Financial News (1884–1945)
The Financial News was a daily British newspaper published in London. It was founded in 1884 by Harry Marks, who had begun on United States newspapers, and set up in order to expose fraudulent investments. Marks himself was key to the paper's early growth, when it had a buccaneering life fighting against corruption and competing with the Financial Times, but after Marks' death it declined. Bought by publishers Eyre & Spottiswoode in 1928 and run by Brendan Bracken, it eventually merged with its great rival in 1945.
The first four-page edition of the Financial and Mining News appeared on 23 January 1884; it adopted the shorter title that July.[1] Marks imported techniques he had learned in the United States to target those offering questionable investment schemes, intending that his paper be known for campaigning.[2]
The newspaper scored an early significant success in exposing corruption in local government, in the Metropolitan Board of Works.[3] Marks himself was the one of the main authors of the exposé of the Metropolitan Board of Works which appeared from 25 October 1886 onwards for nearly a year.[3] However the early years saw the company frequently summoned to the law courts to defend libel actions; there were three major cases between 1888 and 1890.[4]
The paper gained a rival in 1888 when the Financial Times published by Horatio Bottomley appeared. The two papers frequently attacked each others' advertisers, and criticised the investment schemes the other promoted, until a truce was worked out after a bad-tempered dispute over Colonel J. T. North who was developing the "Nitrate Railway" in South America. After then they continued to compete, but more in the nature of a friendly rivalry.[5]
It was a financially successful venture and in March 1898 Marks floated the company on the stock market, with the understanding that he would continue as editor.[6] Its success continued and at the ordinary general meeting in January 1911, the company announced a dividend and bonus amounting to 35% on ordinary shares; the announcement brought cheers.[7] The paper was one of those which exposed the details of the Marconi scandal.
Marks suffered increasing bouts of ill health due to gout and had at least one stroke in 1915, and was forced to cease any active involvement in the newspaper; he died in December 1916. Although he left his interest to a nephew, the existing board fought off his attempts to take control.[8] Eventually in 1919 the Marks estate was sold in 1919 and most of the Financial News shares were bought by John Jarvis. In 1926 it was sold again to the Trireme Trust, although with Jarvis remaining chairman; however mounting losses of the Morning Post which the Trust also owned forced another sale in 1928.[9]
The new ownership was put together by Brendan Bracken, who had been elected to the board of Eyre & Spottiswoode. Bracken persuaded the board to buy the Financial News and then bought a number of other publications (the Investors Chronicle and a half-share in The Economist among them); Bracken himself took responsibility for the Financial News.[10] In the early 1930s, circulation rose, but the Financial News was still selling about three or four times as many copies. In Spring 1937 sales hit 10,000, but only briefly.[11]
When Adolf Hitler was appointed Chancellor of Germany, the Financial News leader was headed "Heil Hitler!"; it argued that Hitler was the prisoner of the non-Nazi majority in his government, and that the Nazis were highly unlikely to "attempt to base their power on armed force".[12] However, the paper soon changed its line, arguing at the time of the occupation of the Rhineland that a stand would have to be taken against German military aggression.[13] Hargreaves Parkinson became editor in 1938.
In July 1945 it was announced that it was to merge with its great rival, the Financial Times (then owned by Lord Camrose); technically the Financial News bought out Camrose's interest, but the Financial Times bought up the copyright of the Financial News which was taken as an indication that the key name of the merged paper would be Times.[14] The Financial News ceased publication on 1 October 1945; the Financial Times afterwards at first appeared with the title "Financial Times, incorporating The Financial News".[15]
References
- ^ Dilwyn Porter, "'A Trusted Guide of the Investing Public': Harry Marks and the Financial News 1884-1916" in R.P.T. Davenport-Hines, "Speculators and patriots: essays in business biography", Routledge, 1986, p. 3.
- ^ George Robb, "White-Collar Crime in Modern England", Cambridge University Press, 2002, p. 116.
- ^ a b David E. Owen, "The Government of Victorian London", Belknap Press of Harvard University Press, 1982, p. 175.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 29-30.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 23-5.
- ^ "The Financial News (Limited)", The Times, 19 January 1911, p. 16.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 79-81.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 100-1.
- ^ Dennis Griffiths, "Fleet Street: Five Hundred Years of the Press", British Library, 2006, p. 300-1.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 123.
- ^ "Heil Hitler!" (leader), Financial News, 31 January 1933.
- ^ David Kynaston, "The Financial Times: A Centenary History", Viking, 1988, p. 128-9.
- ^ "City Notes", The Times, 26 July 1945, p. 7.
- ^ "The Financial Times" (advertisement), The Times, 1 October 1945, p. 9.
