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Balloon exhibition at the Birmingham Festival.--On Tuesday evening, in the interval between the musical performances, Mr. Gypson, the aeronaut, ascended with his handsome balloon from the grounds of the Crown Inn, Birmingham, in the presence of a large concourse of spectators. On this occasion he brought into operation his new safety valve, of which a description was lately given, so placed at the top of the balloon that on nearing the earth after an ascent the machine can be at once exhausted of the gas and rendered stationary, without the risk of rebounding or dragging along the ground, as formerly. Some improvements had rendered the valve perfect since its previous exhibition, and the aeronaut so confidently relied upon it, that, considering the grappling-iron and cable unnecessary incumbrances, he ascended without them, taking instead an additional quantity of ballast. After a pleasant voyage he, and a fellow traveller from Birmingham, arrived over Martocke-park, and by means of the new valve were enabled with the utmost facility to descend, from an elevation of half a mile, within 50 yards of Martocke Castle, where they alighted with perfect safety, much to the gratification of the owner, the Hon. Captain Dilk, and a party of the nobility and gentry who had just returned from the musical festival. The travellers were most hospitably entertained at the castle, and afterwards returned to Birmingham.