what would be the result on your present returns, supposing losses to have been repaid?
A. Between two-thirds and three-fourths of those returns would be cut off. They would be reduced to little more than a fourth of their present amount.
Q. (Sir H. Holland). How do you arrive at that result?
A. By comparing the supposed percentage with the percentage I actually received.
Q. Assuming a royalty of ten per cent, upon the retail price?
A. Yes.
Q. (Chairman). Would it not be probable that the reduction in price of your books would so increase the sales that you would reap a larger return than you have supposed in the estimate that you have now given?
A. I think not, or very little. First of all, for the reason that the amount of reduction would not be anything like so great as at first sight appears. If a publisher issued rival editions of my books without my assent, on paying a royalty, he would only do so to make a profit beyond that which mere commission would bring. My present publisher is content with ten per cent, commission. A publisher who competed as a speculation would want to make his profit beyond the ten per cent, commission; as I ascertain, probably, at least a further ten per cent. Then there would be my own ten per cent, royalty. So that I find the reduction in price under such a royalty system would only be about fifteen per cent. That is to say, the reduction would be from 20s. to 17s. Now I am of opinion that a reduction of the price of one of my books by that amount would have but a small effect upon the sales, the market being so limited. Let me use an illustration: Take such a commodity as cod-liver oil, which is a very necessary thing for a certain limited class. Suppose it is contended that, out of regard for those to whom it is so necessary, retailers should be compelled to take a smaller profit, and you reduce the price by fifteen per cent. The consumption would be very little influenced, because there would be none except those who had it prescribed for them who would be willing to take it, and they must have it. Now take one of my books, say the "Principles of Psychology." Instead of calling it "caviare to the general," let us call it cod-liver oil to the general; I think it probable that if you were to ask ninety-nine people out of a hundred whether they would daily take a spoonful of cod-liver oil or read a chapter of that book, they would prefer the cod-liver oil. And if so it is quite clear, I think, that no lowering of the price by 3s. out of 20s. would in any considerable degree increase the number of persons who bought the "Principles of Psychology." The class is so limited and so special that there would be no increase of profit of a considerable kind in consequence of an increased number sold.
Q. (Mr. Trollope). But are there not many people who would have
