The stipulations made were, that the business should be carried on at the cost and at the risk of the originators, and that they, in return, should receive the profits. It was agreed, also, that they should enjoy the privilege of sending all their correspondence free of postage--no inconsiderable item saved to them. Contrary to anticipations, the proceeds were considerable--not so much on account of the number of transactions, as on the high commission that was charged for the money-orders. Their terms were eightpence for every pound; but if the sum exceeded two pounds, a stamp-duty of one shilling was levied by Government in addition. No order could be issued for more than five guineas; and the charge for that sum amounted to four shillings and sixpence, or nearly five per cent. When it is considered that the expense did not end here, but that a letter containing a money-order was subjected to _double postage_, it cannot be wondered at that those who dealt with the three monopolists were few in number, and only persons under a positive necessity to remit money speedily. Such a system, it will be admitted, could not of itself be expected to foster trade. When the general public were admitted to the benefits of the Money-order Office--as they were some few years after the establishment of the office--it does not appear that the business was greatly increased. Almost from the commencement, the managers drew yearly proceeds, which varied but slightly from year to year, averaging about 200_l._ each. While, on the one hand, this office was seen to be a most useful institution, good in principle, and likely, if properly managed, to contribute largely to the general revenue of the Post-Office; on the other hand, it was clearly stationary, if not retrograde in its movements. In 1834, the attention of practical men was more immediately called to the question by a return which was asked for by the House of Commons, for a detailed account of the poundage, &c. on money-orders of each provincial post-office, and the purpose or purposes to which the monies were applied. The Postmaster-General replied, that the Money-order Office was a private establishment, worked by private capital, under his sanction; but he could give no returns, because the accounts were not under his control. In 1838, a new Postmaster-General, Lord Lichfield, sought and obtained the consent of the Treasury to convert the Office into a branch under his immediate direction. In that year the chief Money-order Office commenced business in two small rooms at the north end of St. Martin's-le-Grand, with a staff of three clerks. Though the charges were reduced to a commission of sixpence for sums under two pounds, and of one shilling and sixpence for sums up to five pounds, the new branch was worked at a loss, owing to the high rates of postage and the double payment to which letters containing enclosures were subjected. After the introduction of penny postage, the change was