with
you, a work of fiction in four volumes, such as Waverley, etc.; that he
had read a considerable part of it; and, knowing the plan of the whole,
he could answer for its being a production of the very first class; but
that he was not at liberty to mention its title, nor was he at liberty
to 'give the author's name. I naturally asked him, was it by the author
of "Waverley"? He said it was to have no reference to any other work
whatever, and everyone would be at liberty to form their own conjectures
as to the author. He only requested that, whatever we might suppose from
anything that might occur afterwards, we should keep strictly to
ourselves that we were to be the publishers. The terms he was empowered
by the author to offer for it were:

1. The author to receive one-half of the profits of each edition; these
profits to be ascertained by deducting the paper and printing from the
proceeds of the book sold at sale price; the publishers to be at the
whole of the expense of advertising. 2. The property of the book to be
the publishers', who were to print such editions as they chose. 3. The
only condition upon which the author would agree to these terms is, that
the publisher should take L600 of John Ballantyne's stock, selected from
the list annexed, deducting 25 per cent, from the affixed sale prices.
4. If these terms are agreed to, the stock to the above amount to be
immediately delivered, and a bill granted at twelve months. 5. That in
the course of six or eight weeks, J.B. expected to be able to put into
my hands the first two volumes printed, and that if on perusal we did
not like the bargain, we should be at liberty to give it up. This he
considered to be most unlikely; but if it should be the case, he would
bind himself to repay or redeliver the bill on the books being returned.
6. That the edition, consisting of 2,000 copies, should be printed and
ready for delivery by the 1st of October next.

I have thus stated to you as nearly as I can the substance of what
passed. I tried in various ways to learn something with regard to the
author; but he was quite impenetrable. My own impression now is, that it
must be Walter Scott, for no one else would think of burdening us with
such trash as John B.'s wretched stock. This is such a burden, that I am
puzzled not a little. I endeavoured every way I could to get him to
propose other terms, but he told me they could not be departed from in a
single part; and the other wo