For some two centuries from the time of Fell the Press was partly controlled by private partners; since the last of these was bought out by the efforts of Bartholomew Price, the University has been completely master of all its printing and publishing business. The Press to-day has no shareholders or debenture-holders, and subserves no private interest. On the other hand it possesses virtually no endowment. The whole of its great business has been gradually built up by the thrifty utilization of profits made by the sale of its books or in a minor degree from work done for outside customers. The maintenance of the Learned Press, with its output of scholarly and educational books, many of which are in their nature unremunerative, depends and has always depended upon the profitable management of the publications of the Press as a whole. In the last century the revenue devoted to learning was supplied mainly from the sale of Bibles and Prayer Books; but changing conditions led the managers of the Press to the conclusion that if the promotion of education and research were to keep pace with the growing volume and range of the demand, it would be necessary to expand the general activities of the business in many directions. In prudent pursuance of a far-sighted policy, the overseas Branches of the Press were established to increase the sale of Oxford books; new departments of the publishing business were created, such as the very extensive series of cheap editions of the English Classics, and, more recently, the Oxford Elementary Books and the Oxford Medical Publications; and in the course of years the publications of the Learned Press itself have gradually become more popular in character and addressed to a wider audience. In the event, the Press to-day possesses a business of such magnitude and variety as will, it may be hoped, enable it to surmount the formidable obstacles which the increased cost of manufacture opposes to the production of all works of learning.