POSTSCRIPT.

SATURDAY.

The Atlantic telegraph has been throughout the week making a slow progress towards the acquisition of the faculty of transmitting messages, but it seems now to be approaching the period when it will be able to articulate. The record of progress is interesting. On Tuesday Valentia reported that Newfoundland had commenced the use and adjustment of the special instruments for speaking. "They are now sending the usual letters for adjustment of instruments, and we have received from them the words, 'Repeat, please,' and 'Please send slower for present,' spelt in full. They have also sent the signals for repeat frequently, proving hel that though receiving, the instruments are not yet adjusted with suffi- cient accuracy for them to get distinctly." These words "repeat please" appear to have been the first transmitted under the Atlantic from the American continent. The next day Newfoundland made an advance— could spell its own name. Valentia received several short messages. "The longest contains seven words ; also the word 'Newfoundland, all being spelt in full, and received and recorded with perfect accuracy."

The last report from Valentin, printed this morning, shows a decided improvement. "The receipt of a message of twenty-six words yesterday evening from Newfoundland, relative to signals and instruments, has sa- tisfied me as to the cause of delay in the full and free interchange of messages; they now read and acknowledge our words accurately. We can receive at very good speed from them, while they can as yet only receive from us slowly. I hope to be able to transmit the message from her Majesty to the President this afternoon." We have not yet heard whether the message from Queen Victoria to President Buchanan was transmitted yesterday or not.

The statement of the Times that Sir John Lawrence was coming home, took the public by surprise. It proves to be incorrect. " This morning that journal is enabled to state that Sir John Lawrence will not leave his post in India until the tranquillity of the country is restored, though he is most anxious to return to England, and though, but for the in- surrection, he would have returned last winter. It is in contempla- tion of his return, which is so far contingent, that the offer of a place in the Council will be made him, conditional on his ability to accept it, and with the option of his retaining or resigning it if he should hereafter de- sire to resume his present post in India."

The Earl of Eglinton left Dublin yesterday for Crom Castle, the seat of the Earl of Erne, en route to Londonderry, to be present at the Agri- cultural Society's Cattle Show. While there he will be the guest of the Bishop of Derry and Raphoe, Dr. Higgin.

According to a letter from Warsaw, "a religious reform has taken place in Russia. The Government has limited the powers of the ortho- dox Greek clergy in certain matters, and has suppressed some ridiculous ceremonies which had been introduced into public worship in order to strike the imaginations of the ignorant and superstitious populations. It has also resolved 10 reduce the number of the United Greek clergy, so as to have one Pope for every 1000 souls instead of one for every 300. Lastly, the schools which were set apart to the priests' children have been converted into communal schools."

The official journal of Vienna has published the result of the budget of 1857. The Goyernment is under the necessity of admitting a deficit of 42000,006 florins (105,000,000 francs). The deficiency for the year 1866 amounted to 60,000,000 florMs (150,000,000 francs).

The half-yearly meetings of the two great railway companies—the London and North Western and the Great Western were held yesterday. At the meeting of the former the Marquis of Chandos, as chairman, made a comprehensive speech on railway, policy, pointing to the evil effects of bad legislation and reckless competition upon railway property. The meet- ing was orderly. A dividend of 31 per cent, per annum was declared. The receipts of the company for the half-year were 1,500,0001. the suns to be divided was only 400,0001. A meeting of proprietors of railway stock amounting to 130,000,000/. had been held earlier in the week and they had agreed to these resolutions—

"1. That the rates and fares on the several railways of the kingdom should be so fixed as to realize the largest amount of net profits to the com- panies entitled to them.

"2. That where any two or more companies, interested in any particular traffic, fall to agree among themselves as to the rates and fares to be charged, the points in dispute should be referred to arbitration." One of the North Western shareholders new moved that the meeting should cordially concur in the principle of the resolutions carried by the representatives of the railway companies, and the meeting unanimously agreed to dose.

A proposal was made to appoint a committee of inspection; but it was negatived by a large majority. The Great Western declared no dividend at all. Major Court moved that a dividend of 4s. lid. should he declared ; but the meeting decided against him.

A difficult problem of the day is Mt contrive a " crossed cheque" which shall comply with the existing law, afford security to the drawer, safety to the banker,, and convenience to the public. The object is at once to make the distinction obvious in the body of the cheque, and to guard against tampering. The best suggestion we have yet seen is by Mr. T. P. Chorley, who sends us two drafts of the proposed cheques. Each has a space between the counterfoil and the cheque itself. One draft rests upon the assumption that all cheques must be deemed crossed cheques unless the contrary be stated : the words, "uncrossed cheque" are printed on the space between the counterfoil and the cheque : tear off the cheque close to. the counterfoil, and it is an uncrossed cheque ; tear off the narrow strip, and it becomes not an uncrossed cheque. The ether plan seems to us more explicit. The cheque runs thus, the placed Marked with the asterisk is the counterfoil left in the book when the cheque is torn out.

or bearer

MESSRS. DOE, 110E,A.`4D CO.

,1'ajto

1 This un crossed cheque to be paid

1 to bearer or through a bank. Tear this cheque off at the line nearest the counterfoil, and it is an "uncrossed cheque payable to bearer or through a hank." Tear it off at the other line, and it becomes a "crossed cheque to be paid through a bank:" The intermediate holder may tear off the interstitial portion of the an crossed cheque and convert it into a crossed cheque.

An adjourned examination meeting touching the bankruptcy of Mr. Townsend, Member for Greenwich took place yesterday. Delay has occurred in the production of the accounts, and the solicitor of one of the creditors asked the court to withhold protection. Mr. Townsend's debts amount to 6000/. After some discussion Mr. Commissioner Fane said he would grant the bankrupt protection to the 23d of August. Should the accounts be then filed the adjournment for the bankrupt's examination would be to the 2.3d of October with protection. Should the accounts not be filed, as undertaken, the bankrupt would be without protection after the 23d of August, and his examination would stand adjourned sine die.

A huge screw frigate the Mersey, sister to the Orlando 50 guns, built to compete with big American men-of-war of the Merrimac stamp, was launched yesteeday at Chatham. An attempt had been made to move her on the pre- eeding day, but it entirely failed.

The musical arrangements for the Birmingham Musical Festival have already been placed before our readers. It may interest some of them to know that the ballot for places for the Tuesday and Wednesday's perform- ances takes place on Friday the 27th of August ; for those of Thursday and Friday on Saturday the 28th; and strangers have the pledge of the Com- mittee that they will select in every case the beat places which the chances of the ballot permit. The advertisement containing other matters of detail appears in another part of our paper. We observe that there are arrange- ments made for special trains on the London and North-Western, Great Western, North Staffordshire, Midland, Oxford, 'Worcester, and Wolver- hampton, Stour Valley, and South Staffordshire railways. In every in- stance the trains arrive in time for the morning and leave Birmingham after the conclusion of the evening performances.