Page:A history of booksellers, the old and the new.djvu/299

CHAMBERS, KNIGHT, AND CASSELL, 259 of knowledge." At first the Society possessed no charter, but obtained one in May, 1832, not probably a very useful or essential gift, nominating Brougham as president, Lord John Russell as vice-president, and William Tooke, Esq., treasurer. No subscriptions were called for, or rather these means had been at once abandoned, and the "arrangements made with the publisher since the beginning of the Society have gone upon the principle of leaving the committee as far as possible free from risk, and unencumbered with com- mercial responsibility ; but at the same time deriving a fair proportion of pecuniary advantage from the ultimate success of the undertaking." The publisher in the first instance paid down a certain sum for the copyright, sufficient to cover the disbursements to the authors by the committee, who, after a limit of sale, received a royalty of so much per thousand copies. At first the Society's publications abounded in almanacs ; " The British Almanack," " The British 4d. Almanack," " The Penny Sheet Almanack," and " The British Working-man's Almanack." Then came the Penny Magazine, the British Quarterly Journal of Education, and the "Penny Encyclopaedia," the first number of which was issued in July, 1833. It was originally projected to form a moderate-sized book of eight volumes, and every article was to be written expressly for the work. This limited size was found to be incompatible with original work by the best writers, and after a year the price and quantity were doubled ; after three years more, quadrupled. In the present form, and according to the original scheme, the issue would have taken thirty-seven years. But this increase of matter, while it largely enhanced the intrinsic value of the work, was utterly fatal to its