A melancholy Christmas, it seems! According to "a well-known member of the trade," the business is once again--the second time this year--about to crumble into ruins. This well-known member of the trade, who discreetly refrains from signing his name, writes to the _Athenaeum_ in answer to Mr. E.H. Cooper's letter about the disastrous influence of royal books on the publishing season. According to him, Mr. Cooper is all wrong. The end of profitable publishing is being brought about, not by their Majesties, but once more by the authors and their agents. It appears that too many books are published. Authors and their agents have evidently some miraculous method of forcing publishers to publish books which they do not want to publish. I am not a member of the trade, but I should have thought that few things could be easier than not to publish a book. Presumably the agent stands over the publisher with a contract in one hand and a revolver in the other, and, after a glance at the revolver, the publisher signs without glancing at the contract. Secondly, it appears, authors and their agents habitually compel the publisher to pay too much, so that he habitually publishes at a loss. (Novels, that is.) I should love to know how the trick is done, but "a well-known member of the trade" does not go into details. He merely states the broad fact. Thirdly, the sevenpenny reprint of the popular novel is ruining the already ruined six-shilling novel. It is comforting to perceive that this wickedness on the part of the sevenpenny reprint cannot indefinitely continue. For when there are no six-shilling novels to reprint, obviously there can be no sevenpenny reprints of them. There is justice in England yet; but a well-known member of the trade has not noticed that the sevenpenny novel, in killing its own father, must kill itself. At any rate he does not refer to the point.