The Press.
London, England, 1858-03-06 00:00:00

CAMBRIDGE.

The Chancellor's Gold Medal for the encourage-
nt of legal studies has been adjudged to H. Man-
8.A., of Clare College.
The Arabic Professor purposes commencing his
lectures on Tuesday, April the 20th, and continuing
them on Tuesdays and Fridays during the Easter
Term.

SPECIAL MEETING OF THE COUNCIL OF THE
SOCIETY OF ARTS has been summoned for the final
consideration of the important question, whether the
Society shall at once announce its resolution to direct
-4 superintend an Exhibition in 1861, or any other
; and that the definition of the exact character
h such Exhibition should bear will also be
matter of discussion at the meeting.
SHIPS STRUCK BY LICHITNINIG.—One of the most

:traordinary instances of the dangers which threaten
,ips from this terrible element, and one also which
affords certain proof of the completeness with which
recent discoveties of practical science enable us
ward off its destructive effects, occurred recently
'ier Majesty's ship Shannon, 50, in her voyage
from this country to China. This fine frigate,
ler the command of Captain, now Sir William,
', during the voyage to China last year, when
about ninety miles to the south west of Java, became
completely enveloped in one of those terrific thunder-
storms so prevalent in those latitudes, and which in
former years have frequently caused so much de-
struction to our ships in traversing the Indian
Ocean. The log describes the approach of the
storm at 4.56 p.m. in the shape of streams of the
' vivid -ightning, with deafening thunder, rain and
, the ship being driven before the storm, with
remarkably high seas, which threatened to poop her.
- p.m. what appeared to be an immense ball of
covered the main-topgallant-mast, whence it
seemed to run up the royal pole and explode into
- air with a most terrific concussion, covering all
surrounding space with bright sparks of
electrical light, which seemed to be driven rapidly
leeward by the wind. At 5.15 the ship was
struck a second time on the mainmast by an appa-
rently immense mass of lightning, and the foretop-
was lowered before the violent gust of wind with

h this second shock was attended. At 5.30
another very heavy discharge of lightning fell on
mainmast, and from this time tilt 6 p.m. the
was completely enveloped in sharp forked light-
accompanied with incessant peals of thunder.
.10 they sheeted home the maintopsail, and
J. 30 set the foresail ; a confused sea with long
heavy rollers from the W.N.W., followed this terrible
display of atmospheric electricity. On the next day
.he ship's course was altered, and the masts and
rigging carefully overhauled, but no injury was found
- 'we been sustained to either, nor do any of the
. either below or aloft appear to have been hurt
the least. The permanent system of fixnd light-
- conductors, invented by Sir Snowe Harris, and
universally employed in her Majesty's ships,
effectually protected both ship and crew.

rontg aiarkei anb Citg

FRIDAY EVENING.

Money Market is in about the same state as it
last week, with this exception, that as Lord
Derby's intended policy has become developed
through his own speech in the House of Lords on
Monday, and those of his colleagues subsequently,
re satisfaction is felt by capitalists at the change
made in the Government. As we stated last week,
is a strong and expanding opinion that the
Administration is, in the public interests, enti-
-to a fair trial ; and it is clear, from the tone of
political discussions among the commercial classes,
that any factious or unworthy opposition will be
effectually discouraged.
The supplies remain exceedingly abundant, but
during a part of the week the demand proved rather
active, owing to a partial revival in several branches
of manufacturing industry, and to the fact of a
considerable amount of commercial paper having
fallen due. Much of this paper consisted of re-
newals made in January. These are now almost
wholly cancelled ; consequently, while the demand
was to some extent thereby increased, the market
generally is assuming a more natural and healthy
aspect. At the present moment the demand is
quiet. Rates have averaged from two and a quarter
to two and a half per cent. in the open market, and,
though the Bank still maintains its minimum of
three per cent., those terms have not prevented it
from receiving an increased number of applications.
A reduction in the rates is evidently being deferred
as long as possible, but, as the Bullion and Reserve
are now at about the same amount as they were in
1851, when the minimum was only two per cent., it
is probable tha►. a change will very soon be made.
The Continental Exchanges continue low, and as
there are comparatively few bills in the market, gold
as being sent out in rather considerable amounts.