Explore "The Free Press" by Hilaire Belloc on Textopian. Read with annotations and highlights.
Let us halt at this phase in the development of the thing to consider certain other changes which were on the point of appearance, and why they were on the point of appearance.
In the first place, if advertisement had come to be the stand-by of a newspaper, the Capitalist owning the sheet would necessarily consider his revenue from advertisement before anything else. He was indeed _compelled_ to do so unless he had enormous revenues from other sources, and ran his paper as a luxury costing a vast fortune a year. For in this industry the rule is either very great profits or very great and rapid losses -- losses at the rate of L100,000 at least in a year where a great daily paper is concerned.