Went to the Bannatyne Club; and on the way met Cadell out of breath, coming to say he had bought the copyrights after a smart contention. Of this to-morrow. There was little to do at the club.
Afterwards dined with Lord and Lady Abercromby, where I met my old and kind friend, Major Buchanan of Cambusmore. His father was one of those from whom I gained much information about the old Highlanders, and at whose house I spent many merry days in my youth.[96] The last time I saw old Cambusmore was in——. He sat up an hour later on the occasion, though then eighty-five. I shall never forget him, and was delighted to see the Major, who comes seldom to town.
December 20.—Anent the copyrights—the pock-puds were not frightened by our high price. They came on briskly, four or five bidders abreast, and went on till the lot was knocked down to Cadell at L8400; a very large sum certainly, yet he has been offered profit on it already. For my part I think the loss would have been very great had we suffered these copyrights to go from those which we possessed. They would have been instantly stereotyped and forced on the market to bring home the price, and by this means depreciated for ever, and all ours must have shared the same fate. Whereas, husbanded and brought out with care, they cannot fail to draw in the others in the same series, and thus to be a sure and respectable source of profit. Considered in this point of view, even if they were worth only the L8400 to others, they were L10,000 to us. The largeness of the price arising from the activity of the contest only serves to show the value of the property.[97] Had at the same time the agreeable intelligence that the octavo sets, which were bought by Hurst and Company at a depreciated rate, are now rising in the market, and that instead of 1500 sold, they have sold upwards of 2000 copies. This mass will therefore in all probability be worn away in a few months and then our operations may commence. On the whole, I am greatly pleased with the acquisition. If this first series be worth L8400, the remaining books must be worth L10,000, and then there is Napoleon, which is gliding away daily, for which I would not take the same sum, which would come to L24,200 in all for copyrights; besides L20,000 payable by insurance.[98] Add the value of my books and furniture, plate, etc., there would be L50,000. So this may be considered my present progress. There will still remain upwards of L35,000.