In the fifth number of B.C.Q., issued in January 1932, we ventured to predict that, of the two standards of value then confronting the world the world, precedent and common sense alike suggested that the lower standard would prevail, and in consequence we urged 'book collectors who have dollar incomes' to take advantage of the depreciation of sterling, which offered them 'a market condition which cannot last, and in all probability will never recur'.

Editorial and club notes.