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 prove of assistance to collectors who love engraving for its own sake.

It is not easy to collect without capital, nor is it easy to collect wisely with capital. In the former case, where prices are of little moment, the pleasure to be derived is greater than in the latter where a shifting market brings heartaches and disappointment.

I have to acknowledge my indebtedness to the courtesy of Messrs. George Routledge and Sons for their kind permission to include an illustration of a wood engraving, The Dipping Place, after Birket Foster, which appeared in one of the renowned fine art series of volumes issued by them in the "Sixties." To Messrs. Ward, Lock & Co. I am similarly indebted for kind permission to reproduce two illustrations, one from their celebrated edition of "The Arabian Nights," containing some of the finest work in design and in wood engraving of that period, and the other from "Goldsmith's Works" (1865), illuminated with a hundred masterly illustrations after G. J. Pinwell.

To Messrs. Smith, Elder & Co. I desire to record my obligation for their courtesy in permitting the use of two fine illustrations—The Great God Pan, from a design by Lord Leighton, and Cleopatra, from a design by F. Sandys, published in the Cornhill Magazine, which has continued since the days when Thackeray edited the first number in 1860 to the present day to hold a place of honour among English magazines.

To the proprietors of Good Words, with which