respective publishers for the books ordered. You may meet them at all hours between Paternoster Row and the West. Each collector has a long bag on his back filled with books he has been buying, and a book in his hand which contains entries of what he requires. Some houses make a charge of five per cent. for collecting; those who do not do so give their country clients but a month’s credit. The profits of the London houses are not large; they get 13 copies of a work for 12, or 26 charged as 25, and then sell them to the trade at their cost price, 25 per cent. off publishing price. If they are the publishers as well they have the extra profit of ten per cent. for publishing. If a book sells to any extent, the publishers and the trade do well, much better than the poor author, whose obligations to the trade are not great. Let me add that the publishers may do an author a little benefit when they subscribe his book. This is done in the following manner: the publisher, when he has a new book, sends it round to the trade, stating the publishing price, and the terms at which he will supply it to the trade. A paper is sent round with it for subscriptions; the large houses, if the book be likely to sell well, subscribe for, in some cases, 2,000 or 3,000 or 4,000 copies, and thus a good sale is secured at first. The advantage of the subscription is, that the trade have a quarter’s credit, whereas in their usual transactions they pay cash. This is almost the only speculative part of the business of the houses that do not publish on their own account. It is clear that occasionally they may encumber themselves with a book which does not sell, and for which there is no demand, but this is very rarely the case. The gentleman who buys for the house is generally wide awake, and will not order a single copy more than he thinks he can sell with advantage, and at once.