1829.] Literary Property. 611 
Indeed, the price of a book appears to us to be a good deal dependant 
upon circumstances not very different from those which regulate the rate 
at which an annuity is sold. Whenever a book is first brought into the 
market, the price will necessarily be, to some extent, adjusted by a 
comparison to other works of similar pretensions. But then, it must be 
remembered, that while there are so many of these, all vying with each 
other, and such numerous competitors, each eager to push those pub- 
lished by himself into circulation, the result will be a general tendency 
to adjust the prices of the whole at the lowest point which will return 
the ordinary profits on capital. Of course, the more extensive the circu- 
lation, or what amounts to nearly the same thing, the longer it continues, 
the lower down on the scale will this point be ; just as the better the life 
on which it is to be granted, the less will be the annuity which a pur- 
chaser will be content to take in return for any given purchase-money. 
Such is the sensitiveness of the public on the point, that those not con- 
versant with the book-trade could scarcely conceive how trifling an 
addition to the price of a book would operate in deterioration of its sale. 
** Suppose an octavo book,” is asked Mr. Baldwin, by the committee of 
1818, “ of 400 or 500 pages, which sells at nine or twelve shillings: 
would an addition to the price, of sixpence, materially injure the sale ?” 
He answers—* In some instances it might operate prejudicially, though 
it would not be so material an addition as to a book of 5s. 6d. ; but, still, 
I think i would be prejudicial to the sale; and particularly, im a popular 
work, it may be considered such an addition as to operate as an objection 
to the work.” —Min. of Ey. p. 45. There is abundance of other evidence 
to the same effect. 
But although we admit that a rise in price would be a calamity for 
which even an increase of production could scarcely compensate, it must 
not be forgotten that there is every reason to presume that the narrow- 
ness of the present term of proprietorship conduces to keep many works 
from coming into existence.— ~ 
“Tt is a fact,’ says Mr. Maugham, “ proved by indisputable evidence 
before a committee of the House of Commons, that many important works of 
an expensive nature have not been published, owing to the hardships imposed 
by the law. A great part of that hardship is attributable to the heavy tax of 
the eleven presentation copies for the public libraries (which we shall pre- 
sently examine)—but much also of disadvantage arises, even as regards those 
costly publications, from the limitation of time.” p. 193. 
We confess we think it impossible to read the evidence without coming 
to the same conclusion—nor when it is remembered at what immense 
cost, both of money and labour, many works are brought into being— 
how high-priced these must necessarily be—and how protracted, conse- 
quently, the period to bring them into a remunerating circulation, we do 
not see how any person could require any further demonstration of the 
fact, than that which he would get by walking into a bookseller’s shop, 
and looking over his catalogue of standard books. Milton said of Truth 
that it was like a bastard, at its birth, so little credit did it draw down on 
those who brought it forth ; and, assuredly, it is too much the fate of all 
truth long to have to shine in darkness, while “the darkness compre- 
hendeth it not.” It must necessarily, therefore, occasionally happen, 
that, some books which stand out beyond the age in which they are 
written, accident may serve to repress the circulation of others ; and 
thus, beside the class to which we have just been alluding, there will 
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