[To the Editor of the SPECTATOR.] SIR,—The scheme suggested in
your article of March 10th is very attractive. Whilst agreeing in it generally, may I make the following remarks ?
If life membership represents merely the annual sub-. scription capitalized, the life member could hardly claim any rights denied to the annual subscriber. This, I think, is recognized in societies which have life and annual members.
Would it be possible to raise the cost of life membership so as to cover not only the issue of the Spectator, but also a small financial interest in the undertaking so limited as to
leave the control in the hands of the proprietor ? By this means life members would have a stepping-stone, in case of a change in the proprietorship of the paper, towards exercising the right of pre-emption, a proportion of the funds required being already in their hands. The life member's
financial interest would be inseparable from his subscription to the Spectator, and would lapse on his death, unless renewed by his heir-at-law.
The advantages I see are (1) the interests of the Spectator would be widespread, each share being of small value; (2) they
would be to a great extent in the hands of the readers; and (3) security would be provided against any radical change in the character of a paper which gives to the public that which they can obtain from no other source.—I am, Sir, &c., J. K. TnorrEa.
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