Among the proposals in 1825, a year prolific of projects, there is one for a Joint Stock Company or _Society for the Encouragement of Literature_; the capital to be £100,000. in shares of £25. to be increased, if advisable; shareholders to be allowed to subscribe at par; each shareholder to be entitled to a copy of every work published by the society, at two-thirds of the publication price; interest 5 per cent., to be paid half yearly on the instalments subscribed; a deposit of £1. per share to be paid on subscribing, the remainder by instalments as the extension of the society’s concerns may demand; of the profits one-fourth to form a fund for the benefit of authors, at the discretion of the society; two-fourths to be divided among the proprietors annually; the remaining one-fourth to accumulate into a perpetual triennial fund, to meet unforeseen expenditure, the possibility of loss, &c. &c. &c. There is not one word about the _Encouragement of Literature_ beyond the title. This absence is the most intelligible part of the proposals. There was a _Society for the Encouragement of Learning_, established in May, 1736. The duke of Richmond was president, sir Hugh Smithson, (afterwards duke of Northumberland,) and sir Thomas Robinson, bart., were vice-presidents. The trustees were the earl of Hertford, earl of Abercorn, Harley, earl of Oxford, earl Stanhope, lord Percival, Dr. Mead, Dr. Birch, Paul Whitehead, Ward, the professor at Gresham college, Sale, the translator of the Koran, and other really eminent men; Alexander Gordon, the author of “Iter Septentrionale,” a “History of Amphitheatres,” and other learned and antiquarian works, was their secretary. In the December of the same year Gordon wrote a letter to Dr. Richardson, master of Emanuel college Cambridge, soliciting his interference with Dr. Conyers Middleton, to obtain for the society the publication of the life of Cicero. “They have already entirely paved the way for the reception of authors,” says Gordon; “appointed booksellers for their service; settled the regulations concerning printers, and the printing part;” and, “in fine _nothing is wanting but to set out with some author of genius and note_.” Dr. Middleton chose to publish his life of Cicero with a bookseller, notwithstanding an army of really great names had made all those arrangements, and courted him to their encouragement. In the outset of this society Mr. Clarke in a letter to Mr. Bowyer expressed his conviction, that “it must be at last a downright _trading_ society,” and said “I hope you will take care to be one of their printers, for there will certainly be a society for encouraging _printing_.” Mr. Bowyer took the hint, and printed for them. The security was good, because each member of such a society is answerable individually for its debts. At the end of three years “Dr. Birch, as treasurer to the society, handed over to Mr. Stephen le Bas, his successor in office, the astonishing balance of 59_l._ 3_s._ 9½_d._