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This fragment of a catechism appeared in Notes and Queries June 27, 1868, with a request for information as to its origin, to which no reply seems to have been made.
A Catechism for Londoners.
Q. What is a Premium?
A. Premium is a Latin word meaning “prize” or “reward.” In London this reward is given by Landlords to themselves out of the money of incoming Tenants.
Q. Is a Premium a prize for good conduct?
A. Exclusively so. The good conduct consists in allowing Tenants to live in London at all.
Q. Is the moment when a house is taken the only occasion on which a Premium is exacted?
A. Not at all. When a lease expires, Landlords, especially Ducal ones (see Mr. Platt’s evidence before the Parliamentary Committee), often refuse to renew without a heavy Premium.