supposed to have foundered at sea, not having since been seen or heard of. The Board is informed that the company, however, has not relinquished its design, and is now about to take fresh and efficient measures for promoting it.

RELIGIOUS USES.

The reserved fund for these purposes has not been disturbed, and with its accumulations now amounts to the sum of £1,169.

COLLEGE AND EDUCATIONAL FUND.

The proceedings with reference to this subject have formed a very large portion of the business of the Board. After carefully considering the necessary requirements of a College established upon even the most limited scale, the high price of labour and materials, and the various unforeseen casualties which might occur to enhance the cost of such a building, it was judged most prudent to defer any further action upon it until the ultimately applicable to such a purpose could be finally ascertained. Meanwhile, to meet the urgent and increasing educational needs of the province, it was determined to open a school offering instruction in the higher branches of education to all sufficiently advanced to require it. The services of a highly qualified gentleman, a graduate of one of the English universities, were secured; a school-room built; and after due notice of the course of instruction contemplated and the principles which would regulate it, a school was opened, the success of which, during the short time which has passed from its commencement, has exceeded our expectations. The increasing number of scholars has rendered necessary the appointment of a second master; and a wish has been expressed in some quarters that various branches of education not hitherto provided for should be added to the course of instruction. The time seems to have come for replacing the present provisional arrangements by some well considered plan for the permanent government and future extension of the institution. Before this can be done, however, a preliminary question has to be considered and definitively settled. It has already been raised and regularly brought before the Board of Trustees by a memorial from the inhabitants of Richmond, requesting them to found a school there in connexion with the Educational Fund. The Board had to decide, first, how far they were legally empowered or would be morally justified in so acting; and, second, how far it would be eventually found expedient, or ultimately for the general advantage, to assent to such an employment of the fund. Upon the legal construction of the power vested in the Board by the Act of Parliament, they must decline to offer an opinion. The mere words of that Act are certainly sufficiently large to allow of extreme latitude in their application; but whereon doubts have arisen, and applications have been made to the courts of law for their authoritative opinion in such cases, it will be found that they have allowed collateral evidence to be given as to the intentions of the framers, and that such evidence has had a material influence upon