'Yes. Just good enough to show how badly it's managed.'

Milvain began to expatiate on that well-worn topic, the evils of the three-volume system.

'A triple-headed monster, sucking the blood of English novelists. One might design an allegorical cartoon for a comic literary paper. By-the-bye, why doesn't such a thing exist?--a weekly paper treating of things and people literary in a facetious spirit. It would be caviare to the general, but might be supported, I should think. The editor would probably be assassinated, though.'

'For anyone in my position,' said Reardon, 'how is it possible to abandon the three volumes? It is a question of payment. An author of moderate repute may live on a yearly three-volume novel--I mean the man who is obliged to sell his book out and out, and who gets from one to two hundred pounds for it. But he would have to produce four one-volume novels to obtain the same income; and I doubt whether he could get so many published within the twelve months. And here comes in the benefit of the libraries; from the commercial point of view the libraries are indispensable. Do you suppose the public would support the present number of novelists if each book had to be purchased? A sudden change to that system would throw three-fourths of the novelists out of work.'

'But there's no reason why the libraries shouldn't circulate novels in one volume.'

'Profits would be less, I suppose. People would take the minimum subscription.'

'Well, to go to the concrete, what about your own one-volume?'

'And you'll offer it to Jedwood? Go and see him personally. He's a very decent fellow, I believe.'