Thirdly, it has been pretended that this high rate of profit is necessary to cover the risk of the bookseller’s having some copies left on his shelves; but he is not obliged to buy of the publisher a single copy more than he has orders for:  and if he do purchase more, at the subscription price, he proves, by the very fact, that he himself does not estimate that risk at more than from four to eight per cent.

393.  It has been truly observed, on the other hand, that many copies of books are spoiled by persons who enter the shops of booksellers without intending to make any purchase.  But, not to mention that such persons finding on the tables various new publications, are frequently induced, by that opportunity of inspecting them, to become purchasers:  this damage does not apply to all booksellers nor to all books; of course it is not necessary to keep in the shop books of small probable demand or great price.  In the present case, the retail profit on three copies only, namely, 4s. 6d., would pay the whole cost of the one copy soiled in the shop; and even that copy might afterwards produce, at an auction, half or a third of its cost price.  The argument, therefore, from disappointments in the sale of books, and that arising from heavy stock, are totally groundless in the question between publisher and author.  It shold be remarked also, that the publisher is generally a retail, as well as a wholesale, bookseller; and that, besides his profit upon every copy which he sells in his capacity of agent, he is allowed to charge the author as if every copy had been subscribed for at 4s. 2d., and of course he receives the same profit as the rest of the wholesale traders for the books retailed in his own shop.

394.  In the country, there is more reason for a considerable allowance between the retail dealer and the public; because the profit of the country bookseller is diminished by the expense of the carriage of the books from London.  He must also pay a commission, usually five per cent, to his London agent, on all those books which his correspondent does not himself publish.  If to this be added a discount of five per cent, allowed for ready money to every customer, and of ten per cent to book clubs, the profit of the bookseller in a small country town is by no means too large.

Some of the writers, who have published criticisms on the observations made in the first edition of this work, have admitted that the apparent rate of profit to the booksellers is too large.  But they have, on the other hand, urged that too favourable a case is taken in supposing the whole 3000 copies sold.  If the reader will turn back to section 382, he will find that the expense of the three first items remains the same, whatever be the number of copies sold; and on looking over the remaining items he will perceive that the bookseller, who incurs very little risk and no outlay, derives exactly the same profit per cent on the copies sold, whatever their numbers may be.