Page:The Story of the House of Cassell (book).djvu/121

 Some disappointment was expressed on the part of a few shareholders that the results for the first year under the new management were not more satisfactory financially, but to those who understood the enormous difficulties with which Mr. Spurgeon had to contend, the ground already gained was encouraging. "Some have thought," said he in reply to a resolution of thanks to himself and the staff, "that by waving a sort of magician's wand I could bring forth a harvest without any preliminary seed-time sowing, but I assure you I have complete faith in the future. My motto is 'Make haste slowly,' and I am sure in the end this will prove the wisest policy."

One of his first efforts was to improve the magazines, and two new periodicals were also launched. The year 1907 witnessed the birth of a series of threepenny novels, and the starting of the "People's Library." The demand for the latter exceeded all expectations, and the number sold ran into millions.

Even to outsiders it was clear that a new spirit of enterprise was animating the editorial and commercial departments like a freshening breeze from the sea. The serious problem created by copyrights standing at too high a figure in the balance-sheet was boldly tackled, and they were brought down to safe proportions. For several years the shareholders went without dividends while the business was being pulled together. The corner was turned at last. In 1910 not only was the output of the House greater than ever before, but substantial profits were made.

The General Manager had been confident that new and energetic methods would secure this result. He had great faith in the reputation of the House, and made the most of it as a foundation for enterprise on modern lines. "When John Cassell started providing cheap literature," he said, "he builded better than he knew; he struck deep down into the imagination of the English-speaking world. Wherever you go you find people speaking well of John Cassell and his House." And he quoted by way of proof