We have much pleasure in informing our readers that a Society has just been established in this city, called "The Melbourne Church of England Young Men's Society."

Young men constitute a most important portion of the community, and much, under Providence, depends upon them. It is a fact greatly to be lamented, that in this city as well as elsewhere, much valuable time is trifled away by young men, which, if redeemed, would be of lasting benefit both to themselves and others. The mind of man is capable of great improvement, but if uncultivated and neglected, to use the expression of a well-known writer, is like marble in the quarry. That the soul be without knowledge, and especially the knowledge of Divine things, is not good, for the fear of the Lord is the beginning of wisdom.

Young Men's Societies have been for some time established in London, Cambridge, Glasgow, Manchester, Dublin, and other large towns, and, by God's blessing, have been productive of much real usefulness. The Melbourne Society has been constituted upon the models of some of these, and its principal objects, as stated in one of its rules, are "the Spiritual and Mental improvement of its members, the promotion of Church Communion, and Christian Fellowship, the diffusion of a Missionary spirit, and the furtherance of the Redeemer's kingdom, through any instrumentality in connection with the Church of England."

The formation of this Society, has, for some time past, engaged the attention of the Bishop and Clergy, and several of the laity of Melbourne, and we are happy to be able to state that the first preliminary meeting took place in the Bourke Street School rooms, on Monday evening the 17th ultimo, when the Rev. Messrs. Thomas Augustus Strong, Samuel Edward Blomefield, and John Herbert Gregory, and Mr. James Aaron Clowes met a body of young men, and considered with them a set of rules for the future guidance of the Society. These rules having been agreed upon, will be shortly published. The attendance, owing to the unfavourable state of the weather, was smaller than we had hoped to have seen, but all who were present took much interest in the proceedings, and willingly enrolled themselves as members of the new Society.

The rules, with a list of the names of the Officers, and Members of the Committee, will be laid before our readers in our next number. All particulars relating to the Society, with copies of the printed rules, will be furnished by Mr. Baker, Church of England Book Depot, Swanston Street.

An opening lecture to the members and friends of this Society was delivered on Thursday evening, the 15th ultimo by the Lord Bishop of the Diocese.

His Lordship, after remarking upon the importance of the season of youth, its susceptibility of impressions either for good or evil, and its peculiar wants and dangers, proceeded to point out the value of such a Society for promoting a friendly intercourse and Christian communion among intelligent young men, preserving them from the danger of associating with dissipate companions, stimulating them to the improvement of their minds and the acquisition of useful knowledge, and encouraging them to make a bold profession of their Christian principles.

He then went on to consider the objects of the Society, and the means by which it proposed to attain those objects, as stated in its rules. His Lordship particilarly dwelt upon the value of the proposed meetings every fortnight for the consideration of select subjects, as affording to the members profitable objects for thought and reading; tending, by the habit of speaking and writing, to give them greater clearness of conception, power of arrangement, and facility of expression; increasing their stock of useful knowledge; enabling them to form a due estimate of their own abilities; and lastly, exciting them to exertion by a laudable emulation. These advantages, however, he reminded his hearers, would depend upon the choice of suitable subjects; the previous pains bestowed by the several speakers in the study of them, particularly by him who had undertaken to open the discussion; and the calmness and good temper with which the discussions were conducted. He cautioned the members against attempting to speak at length without previous reading and reflection; adding that those who did so, could not expect either to do good or to get good. He observed, that it would be the especial duty of the person who opened any subject to take a clear and comprehensive view of the whole; and that no one should undertake this duty, who was not prepared to give due attention to it.

His Lordship also spoke strongly of the importance of a reading room, which would greatly promote the intercourse of young men of sound principles and congenial tastes with one another; and also enable them to employ profitably and agreeably much time which would otherwise be lost, or perhaps worse than lost.

After noticing other advantages which might be expected to accrue from this Society, his Lordship referred to the remarks of Mr. Nasmith which were inserted in our last number, and read them to the meeting, particularly directing attention to the causes assigned by Mr. Naismith for the failure of some similar societies.

The Bishop concluded his address by expressing his earnest prayer for the prosperity of the Society; and his hope, that, as Geelong had already followed, so likewise Portland and Belfast, and other rising towns in the Province, would shortly follow the example of Melbourne. There was a numerous and attentive audience; and we trust, that the lecture will promote the usefulness of the Society, both by increasing the number of its members, and by reminding those who join it of the care and diligence requisite to maintain its efficiency. The objections against admitting as members those who do not belong to our communion, were noticed by the Bishop. We would however remark, that the rules do not exclude such persons; only from the nature and objects of the Society it may be supposed that subjects peculiarly relating to the Church of England will occasionally be discussed, and the discussion of them must be conducted on the assumption that all present are attached to its doctrines and general constitution. We imagine, that, if any young men of other denominations should wish to join the Society upon this understanding, the Committee would not be unwilling to admit them.