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as Lisette Cavendish shall be mine; and, even then, mark you, your safety will be proportioned only to your secrecy. Breathe but one word of what has occurred to-day, and your life will be the forfeit of your rashness. Think of this till night-fall; then, according to your decision, so will be your destiny."

The Count d'Almaviva left the room, and Gertrude, inwardly rejoicing at her success, deliberately seated herself by the window of her apartment, which she now for the first time observed overlooked the road by which they had approached the house. Presently there was a bustle and commotion below. The tramping of horses and the rumbling of a carriage re-echoed on the pavement, and immediately she had the satisfaction of seeing the Count d'Almaviva leave the house, take his seat in the vehicle, and drive off towards Venice.

THE SHOOTING STAR.

THERE was music on the summer air, that soft calm summer eve,
Distant music, sad and sweet, forebodingly it seemed to grieve.
They gazed upon the darkening scene from out the trellised bower,
And the moonbeams fell all shiningly on the pale jasmine flower.

“ Thou art mine idol; human love there never was like mine,
The feelings, actions, thoughts, of youth, devotedly are thine.”
The lover's idol upward gazed-sad thoughts were wandering far ;
Thus answered she, as downward shot a bright and glittering star :-

"The mystic lore of ancient days, prophetically read,

Ill-omened, deems a shooting star a warning from the dead :
Such influence shed on lovers' vows, falls as withering blight,
In future times thou'lt not forget this quiet summer night."

He listened and a year passed on, and summer came again,
The trellised bower still hidden there, the starry flowers the same:
The moonbeams cast their holy rays on him-he stood alone
And she, the worshipped idol,-ah! whither hath she flown?

C. A. M. W.

THE DAILY PRESS.- ITS PRICE AND

ITS PROFITS.-No. II.

IN our former article on this subject we endeavoured to prove by reference to facts and figures, that a good and independent daily newspaper could not, under ordinary circumstances, be produced, with profit to the proprietors, at a lower price than 5d., and that the proprietors of the Morning Chronicle would be disappointed in their expectations that by reducing the price of that journal to 4d. they would obtain such an increased number of subscribers and advertisements as would enable them to produce at the lower price a paper equal in quantity and quality of matter to that which they have been in the habit of giying to the public: and that they had therefore acted unwisely in lowering the price of their paper from 5d. to 4d. In this article it will be our object to point out the probable effect which the reduction will have on the other daily papers, and the consequences of reduced prices on the press generally. Before we do so, however, we will, in conformity with our promise, suggest the course which the Chronicle should have adopted, in order to cover its loss, rather than resort to a reduction of price.

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The annual loss of the Chronicle was, according to our estimate, which we believe was very near the mark, £5,720, or, in round numbers, £110 per week. This deficiency would have to be made either by an increase of the receipts, or a reduction of the expenditure, or with the aid of both combined. If by an increase of the receipts, the increase must necessarily arise from a larger circulation or a larger number of advertisements. These are the only sources of revenue which a newspaper has, and from either or both the increase must be derived. To increase the circulation it will be necessary to suppose a change for the better in the politics, management, or getting up of the paper, or a change favourable to the Chronicle in the public mind. As we do not wish in any way to offer any opinion in disparagement of either the politics, management, or getting up of the Chronicle, we have no suggestions to make as to any improvement that might be effected; but as a change or improvement of some kind must be made before an increased circulation could be expected, we must turn our atten

tion from the circulation to the advertisements, as the source, if any, from which additional revenue could be raised.

Our readers will perhaps remember that we estimated the revenue from advertisements at £50 daily, after payment of the advertisement duty. If we include the duty, which would probably be about one-fifth, we shall have a gross daily revenue derived from advertisements of £60 per day, or £360 per week. Now, we believe that if the Chronicle had raised its advertising scale, which was previously lower than some of its morning contemporaries, it would not have lost a single advertisement in consequence; and we firmly believe that it might have raised its scale, with perfect safety, sufficiently high to cover the greater part, if not the whole, of its annual loss. An increase of twenty-five per cent. upon the gross receipts from advertisements, would give a weekly sum of £90, or £4,680 per annum. By adding this per centage to the charge, the duty would not, of course, be increased, but remain the same, the duty being chargeable on the number of advertisements inserted, and not according to the revenue derived from them. If, therefore, we deduct from the estimated loss of £5,720 per annum, the estimated increase from advertisements, £4,680, there will remain a deficiency of £1,040 per annum, or £20 per week. This sum, or a considerably larger one, could easily be met, either by reducing the number of double sheets, or by a slight reduction in the salaries of the editors, contributors, and reporters; or it might be saved in the expenses of the foreign expresses, or the salaries of foreign correspondents. Those who know any thing of the management of a morning paper, know that a sum of £20 per week could be saved without seriously effecting the efficiency of any department of the paper.

But it may be said that to increase the advertising scale of the Chronicle by so large a per centage as twenty-five per cent. would alarm the advertisers, and be productive of evil rather than good. In answer to this, it would be sufficient to point to the Morning Post. The charges made by the Morning Post for advertisements are in many, if not in most, cases at least fifty per cent. higher than the charges made by the Morning Chronicle, although the advertisers are perfectly well aware that the circulation of the Post is not half that of the Morning Chronicle. For some time back both the Morning Chronicle and Morning Herald, entering into a competition which was as unnecessary as it must have proved injurious to both, have been reducing their scale of charges for advertisements, or if they have not reduced the scale, they have at all events been charging less than scale price. The Post, with scarcely half the circulation of either, looked on, firmly and peremptorily kept to its scale, and we believe lost not a single advertisement. Does the Times reduce its scale because its contemporaries do so, or because an occasional advertiser grumbles? No:

it demands and gets its full price. The Post does the same, and, strange though it may appear, frequently asks and gets with its small circulation a higher price than is demanded by the Times, with its countless thousands of circulation. What does this prove? Why clearly this, that every newspaper and periodical has a particular class of readers, and that in order to get at that class the advertiser must insert his advertisement in the favourite paper or periodical, and when an advertiser once commences to advertise permanently in a particular paper, it is singular, and almost incredible, the pertinacity with which many of them continue to advertise in it, in the face of very suspicious circumstances that the circulation and influence of the paper are very much on the decline. We remember several instances of this kind in the case of the Courier. Although the circulation of that paper had dwindled down to a few hundreds, and although this fact was tolerably well known, or at all events strongly suspected, yet its old advertising patrons stuck to it until it was discontinued altogether. If the paper itself does nothing directly calculated to proclaim its weakness, its old friends will be slow to perceive, and will be reluctant to act when they have perceived, the truth. If persons were to advertise for the general public only, and not for particular classes, they would rush to the Times exclusively, and leave the other papers altogether. Although we do not wish to undervalue the importance to advertisers of extensive circulation and great publicity, we are decidedly of opinion that the class medium, although of more limited circulation, is the best to resort to, and as an evidence of this fact we have only to refer to the high scale of charges exacted by all class papers. The Morning Chronicle was a class paper, and it is on that account that we have thought it necessary to go into the subject so fully. We say, therefore, that either gradually or at once, the Chronicle might very safely have increased its scale for advertisements twenty-five or thirty per cent., and, if the latter per centage, the increased receipts would amount to £5,616, or within £104 of the estimated loss of £5,720.

The Morning Chronicle has adopted a different course, and time will prove its ruinous consequences.

But what is likely to be the effect of the reduction of price on the other daily papers and the press generally? If the example is followed, the consequences will be ruinous to all; but if the other daily papers, morning and evening, are true to themselves, and keep to their price both for papers and advertisements, the ruin will be confined to those who were thoughtless and rash enough to plunge into a sea of troubles in which shipwreck is inevitable. If, as it is reported it intended to do some months back, the Herald reduces its price to 4d., the Post, we fear, must follow it cannot buffet the tide alone, it must go with the stream, and

sink, to rise no more. In that case, the evening papers must also reduce their price, and perhaps they could better afford to do so, as their expenses are comparatively light, even in proportion to their circulation. At all events, it is utterly impossible that in the face of four cheap morning newspapers with evening editions, the Globe, Standard, and Sun, could resist the downward tendency. If they attempted to stem the torrent single-handed, we believe that at least one-third of the circulation of the two former, and fully one-half of the circulation of the latter, would be gone within the first month or two. With so many cheap newspapers in the field, not one of them paying, for that we think we have pretty clearly proved, something must be done to save themselves from irretrievable ruin. They must either sell themselves, bound hand and foot, to the first rich and profligate demagogue politician or minister they meet, or in a body storm the chambers of the Chancellor of the Exchequer, and insist on the repeal of the stamp duty, the advertisement duty, and the paper duty. This would be necessary to their existence, and if it were granted, the cheap newspapers might, if they had it all their own way, linger out a precarious existence for some years. But would they be allowed to have it all their own way? The advertisement, stamp, and paper duty, once taken off, a host of reckless and unprincipled adventurers would rush into the "newspaper world," with worthless but still cheaper papers, and at one blow put an end to the sufferings and the existence of the first vendors of " cheap ware."

But it is said, "Oh never mind what becomes of the proprietors, provided the public reap the benefit." Indeed! such is the common cant of the advocates of cheap newspapers. The proprietors of newspapers with their editors, contributors, and reporters, after having exhausted their property, wasted their energies, and racked their brains, to create in the public a taste for reading, and to elevate their physical, mental, and moral condition, are to be ruined and thrust aside, as unworthy of notice or consideration, so long as the public benefit, by having cheap newspapers. Such is the lesson that has been taught to the public, by newspaper writers, who, deluded by magnificent promises and dazzled by flattering, but unsubstantial prospects, were induced to instil this dangerous fallacy into the public mind, but who have since had reason to chew the cud of bitter reflection. Nothing can be more glaringly absurd, than to say that the public can benefit by cheap newspapers.

By cheap newspapers, we mean newspapers sold at a price which cannot yield a fair return to the proprietors, or afford an adequate remuneration to those engaged in conducting them. "Let us look at the weekly papers, where the cheap-newspaper disease first made its appearance. They are started by persons without capital, conducted without talent or principle, and after a brief existence, die,

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