in future the net
profits of any given undertaking shall be divided as follows:--Ten per
cent to the author of the book in hand, and ten per cent to the House.
Then, should there be any further profit, it will be apportioned thus:
One-third--of which a moiety will go towards a pension fund--to the
employee's of the House, the division to be arranged on a fixed
scale"--(Enormous sensation, especially among the tame authors)--"and
the remainder to the author of the work. Thus, supposing that a book paid
cent per cent, I shall take ten per cent., and the employees would take
twenty-six and a fraction per cent, and the author would take sixty-four
per cent."

And here an interruption occurred. It came from No. 1, who could no
longer retain his disgust.

"I'll resign," he said; "I'll resign! Meeson's content with ten per cent,
and out-of-pocket expenses, when an author--a mere author--gets sixty!
It's shameful--shameful!"

"If you choose to resign, you can," said Eustace, sharply; "but I advise
you to take time to think it over. Gentlemen," went on Eustace, "I
daresay that this seems a great change to you, but I may as well say at
once that I am no wild philanthropist. I expect to make it pay, and pay
well. To begin with, I shall never undertake any work that I do not
think will pay--that is, without an adequate guarantee, or in the
capacity of a simple agent; and my own ten per cent will be the first
charge on the profits; then the author's ten. Of course, if I speculate
in a book, and buy it out and out, subject to the risks, the case will
be different. But with a net ten per cent certain, I am, like people in
any other line of business, quite prepared to be satisfied; and, upon
those terms, I expect to become the publisher of all the best writers in
England, and I also expect that any good writer will in future be able
to make a handsome income out of his work. Further, it strikes me that
you will most of you find yourselves better off at the end of the year
than you do at present" (Cheers). "One or two more matters I must touch
on. First and foremost the Hutches, which I consider a scandal to a
great institution like this, will be abolished"--(Shouts of joy from the
tame authors)--"and a handsome row of brick chambers erected in their
place, and, further, their occupants will in future receive a very
permanent addition to their salaries "--(renewed and delirious
cheering). "Lastly, I will do away with this system--thi