THE EXCHANGE, in Stephenson Place, was built in 1865, by Mr. Edward Holmes, architect, of Birmingham, and has since been considerably enlarged. It has a large exchange room on the ground floor, over a part of which is a room for assemblies. The building also contains a Restaurant, shops on the ground floor, and a large number of offices. The fronts, towards Stephenson Place and New Street, in a Gothic style, are lofty and imposing. THE “ARCADES” are a feature of modern Birmingham. The Great Western Arcade was built in 1876, at a cost of £70,000. Mr. W. H. Ward, of Birmingham, was the architect. The avenue, four hundred feet long, has eighty-four shops on two stories, the upper tier opening to a balcony. The length is divided equally by a circular space covered by a lofty dome. The glazed roof is carried by a series of semicircular arches, the perspective effect of which is very striking. In an almost straight line with the last, and only divided from it by the width of a street, is the North Western Arcade, by Mr. W. Jenkins. In its general features it is much like the first, but of greater width, and the shops are larger. It may be added that these arcades have been financially a great success, and are much used as a convenient and pleasant thoroughfare from the Great Western Station to Corporation Street. There are several other arcades in the town, some of which are worthy of a visit. Until the passing of the Street Improvement Act of 1876, Birmingham had but very few streets that were worthy of the size and importance of the town. New Street is, however, a fine and picturesque thoroughfare, the slight rise and easy curve contributing very much to the general effect. CORPORATION STREET, leading from New Street, opposite the entrance to the Railway Station, to the Aston Road, has been but lately formed; it is not yet entirely finished, but is already an unusually fine street. Many of the buildings are of great height and costliness. It promises to be one of the noblest thoroughfares to be found in any of our great towns.