through two hands this book has produced a profit of forty-four per cent. This excessive rate of profit has drawn into the book-trade a larger share of capital than was really advantageous; and the competition between the different portions of that capital has naturally led to the system of underselling, to which the committee above-mentioned are endeavouring to put a stop.[O 1]
(399.) There are two parties who chiefly suffer from this combination,—the public and authors. The first party can seldom be induced to take an active part against any grievance; and in fact little is required from it, except a cordial support of the authors, in any attempt to destroy a combination so injurious to the interests of both.
Many an industrious bookseller would be glad to sell for 5s. the volume which the reader holds in his hand, and for which he has paid 6s.; and, in doing so for ready money, the tradesman who paid 4s. 6d. for the book, would realise, without the least risk, a profit of eleven per cent. on the money he had advanced. It is one of the objects of the combination we are discussing, to prevent the small capitalist from employing his capital at that rate of profit which he thinks most advantageous to himself; and such a proceeding is decidedly injurious to the public.
(400.) Having derived little pecuniary advantage
- ↑ The Monopoly Cases, Nos. 1, 2, and 3, of those published by Mr. Pickering, should be consulted upon this point; and, as the public will be better able to form a judgment by hearing the other side of the question, it is to be hoped the Chairman of the Committee (Mr. Richardson) will publish those Regulations respecting the trade, a copy of which, Mr. Pickering states, is refused by the Committee even to those who sign them.
