456 THE POPULAR SCIENCE MONTHLY. 



Q. I am anxious, as Mr. King is not here, to get your own opinion 

 upon that point : do you concur in his views ? 



A. Yes, certainly. 



Q. {Chairman). Have you any further reasons for thinking that 

 measures of the kind which we have been discussing, taken in the in- 

 terest of cheapening books, might end in doing the reverse ? 



A. I think there is another way in which there would be a general 

 operation of this system of rival editions, which would have, indirectly, 

 the effect of raising the prices all round ; namely, the waste of stock. 

 It would inevitably happen that every publisher of an original edition 

 would, from time to time, have a rival edition make its appearance before 

 his edition was sold. In that case his remnant of an edition, gotten up 

 in a relatively expensive style, would either have to be not sold at all 

 or sold at a sacrifice. Further, it would happen from time to time 

 that two publishers, unknown to one another, would issue rival edi- 

 tions, both of which would not be demanded ; there would therefore 

 be a waste of stock. Evidently the system of competing with one 

 another in the dark would continually lead to production in excess of 

 demand. What would be the result ? If there is an increased per- 

 centage of waste stock, that has somehow to be paid for, if business is 

 to be carried on at all. And as we know that tradesmen have to raise 

 their average prices to cover their bad debts, so, if publishers find an 

 increase of bad stock, they must raise their prices to cover the loss on 

 bad stock. 



Q. (ilTr. Trollope). Would not the ordinary laws of trade correct 

 such an evil ? 



A. This interference with the laws of trade would entail an abnormal 

 production of waste stock. Under the present system a publisher does 

 not publish a cheap edition till the other is gone ; but under the pro- 

 posed system, with cheap copies perhaps sent from the colonies, there 

 must be waste stock. 



Q. When the system had been in operation for a time, do you not 

 consider that that evil would correct itself by the ordinary laws of 

 trade ? We are aware that at first the disruption of an existing state 

 of things will create much confusion, and such evil as you have de- 

 scribed ; but are you not of opinion that this would rectify itself after 

 a time ? 



A. I do not see how it could rectify itself, if the system of rival 

 editions continued, and operated in the way that it is expected to do. 

 But as I have already indicated by certain hypothetical remarks, I do 

 not think it would continue and operate in that way. I say, however, 

 that if rival editions were issued by men not knowing each other's do- 

 ings, there must from time to time occur in the business of each pub- 

 lisher loss of stock. 



Q. {Chairman). From the answer to the last question that has 

 been put by Mr. Trollope, I gather it to be your opinion that the ar- 



