This excessive rate of profit has drawn into the book trade a
larger share of capital than was really advantageous; and the
competition between the different portions of that capital has
naturally led to the system of underselling, to which the
committee above mentioned are endeavouring to put a stop.(4*)
399. There are two parties who chiefly suffer from this
combination, the public and authors. The first party can seldom be
induced to take an active part against any grievance; and in fact
little is required from it, except a cordial support of the
authors, in any attempt to destroy a combination so injurious to
the interests of both.
Many an industrious bookseller would be glad to sell for 5s.
the volume which the reader holds in his hand, and for which he
has paid 6s.; and, in doing so for ready money, the tradesman who
paid 4s. 6d. for the book, would realize, without the least risk,
a profit of eleven per cent on the money he had advanced. It is
one of the objects of the combination we are discussing, to
prevent the small capitalist from employing his capital at that
rate of profit which he thinks most advantageous to himself; and
such a proceeding is decidedly injurious to the public.
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