The Committee of the London Library are asking for a
subscription of £5,000, on the ground that their collection of books has become of such magnitude as to be almost of national importance. They now possess one hundred and sixty-eight thousand volumes, and it is impossible to house them properly without new buildings, which will cost them £17,000. They can raise £12,000, but wish their friends and supporters to give the remainder. The request is reasonable enough, for the library is invaluable to those who use it ; but we would venture to suggest an alternative. The security the Committee have to offer—a great freehold in St. James's Square—is perfect, as good as Consols, and there is surely some rich man about who would lend them £17,000 at 2i per cent.,k irreducible for twenty years. We believe the offer would be
jumped at; and as they are proposing to pay 31 per cent., the saving would cover the £5,000 they wish to obtain by subscription. Holders of perfect security fail to recognise the eagerness with which investors will accept low rates if they are not to be paid off.
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