Scott was now engaged in a vast multiplicity of business. He was preparing an edition of Swift for Constable, establishing his own partner as a publisher in Edinburgh under the title of "John Ballantyne and Co., Booksellers," and was projecting a new periodical of sound constitutional principles, to be known as the "Quarterly Review," published by Murray in London and by Ballantyne in Edinburgh. In connection with the latter enterprise Scott and Mrs. Scott went up to London for two months in the Spring of 1809, and enjoyed the society of Coleridge, Canning, Croker, and Ellis. The first "Quarterly" appeared while he was in London, and contained three articles from his pen. At this time also he prevailed on Henry Siddons, the nephew of Kemble, to undertake the lease and management of the Edinburgh Theatre; and purchasing a share himself, became an acting trustee, and for many years took a lively concern in the Edinburgh company.
Early in May, 1810, "The Lady of the Lake" came out, like her two elder sisters, in all the majesty of quarto, at the price of two guineas, the author receiving two thousand guineas for the copyright. The whole country rang with the praises of the poet, and crowds set off to view the scenery of Loch Katrine. The critics were in full harmony with one another and with the popular voice.
On returning, in 1810, from an excursion to the Islands of the western Scottish coast, where he had been collecting impressions for "The Lord of the Isles," Scott was searching one morning for fishing-flies in an old desk at Ashestiel, when he came across a forgotten manuscript, written and abandoned five years before. It contained the first two chapters of "Waverley." He submitted it to Ballantyne, whose opinion was on the whole against completion of the novel, and it was again laid aside.
Although his publishing venture had begun to wear a bad aspect, Scott was now in receipt of £1300 a year as Clerk of Session, and when the lease of Ashestiel ran out in May, 1811, he felt justified in purchasing, for £4000, a farm on the banks of the Tweed above Galafoot. This farm, then known as "Garty Holes," became "Abbotsford," so called because these lands had belonged of old to the great Abbey of Melrose; and in his own mind Scott became henceforth the "Laird of Abbotsford."