AT the south-east corner of the church yard is the Grammar School, a spacious and well constructed edifice of brick. It was founded and endowed by Edward Lord Clinton and Saye, the Lord High Admiral of England, under the authority of letters patent, dated the 25th of June, 1652. {35} By these letters it was ordained, that this institution should be denominated “The Free Grammar School of Queen Elizabeth, in the Town or Soke of Horncastle, of the foundation of Edward Lord Clinton and Saye,” for the education, training, and instruction of boys and youths in grammar, and to be appropriated to this object for ever. The school was to be conducted by a master, and a sub-master, or usher: ten governors were also appointed and incorporated, with perpetual succession, and a common seal. These governors were empowered on the death of any of their body, to elect others in their places; also to nominate the master and usher on any vacancy; and to make such statutes concerning the preservation and disposal of the revenues, as circumstances at any time might dictate. Besides holding the endowments, they were authorized to purchase and receive lands and other possessions, not exceeding £40. per annum. The estates by which the establishment is maintained, consist of houses and land situated at Horncastle, Hemingby, Sutton, Huttoft and Winthorpe. The lands in the last three named parishes being subject to inundations from the sea, the annual revenue is rendered precarious; but in the more favorable years it amounts to about £200. The salaries for a long time were £40. per annum to the master, and £30. to the sub-master or usher: but on the appointment of the present master, in 1818, the salary was advanced to £80. per annum, to which was also added a house for his residence; the salary of the sub-master remaining as heretofore, at £30. The sum of £2. 2s. per annum is charged for those scholars who are instructed in writing and arithmetic. There are at this period about twenty boys on the foundation. The governors of this institution have also the management of another school in the town, for the instruction of poor children in reading, sewing, and knitting. A house, with a salary to the teacher of £30. per annum, charged upon certain estates in Horncastle, having been bequeathed to them in trust, for that purpose, by Mr. Richard Watson, a native of this place, who died in 1784. THE RIVER BANE AND NAVIGABLE CANAL. THE river Bane, rising at the village of Ludford, takes its course in a direction nearly south to join its waters with those of the Witham. After meandering through an extent of country about fourteen miles, it receives at Horncastle, the tributary stream of the Waring, and abundantly supplies the town, conveniently situated at the confluence of the two rivers. From hence continuing a gently winding course, it washes Tattershall and its moorlands, before it falls into the larger river, to increase its waters to the sea.