On the other hand, the remarks of the sevenpenny publishers themselves are not undiverting. I have heard from dozens of people in the trade that Messrs. Nelson could not possibly make the sevenpenny reprint pay. I have never believed the statement. But the Shaw and Co. report makes Messrs. Nelson give as one reason for not abandoning the sevenpenny enterprise the fact that "the machinery already in existence is too costly to be abandoned." Which involves the novel maxim that a loss may be too big to be cut! Were their amazing factory ten times as large as it actually is, Messrs. Nelson would have to put it to other uses in face of a regular loss on their sevenpennies. However, there is no doubt in my mind that the enterprise is, and will be, remunerative. The Shaw and Co. report is of the same view. Did the mandarins imagine that they were going to stop the sevenpenny, that anything could stop it? I suppose they did! More agreeably comic than the attitude and arguments of the publishers are the attitude and arguments of the booksellers. But the largest firms, Smith and Son and Wymans, "do not find that the sevenpenny has interfered with the 6s. novel." Be it noted that Smith and Son are now the largest buyers of 6s. novels in England. * * * * * In the Shaw and Co. report, in the arguments of publishers, in the arguments booksellers, not a word about the interests of the consumer! Yet the consumer will settle the affair ultimately. That the price of new novels will come down is absolutely certain. It will come down because it is ridiculous, and no mandarinic efforts can keep it up. In the process of readjustment many people will temporarily suffer, and a few people will be annihilated. But things are what they are, and the consequences of them will be what they will be. Why, therefore, should we deceive ourselves? I quite expect to suffer myself. I shall not, however, complain of the cosmic movement. The auctorial report (which, by the way, is full of common sense) envisages immense changes in the book market. I agree. And I am sure that these changes will come about in the teeth of violent opposition from both publishers and booksellers. The book market is growing steadily. It is enormous compared to what used to be. And yet it is only in its infancy. The inhabitants of this country have scarcely even begun to buy books. Wait a few years and you will see! MEREDITH [_27 May '09_]