_Administration of Fair._—The administration of the fair is carried on under the supervision of the Governor of the Province; the arrangement of all commercial matters and adjustment of difficulties being entrusted to a committee of gentlemen called the “Fair Committee,” chosen from among the assembled merchants. This committee consists of a president, three aldermen, and three committee-men, besides the manager of the fair-office and the mayor of the town of Nijni. The management of all Government property is in the hands of this committee. The letting of shops and store-houses and the erection of bridges and all temporary works comes also within their province. The conditions on which the shops and stores built by Government are let to merchants and dealers are exceedingly liberal, and this rent is the sole profit made by Government on the transactions of the fair. No imposts of any kind are levied in the shape of licences or duties. Shops are let to the first applicant, the sole reservation being that the occupier of the previous year has a prior claim. In order to promote competition, each row of buildings is devoted to a certain kind of merchandise, thus obliging the merchants to endeavour to undersell one another. To prevent monopolies or over-speculation, no merchant is allowed to hire more than three consecutive shops, nor is he allowed to occupy more than one shop unless they adjoin each other. The number of shops let in 1874 was 6,086, and their total rent amounted to something over £28,000. The fair lasts six weeks—the really busy period being from the 18th to 27th August, when the height is reached. Some fifteen days beyond are allowed for the settlement of accounts. The usance of the fair is twelve months credit, _i.e._ from one great fair to the following; but sometimes, in dull times, and under special circumstances, as much as two years credit is given. This was particularly the case in 1849. _Trade of the Fair._—The annual trade of the fair has been the subject of various conjectures; but I believe the Government of the Province has caused careful estimates to be made from time to time. In 1697 the trade of the fair was estimated at £12,000 per annum—evidently far too low. In 1790 it was stated to be £4,500,000!