Fields_, "near London," and termed the Conduit Close. These eight acres
were of trivial value at the period; and in 1653, the trustees of the
property paid the schoolmaster a salary of 12_l_. a year, and each of the
alms-men 7_s_. 7_d_. In 1686, the Lamb's Conduit property was leased for
fifty years at 50_l_. per annum. The metropolis increased, and stretching
one of its _Briareusian_ arms in this direction, the once neglected field
rose in value, and in 1702 (thirty-four years before the expiration of the
above term) the trustees granted a fresh lease to William (afterwards Sir
William) Milman, of forty-three years, to commence at the termination of
the former lease. Building was not then a mania, and Sir William obtained
his term for 60_l_. per annum; so that until the year 1780, the annual
produce of the estate belonging to the Rugby charity, was only 116_l_.
17_s_. 6_d_.! But, shortly after the grant of an extended term to Sir W.
Milman, handsome streets of family houses sprung up, and it was computed
that a ground-rent of at least 1,600_l_. would accrue to the charity on
the expiration of his lease. A much greater income has, in fact, arisen,
and the revenues will be materially increased on the termination of the
present leases.

The flourishing finances of this noble institution are well managed by
twelve trustees, chosen from the nobility and gentry of the country.[1]

The ancient buildings of the Rugby seminary were a humble tenement for the
schoolmaster, a principal school-room, and two or three additional
school-rooms, built at different times, as the finances would allow. These
being found too limited, in 1808 the trustees commenced the erection of
the present structure, from the designs of Mr. Henry Hakewill. It stands
nearly on the same spot as the former humble building, and is composed of
white brick, the angles, cornices, and dressings to the windows and
openings being of Aldborough stone. The style of architecture is that of