Paved with Gold.

Ashburton Guardian, Volume 2, Issue 276, 23 February 1881, Page 2

Paved with Gold.

Perhaps the literal truth of the old saying that London streets are paved with gold was never better illustrated than by the account of the futile efforts of the members of Lloyds’ to obtain a new site for the new buildings which that corporation propose to erect. Finding their present accommodation insufficient, the underwriters instructed a special committee of their number to ascertain on what terms 33,000 superficial feet of land in the north-west corner of the present site of Leadeohall Market, comprising the angle of Gracechurch street and Leadenhall street, might be purchased. Their report is more cheerful reading to those who own land in London than to the less fortunate people who are compelled by the exigencies of business to buy it. Lloyds’ committee, in pursuance of their commission, addressed themselves to the City Lands Committee, who are the official trustees of the property in question, and thereupon ensued a lively controversy between the underwriters and the councilmen, each party wishing the other to “ make a price.” In the end the committee of Lloyds’ offered L 200,000 for the freehold of 33,000 feet. This being declined they raised their bid to L 247,00o —a sum equivalent to L 7 1 os. per square foot. But even this offer was declined, the City Lands Committee at the same time informing the committee of Lloyds’ that they valued the ground in question at “about L 350,000,” and had, moreover, determined to accept a proposal from the present tenants to take it on a building lease. Under the circumstances the negotiations ended, and the underwriters are still in search for a site within a reasonable distance of the Bank of England, which can be bought for something less than ten guineas the square foot