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ever really the same. This circumstance alone would entitle a good collection of MSS. to very high consideration on the part of book-collectors. But, in addition to the great expense of such a collection, there is another and even more serious drawback. It is sometimes impossible, and is often extremely difficult, to tell whether a MS. is perfect or not.

This difficulty can only be got over by an amount of learning on the part of the collector to which, unfortunately, he is too often a stranger. On the other hand, the advantages of collecting MSS. are sometimes very great.

In addition to the pleasure—a pleasure at once literary and artistic—which the study of illuminated MSS. affords, there is the certainty that, as years go on, the value of such a collection increases in a proportion altogether marvellous.

I will take two examples to prove this point. Some years ago an eminent collector gave the price of £30 for a small French book of Hours, painted in grisaille. It was in a country town that he met with this treasure, for a treasure he considered the book, in spite of its being of the very latest school of illumination. When his collection was dispersed a few years ago this one book fetched £260.

In the celebrated Perkins sale, in 1873, a