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 interest 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 editions, 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 percentage 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. (Mr. 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 proposed 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 described; 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 doings, there must from time to time occur in the business of each publisher 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-
