Page 3 Advertisements Column 1

Taranaki Daily News, Volume LI, Issue 250, 15 October 1908, Page 3

down brings the comp'ete 6 25 vol nines of the HISTORIANS' HISTORY OF THE WORLD (with oak bookcase, if desired), carriage free to any port or railway station in the Dominion, or to any address within the two mile radius in Wellington, Auckland, Christchurch, Dunedin, and twelve other towns. Purchase may be completed in a series of monthly payments of the same small amount and the present price of the work is about one-sixth of the current prices charged for new books, of general interest. Such is the introductory offer made l>v the publishers to those who subscribe at once. Before anything further is said let this point he made clear, tlmt there may be no possible misunderstanding or occasion for disappointn ent. The terms named hold good only in respect of orders immediately received. The subscription list for Zvew Zealand, which opened 011 the 10th inst. will soon close, as it has already closed in England, and the price of the History will then be raised in New Zealand also. The Cheapest Book in the World.

The Times believes that, at the introductory subscription price, the " Historians' History of the World " is the cheapest book ever published. 1 lie Times certainly intended that it should be so, for it determined to make this book a practical illustration of its opinion that the current prices charged for new books of general interest are ex irbitant. This opinion was formed in connection with the public ition of the Encyclopuuli i Britaunica and it was Qonfirmed by the experience of The Times Book Club—a circulating library and book shop established some three years ago in London by The Times for the use of its subscribers. It is unnecessary here to enter into the history of what has become known as the " Book War." It is enough to say that because The 'Times Book Club found it possible to sell books at a somewhat lower rate than that which the Publishers' Association had combined to maintain, this bo ly declared Avar against The Times, withdrew all publishers' 'advertisements from the columns of the paper, and attempted to prevent the supply of boohs to The Times Book Club. The only ground for referring to the episode is because of the effect which it had upon the publication of the " Historians' History." Begun more than ten years ago, when there was no reason why the question of its ultimate price should have occurred to anyone, the " Historians' History of the World " came ,1o a completion just as the "Book War" was at its height. Here (hen, an excellent opportunity was ottered to The Times of practising the principles on behalf of which it was lighting. The first complete history for English readers issued for 130 years should be the cheapest book ecer published.

A New Theory of Publishing. This object could be achieved only by a system of publishing diametrically opposed to that ordinarily pursued. Eor at bottom the system of high prices is the logical consequence of the publisher's lack of faith in the book which he is issuing. He doubts of its success, and therefore prints au extremely small number of copies, for which he asks a very high price. If, in spite of the high price, the small first edition is sold, the publisher promptly issues the book at a comparatively low price. The method is doubly unfair to the early purchaser to whom the success of the book is due, for first he is overcharged for the copy he buys, and then its value is deteriorated by the issue of a cheaper edition. The Times reverses the method at every point. Having made a large outlay of capital upon tlu; production of the Historians' History (£70,000) it minimises the cost per copy by issuing a large edition, and names a low price in the confidence that the merits of the book —its deep interest and its obvious utility—will ensure the sale of the large number of copies, and it makes the low price even lower by looking to a later sale at an increased price. For the sale of the History will be a perennial one —it is a standard work which will never grow out of date. By this means the early purchaser is given the advantage which is his due, and a work, which is not for this man or that, but for men and women of every standing in life, is brought within reach of all who realise its value. The Rationale of Book Prices. In determining the price of a book there are two main factors to consider -•'.lip capital factor and the production iactor. The capita] invested in a now liui.k embraces payment to authors and other expenses incidental to producing tin* MS., as well as the cost of type-setting and mailing the plates from which tiie bnoli is printed. The capital cost of the " Historians' History of the Wirid" was £TU,(K)O. Had The Times followed the ordinary methods i.f

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