LETTER XXXVII.

"Books, of all earthly things my chief delight;

66

My exercise by day, and dreams by night;

Difpaffion'd mafters, friends without deceit, "Who flatter not; companions ever sweet ;

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"With whom I'm always cheerful, from whom rife,
Improv'd and better, if not good and wife;
"Grave, faithful counsellors, who all excite,
"Inftruct and ftrengthen to behave aright;
"Admonifh us, when fortune makes her Court,
"And when she's abfent, folace and fupport.
66 Happy the man to whom ye are well known,
" "Tis his own fault if ever he's alone." ANONYMOUS.

DEAR FRIEND,

ALTHOUGH the result of

the plan which I adopted for reducing the price of books, as mentioned in my laft, was a vast increase of purchasers, yet at the fame time I found a prodigious accumulation of my expences; which will not appear ftrange, when I inform you, that I made proportionably large purchases, such as two hundred copies of one book, three hundred of another, five hundred of a third, a thou

fand

fand of a fourth, two thousand of a fifth,
nay, fometimes I have purchased fix thou-
fand copies of one book, and at one time I
actually had no less than TEN THOUSAND
COPIES of Watts's Pfalms, and the fame
number of his Hymns, in my poffeffion. In
addition to thefe, I purchafed very large
numbers of many thoufand different arti-
cles, at trade fales of all forts, as bankrupt
fales, fales of fuch as had retired from bufi-
nefs, others caused by the death of book fellers,
fales to reduce large stocks, annual fales, &c.
,that you may form fome idea, I must inform

you that at one of the above fales, I have
'purchased books to the amount of five thou-
'fand pounds in one afternoon. Not to men-
tion those purchased of authors, and town and
country bookfellers, by private contract, &c.
to a very confiderable amount. My expences
were also exceedingly increased by the ne-
ceffity I was under of keeping each article in
a variety of different kinds of bindings, to
fuit the various taftes of my cuftomers; be-
fides paying my bills for the above, I was
always obliged to find ready money to pay

for

for libraries and parcels of fecond-hand books, which after a while poured in upon me from

town and country. So that I often look back with astonishment at my courage (or temerity, if you pleafe) in purchasing, and my wonderful fuccefs in taking money fufficient to pay the extenfive demands that were perpetually made upon me, as there is not another inftance of fuccefs fo rapid and. conftant under fuch circumftances. Some indeed there have been, who for two or three years, purchased away very fast, but could not perfevere, as they were unable to fell with equal rapidity: for no one that has not a quick fale can poffibly fucceed with large numbers. For fuppofing that a bookfeller expends a thousand pounds in the purchase of four articles (I have often done that in only one article) and thefe are bought at a quarter the ufual price, the interest of the money is fifty pounds a year; befides which, fome allowance must be made for warehouseroom, infurance from fire, &c. fo that granting he might fell a few of each article every year at four times the price he first paid for

them,

them, yet if he does not fell enough to pay the intereft and other expences of thofe that remain, he is, after all, on the lofing fide; which has been the cafe with the major part of fuch as have purchased a large number of one book, and I have known many inftances. of booksellers purchasing articles at a quarter the price, and felling them at the full price, and yet have not had two per cent. for their money.

For several years together I thought I should be obliged to defift from purchasing a large number of any one article; for although by not giving any credit I was enabled to fell very cheap, yet the heavy stock of books in fheets often difheartened me, fo that I more than once refolved to leave off purchasing all fuch articles where the number was very large. But, fomehow or other, a torrent of bufinefs fuddenly poured in upon me on all fides, fo that I very foon forgot my refolution of not making large purchases, and now find my account in firmly adhering to that method; and being univerfally known for

making large purchases, moft of the trade in town and country, and also authors of every defcription, are continually furnishing me with opportunities. In this branch of trade it is next to impoffible for me ever to have any formidable rivals, as it requires an uncommon exertion, as well as very uncommon fuccefs, and that for many years together, to rife to any great degree of eminence in that particular line. This fuccefs must be attained too, without the aid of novelty, which I found to be of very great service to me: And should any perfon begin on my plan and fucceed extremely well, he could never fuperfede me, as I am ftill enlarging my bufinefs every year, and the more it is extended the cheaper I can afford to fell; fo that though I may be purfued, I cannot be overtaken, except I fhould (as fome others have done) be fo infatuated and blinded by profperity, as to think that the public would continue their favours, even though the plan of bufinefs were reverfed. But as the first king of Bohemia kept his country fhoes by him, to remind him from whence he was

taken,