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and provide a sum of £750 for fitting up, altering and furnishing the building as a
library, and the Commissioners applied on the 13th August, 1891, to the Local
Government Board for their sanction to the borrowing of this sum on the security of
the Library Rate as provided by the Libraries Acts. On the 4th November, 1891,
the Board held a public inquiry on the proposal of the Commissioners, with the result
that on the 30th of January, 1892, the Board gave their sanction to the borrowing by
the Commissioners of the following sums for the following terms of years and purposes:-
£3,030 for 50 years for land in Kingsland Road and law expenses.
£1,250 „ 30 „ buildings in Kingsland Road.
£720 „ 15 „ furniture and fittings.
£,5000
On the 18th day of November, 1891, the Commissioners applied to the London
County Council asking them to lend the sum of £5,000 to the Commissioners, with
interest at 3½% per annum, repayable on the annuity principle, that is by equal annual
instalments of principal and interest combined, as the Commissioners thought the
instalment principle which throws the heaviest burden on the present generation of
ratepayers was an unfair principle to adopt in this case where the improvement is to be
a lasting one and the property more likely to increase than decrease in value. If the
instalment principle had been adopted the Commissioners would have had only £100 a
year left for purchasing books for this library after the payment of other expenses,
whereas, by the adoption of the annuity principle the amount available for books is £165
per annum. After a delay of about four months the Commissioners were very disappointed
to find that although tbe London County Council were desirous of lending the money to
be repayable on the annuity principle Her Majesty's Treasury would only give their
consent to repayment on the instalment principle. The Commissioners deemed the
question of such importance to their work that they resolved to apply to the Prudential
Assurance Company for the money, who advanced the sum of £5,000 in the amounts and
for the terms of years sanctioned, to be repayable on the annuity principle, with interest
at 3½% per annum on the 12th April, 1892. The long and vexatious delays caused by
the official departments, whose sanctions have had to be applied for, have seriously
hindered the Commissioners in their work, but they are pleased now to be able to
report that the conveyance of the Kingsland Road premises was completed by the Hon.
Secretary on the 11th April, 1892, and possession obtained. The Commissioners have
engaged Mr. Richard J. Lovell as the architect to superintend the alterations and fittingup
of the premises as a Library, and he has prepared the specification, and tenders have
been invited from several substantial builders.
In the Hoxton Division the Commissioners made efforts to obtain on favourable
terms the property known as Haberdashers' House, in Pitfield Street. The Haberdashers'
Company offered the property on a long lease for £300 a year, which they subsequently
reduced to £250 and then to £200. The latter figure seemed to the Commissioners to
be the full market value of the property, and they offered £125 per annum and appointed
a deputation to wait on the Company, who made an appeal to the Company to let them