'We are now come to the practical question, what is to be done? You will tell me, with reason, that I have said nothing, till I declare how much, according to my opinion, of the ultimate price ought to be distributed through the whole succession of sale.
'The deduction, I am afraid, will appear very great: but let it be considered before it is refused. We must allow, for profit, between thirty and thirty-five per cent., between six and seven shillings in the pound; that is, for every book which costs the last buyer twenty shillings, we must charge Mr. Cadell with something less than fourteen. We must set the copies at fourteen shillings each, and superadd what is called the quarterly-book, or for every hundred books so charged we must deliver an hundred and four.
'The profits will then stand thus:—
'Mr. Cadell, who runs no hazard, and gives no credit, will be paid for warehouse room and attendance by a shilling profit on each book, and his chance of the quarterly-book.
'Mr. Dilly, who buys the book for fifteen shillings, and who will expect the quarterly-book if he takes five and twenty, will send it to his country customer at sixteen and six, by which, at the hazard of loss, and the certainty of long credit, he gains the regular profit of ten per cent, which is expected in the wholesale trade.
'The country bookseller, buying at sixteen and sixpence, and commonly trusting a considerable time, gains but three and sixpence, and if he trusts a year, not much more than two and sixpence; otherwise than as he may, perhaps, take as long credit as he gives.
'With less profit than this, and more you see he cannot have, the country bookseller cannot live; for his receipts are small, and his debts sometimes bad.
'Thus, dear Sir, I have been incited by Dr. ——'s letter to give you a detail of the circulation of books, which, perhaps, every man has not had opportunity of knowing; and which those who know it, do not, perhaps, always distinctly consider.
'I am, &c.
'SAM. JOHNSON[1255].'
'March 12, 1776.'