The new Walter Press does not in the least resemble any existing printing machine, unless it be the calendering machine which furnished its type. At the printing end it looks like a collection of small cylinders or rollers. The first thing to be observed is the continuous roll of paper four miles long, tightly mounted on a reel, which, when the machine is going, flies round with immense rapidity. The web of paper taken up by the first roller is led into a series of small hollow cylinders filled with water and steam, perforated with thousands of minute holes. By this means the paper is properly damped before the process of printing is begun. The roll of paper, drawn by nipping rollers, next flies through to the cylinder on which the stereotype plates are fixed, so as to form the four pages of the ordinary sheet of The Times; there it is lightly pressed against the type and printed; then it passes downwards round another cylinder covered with cloth, and reversed; next to the second type-covered roller, where it takes the impression exactly on the other side of the remaining four pages. It next reaches one of the most ingenious contrivances of the invention--the cutting machinery, by means of which the paper is divided by a quick knife into the 5500 sheets of which the entire web consists. The tapes hurry the now completely printed newspaper up an inclined plane, from which the divided sheets are showered down in a continuous stream by an oscillating frame, where they are met by two boys, who adjust the sheets as they fall. The reel of four miles long is printed and divided into newspapers complete in about twenty-five minutes. The machine is almost entirely self-acting, from the pumping-up of the ink into the ink-box out of the cistern below stairs, to the registering of the numbers as they are printed in the manager's room above. It is always difficult to describe a machine in words. Nothing but a series of sections and diagrams could give the reader an idea of the construction of this unrivalled instrument. The time to see it and wonder at it is when the press is in full work. And even then you can see but little of its construction, for the cylinders are wheeling round with immense velocity. The rapidity with which the machine works may be inferred from the fact that the printing cylinders (round which the stereotyped plates are fixed), while making their impressions on the paper, travel at the surprising speed of 200 revolutions a minute, or at the rate of about nine miles an hour!