In publishing new books, the following are the items of 'outlay which need to be taken into account : Copyright, paper, setting up the types, author's corrections, stereo typing, press-work or printing, embellishments, binding. advertising, presentation copies to editors for review, and to public institutions in terms of the copyright set. When the author retains the copyright, the publisher charges, besides the above items for printing, etc., a commission on the sales of the work. New books are issued at a cer tain selling price to the public, and the publisher allows a percentage off the price to the retail bookseller. In a large proportion of cases, there is interposed the commission agent. Several London publishers have commission-agents in the principal towns, to whom they consign quantities of each work to be sold to the retail dealers; and in the same way, provincial publishers having agents in London, it happens that the book-trade is largely and necessarily carried on through middlemen. These individuals, of course, receive a commission adequate to remunerate them, after giving the ordinary publisher's allowance to the retailer.
It is usual, on issuing new books, for publishers or their agents to send out the work to be "subscribed " among the trade. A copy of the new work is shown by way of sample, and the subscription paper bears the selling price, and the price at which copies are offered. Besides making the trade acquainted with the day of publication of works which have been some time expected, this practice offers an opportunity for speculating. As an encouragement to do so, the work is offered at a somewhat lower rate than is after• wards allowed. By subscribing for books in this manner, and also by me:ms of "trade sales," commission houses in the Row ordinarily put themselves in possession of the works issued by publishers in other parts of London.
Trade sales, which are now less common than formerly, are conducted in the follow ing manner. A publisher, wishing to dispose of his stock, issues a catalogue to the mde, stating the reduced price of each book, as well as the length of credit offered; and that the sale is to take place in a tavern specified. on a certain day for which an invita tion is given. At the appointed time and place, a handsome dinner is on the Inble, and perhaps from eighty to one hundred and fifty guests are assembled. Nothing is said about business during dinner, but with the wine and glasses afterwards, and amidst no little good-humor, the sale begins. Etta book being called "over, every person has an opportunity of saying how many copies he will take. Occasionally, a toast is proposed, in order to maintain the hilarity of the meeting.
At these sales, it is not unusual to dispose of "remainders of books," that is, fag-ends of editions which are not moving .off with sufficient alacrity in the ordinary course of
trade. Remainders are either offered in small quantities at a very reduced price, or they are sold in the lump by auction. Purchased cheaply, these remainders aro henceforth known as "books with broken prices." iMany of the new-looking books ticketed at cheap booksellers are portions of these remainders. In some instances they are sent to the colonies, in the hope of finding a market. At these trade sales it is common to do business to the extent of from £5000 to £10,000; in the case of one publishing house, the amount is usually, at a half-yearly sale, from £12,000 to £15,000; and in another, being an annual sale, it is seldom less than £26,000. To avoid the seemingly useless outlay on a dinner, some publishers rely on the circulation of "sale catalogues," com prising offers at tempting prices, provided that orders are given within a certain day. Vast quantities of school-books of good reputation, and other works permanently in demand, are bought by London commission-houses in this manner annually.
Throughout the more respectablo part of the trade, there is a constant effort to main unbroken prices; but when a book can be obtained by booksellers below trade-price, it is essentially ruined for all regular business. On the other hand, there has sprung up a practice amongst some retail booksellers of selling new books to the public at prices little above cost. This system of underselling has caused much disquietude in the trade. For a king time, resolute attempts were made: by the heads of the profession to refuse to deal with midersellers; but these, appealing to the public, ultimately conquered; and now books of all kinds are disposed of at such prices as the bookseller pleases. In one sense, this underselling is unjust to the publisher, who has his wares sold cheap, with wit the jclat and solid benefit which he might derive from fixing on them such low prices, as would induce a large sale. Whether publishers will in time fall on the expe diest of lowering nominal selling-prices, at the same time lessening allowances. or whether they will altogetherdrop the marking of prices, are questionson which we need not enter. Enough has been said to show that, after making all ordinary deductions, to which losses, etc., may be added, publishers can reckon on receiving Hale more than half the price at which their books arc nominally issued. To limit impressions as nearly as possible to the demand, is always a matter of serious consideration to the publisher; for, unlike most other kinds of goods left on hand, the overplus stocks of books are often nearly valueless. On this account, books are seldom scut out on sale or return except to commission-agents.