THE ENGLISH COPYRIGHT COMMISSION. 447 



tively, theo, we may say that there is a natural cheapening of books, go- 

 ing as far as trade-profits allow; as there is a natural cheapening of other 

 things. Conversely, I mean by artificial cheapening, that kind which 

 is anticipated from the measure proposed ; for it is expected by means 

 of this measure to make publishers issue books at lower rates than they 

 otherwise do. And this is essentially a proposal to make them publish 

 at a relative loss. If, as already argued, the average rates of publishers' 

 profits are not above those of ordinary business-profits, these measures 

 for lowering their prices must either drive them out of the business or 

 be inoperative. To put the point briefly — if there is an obvious profit 

 to be obtained, publishers will lower their prices of their own accord ; 

 and the proposed competitive system will not make profits obvious 

 where they were not so before. 



Q. But if there was free competition on the payment of the author's 

 royalty, might it not be that another publisher would be led to issue a 

 cheap edition when the original publisher would not ? 



A. I see no reason to think this. The assumption appears to be 

 that everybody but author and original publisher can see the advantage 

 of a cheap edition, but that author and original publisher are blind. 

 Contrariwise, it seems to me that the original producers of the book 

 are those best enabled to say when a cheap edition will answer. The 

 original producers of the book know all the data — number sold, cost, 

 return, etc. ; and can judge of the probable demand. Another pub- 

 lisher is in the dark, and it does not seem a reasonable proposition 

 that the publisher who is in the dark can best estimate the remuner- 

 ativeness of a cheap edition. If it is hoped that, being in the dark, he 

 may rashly venture, and the public may so profit, then the hope is that 

 he may be tempted into a losing business. But the public can not profit 

 in the long run by losing businesses. 



Q. {Sir H. Holland). Take the "Life of Lord Macaulay"; you 

 know that Tauchnitz has published a cheap edition in four volumes — a 

 very neat edition, good paper and good print. Is it not possible that 

 if this system of royalty is introduced, without considering whether the 

 author would lose by it, a cheap edition like that would be put upon 

 the market at once, and would pay the publisher ? 



A. It is possible that it would be done earlier than it is now done. 

 I take it that the normal course of things is that, first of all, the dear 

 edition should be published and have its sale, and supply its market, 

 and that then, when that sale has flagged, there should come the aim to 

 supply a wider market by publishing a cheap edition. 



Q. You are aware that one of the advantages which the advocates 

 of this royalty system most strongly dwell upon is that under the pres- 

 ent system the great mass of the reading public are not able to pur- 

 chase the books ; those who have the advantage of circulating libraries 

 can get them and read them, but poorer persons can neither purchase 

 nor read tliem, whereas under the other system an edition like Tauch- 



