For the few speculations we have entered into our means have been carefully calculated and are perfectly adequate." Yet at the close of the same letter, referring to the "British Novelists"-- a vast scheme, to which Mr.Murray had by no means pledged himself--Ballantyne continues: "For this work permit me to state I have ordered a font of types, cut expressly on purpose, at an expense of near L1,000, and have engaged a very large number of compositors for no other object." On June 14, James Ballantyne wrote to Murray: "I can get no books out yet, without interfering in the printing office with business previously engaged for, and that puts me a little about for cash.

Independent of _this_ circumstance, upon which we reckoned, a sum of L1,500 payable to us at 25th May, yet waiting some cursed legal arrangements, but which we trust to have very shortly [_sic_].

This is all preliminary to the enclosures which I hope will not be disagreeable to you, and if not, I will trust to their receipt _accepted_, by return of post." Mr.Murray replied on June 20: "I regret that I should be under the necessity of returning you the two bills which you enclosed, unaccepted; but having settled lately a very large amount with Mr.Constable, I had occasion to grant more bills than I think it proper to allow to be about at the same time." This was not the last application for acceptances, and it will be found that in the end it led to an entire separation between the firms.
The Ballantynes, however, were more sanguine than prudent.

In spite of Mr.Murray's warning that they were proceeding too rapidly with the publication of new works, they informed him that they had a "gigantic scheme" in hand--the "Tales of the East," translated by Henry Weber, Walter Scott's private secretary--besides the "Edinburgh Encyclopaedia," and the "Secret Memoirs of the House of Stewart." They said that Scott was interested in the "Tales of the East," and in one of their hopeful letters they requested Mr.Murray to join in their speculations.

His answer was as follows: _John Murray to Messrs.