THE END OF A LONDON DAILY.

New Zealand Herald, Volume XLV, Issue 13707, 25 March 1908, Page 8

THE END OF A LONDON DAILY.

£400,000 LOST IN TWO YEARS. ■ Two years ago the Tribune, a new London penny morning newspaper, made its appearance. Its political purpose was the advocacy of "Liberal principles of a somewhat advanced type. The new paper was born under the most favourable auspices. It had a capital of £200,000 at its command. It had a large and brilliant staff. Its correspondents were scattered all over the world and many of them were men (6 whom exclusive sources of information were open. The primal function of a newspaper is to provide news, and judged by this criticism the Tribune did not rank second to any of its contemporaries. ■ It was in every respect a good, sound, lionest paper, well edited, well written, and enterprising. But in spite of all these advantages it has been compelled to cease publication. In its brief existence it has swallowed up a sum variously estimated at from £250,000 to £400,000. -When the Tribune was begun,' savs the London Daily Express, "it had a "capital of £200,000, which, disappeared in the first year without having left any appreciable mark on the sale or advertising revenue. Last year— the second of its existence—a further sura of £150,000 was provided. Part of this was 'utilised to pay off the liabilities of the preceding year, and the rest was devoted to the task of carrying on the enterprise. But even at the end, when the prospects seemed t-c be somewhat brighter, .he Tribune was losing from £900 to £1500 a week. We understand that a sum of between £30,000 and £40,000 is needed to pay off all liabilities. This, we learn, will be forthcoming. Altogether, the attempt to induce Liberalism to support a penny morning daily paper in the metropolis his cost about £400.000." The London Daily Mail, in referring to the death of the Tribune, says:— though it was known that Mr. Franklin Ihomasson, M.P., the wealthy cotton spinner, who fouuded the paper on January 15. 1906, and his friends had. spent- ail enormous sum ot money over the venture, it was not anticipated that the paper would stop publication at the beginning of a new I arliamentary session. 'The total loss occasioned by the Tribune has been more than £250,000. The capital which has been so nearly exhausted was £300,000. In January, 1907, £250,000. of this was held in fully paid shares bv Mrs. Katherind lhomasson, Mr. Franklin Thomassou, and Mr. James Davenport Whelplev, of New iork. Later 100.000 £1 shares "were taken up by Mr. C 4. C. Js. Kwell. of Bridgeport, Connecticut, and Mr. F. s. p. Philipson•Stow, of Fernhurst.. Sussex. in November last .i debenture charge was created in favour of » London !«,„!; m (], securitv of £44,997 of unpaid capital and the plant. these figures will demonstrate to the un-"Utial-ed something of ..the cost of establishing and conducting «. (! ,,.;i v London newspaper of the present da v.""