How do you lot pronounce library, btw? ... ducking for cover

From Gilbert and Sullivan's Iolanthe (the Fairy Queen, followed by the Lord Chancellor):

Oh! Chancellor unwary
It's highly necessary
Your tongue to teach / Respectful speech--
Your attitude to vary!
Your badinage so airy,
Your manner arbitrary,
Are out of place / When face to face
With an influential Fairy.

A plague on this vagary,
I'm in a nice quandary!
Of hasty tone /With dames unknown
I ought to be more chary;
It seems that she's a fairy
From Andersen's library,
And I took her for / The proprietor
Of a Ladies' Seminary!

[ducking for cover -e]