The ''Financial News'' was a daily British

newspaper A newspaper is a periodical publication containing written information about current events and is often typed in black ink with a white or gray background. Newspapers can cover a wide variety of fields such as politics, business, spor ...

published in London. It was founded in 1884 by Harry Marks, who had begun on United States newspapers, and set up 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 The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...

'', but after Marks' death it declined. Bought by publishers

Eyre & Spottiswoode Eyre & Spottiswoode was the London-based printing firm that was the King's Printer, and subsequently, a publisher prior to being incorporated; it once went by the name of Spottiswoode, Ballantyne & co. ltd. In April 1929, it was incorporated as E ...

in 1928 and run by Brendan Bracken, it eventually merged with its great rival in 1945.

History

Early history

The first four-page edition of the ''Financial and Mining News'' appeared on 23 January 1884; it adopted the shorter title that July.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. Founder Harry 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.George Robb, "White-Collar Crime in Modern England",

Cambridge University Press Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by King Henry VIII in 1534, it is the oldest university press in the world. It is also the King's Printer. Cambridge University Pr ...

, 2002, p. 116. The newspaper scored an early significant success in exposing corruption in

local government Local government is a generic term for the lowest tiers of public administration within a particular sovereign state. This particular usage of the word government refers specifically to a level of administration that is both geographically-loc ...

. Marks himself was one of the main authors of a series of articles that began appearing on 25 October 1886 and carried on for nearly a year. The newspaper uncovered the involvement of officials and members of the

Metropolitan Board of Works The Metropolitan Board of Works (MBW) was the principal instrument of local government in a wide area of Middlesex, Surrey, and Kent, defined by the Metropolis Management Act 1855, from December 1855 until the establishment of the London Coun ...

, which ran local government services in London, in schemes to personally enrich themselves.David E. Owen, "The Government of Victorian London", Belknap Press of Harvard University Press, 1982, p. 175. However, the early years saw the company frequently summoned to the law courts to defend

libel Defamation is the act of communicating to a third party false statements about a person, place or thing that results in damage to its reputation. It can be spoken (slander) or written (libel). It constitutes a tort or a crime. The legal defi ...

actions; there were three major cases between 1888 and 1890.Kynaston, 29-30 The paper gained a rival when the ''

'', published by

Horatio Bottomley Horatio William Bottomley (23 March 1860 – 26 May 1933) was an English financier, journalist, editor, newspaper proprietor, swindler, and Member of Parliament. He is best known for his editorship of the popular magazine ''John Bull'', an ...

, appeared in 1888. The two papers frequently attacked each other's advertisers, and criticised the investment schemes the other promoted, until a truce was worked out after a bad-tempered dispute over "the Nitrate King" 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.Kynaston, 23-5 It was a financially successful venture; Marks floated the company on the stock market in March 1898, with the understanding that he would continue as editor."The Financial News, Limited." (advert), ''The Times'', 21 March 1898, p. 4. 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."The Financial News (Limited)", ''The Times'', 19 January 1911, p. 16. The paper was among those that exposed the details of the Marconi scandal.

Marks' departure

Handing over the editorship in 1909 to Ellis Powell, Marks remained the controlling influence as proprietor.Griffiths, 314 He suffered increasing bouts of ill-health due to

gout Gout ( ) is a form of inflammatory arthritis characterized by recurrent attacks of a red, tender, hot and swollen joint, caused by deposition of monosodium urate monohydrate crystals. Pain typically comes on rapidly, reaching maximal intens ...

and had at least one

stroke A stroke is a disease, medical condition in which poor cerebral circulation, blood flow to the brain causes cell death. There are two main types of stroke: brain ischemia, ischemic, due to lack of blood flow, and intracranial hemorrhage, hemorr ...

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.Kynaston, 79-81 The Marks estate was eventually 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, the mounting losses of the ''

Morning Post ''The Morning Post'' was a conservative daily newspaper published in London from 1772 to 1937, when it was acquired by ''The Daily Telegraph''. History The paper was founded by John Bell. According to historian Robert Darnton, ''The Morning Po ...

'', which the Trust also owned, forced another sale in 1928.Kynaston, 100-1 During this period it absorbed one major rival, the '' Financier and Bullionist''.National Institute of Economic and Social Research, ''A Statistical Analysis of Advertising Expenditure'', p.59

Brendan Bracken

The new ownership was put together by Brendan Bracken, who had been elected to the board of

. Bracken persuaded the board to buy the ''Financial News'' and then bought a number of other publications (the ''

Investors Chronicle The ''Investors Chronicle'' is a weekly magazine in the United Kingdom for private investors and is published by the '' Financial Times'' Group. The magazine publishes articles about global markets and sectors, and news on corporate actions such ...

'' and a half-share in ''

The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Eco ...

'' among them); Bracken himself took responsibility for the ''Financial News''.Griffiths, 300-1 Circulation rose in the early 1930s, but the ''Financial Times'' was still selling about three or four times as many copies. In spring 1937 sales hit 10,000, but only briefly.Kynaston, 123 When

Adolf Hitler Adolf Hitler (; 20 April 188930 April 1945) was an Austrian-born German politician who was dictator of Germany from 1933 until his death in 1945. He rose to power as the leader of the Nazi Party, becoming the chancellor in 1933 and the ...

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"."Heil Hitler!" (leader), ''Financial News'', 31 January 1933. However, the paper soon changed its line, arguing at the time of the

remilitarization of the Rhineland The remilitarization of the Rhineland () began on 7 March 1936, when German military forces entered the Rhineland, which directly contravened the Treaty of Versailles and the Locarno Treaties. Neither France nor Britain was prepared for a milit ...

that a stand would have to be taken against German military aggression.Kynaston, 128-9 Hargreaves Parkinson became editor in 1938.

Merger and closure

During the

Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposi ...

, Bracken became close to Lord Camrose, the proprietor since 1919 of the ''Financial Times''. The two privately agreed to raise their advertising rates to protect their finances, and eventually agreed that the other would have first refusal if one wanted to sell. Towards the end of the war, Camrose decided to sell the ''Financial Times'', and arrangements for a merger were put in place. The financial deal was a complex one: the ''Financial News'' raised the cost of buying a controlling interest in the ''Financial Times'' by selling its own offices and investments, and by a share issue, but could only make up the full amount by simultaneously selling to the ''Financial Times'' the

copyright A copyright is a type of intellectual property that gives its owner the exclusive right to copy, distribute, adapt, display, and perform a creative work, usually for a limited time. The creative work may be in a literary, artistic, educatio ...

and goodwill of the ''Financial News''. Camrose himself bought some ''Financial News'' shares to help the deal along.Kynaston, 142-4 The ''Financial News'' ceased publication on 1 October 1945; the ''Financial Times'' afterward at first appeared with the title "Financial Times, incorporating The Financial News"."The Financial Times" (advertisement), ''The Times'', 1 October 1945, p. 9. The three top jobs in the new merged paper went to former ''Financial News'' employees, including Parkinson as editor.Kynaston, 145

Editors

:1884: Harry Hananel Marks :1916: Ellis Powell :1921: Herbert O'Neill :1921: W. A. Doman and William Lang :1924: Laming Worthington-Evans :1925: Hilton Young :1929: Oscar Rudolf Hobson :1934: Maurice Green :1938: Hargreaves Parkinson Source: David Butler and Anne Sloman, ''British Political Facts, 1900-1979'', p. 441

References

Sources

*Griffiths, Dennis. ''Fleet Street: Five hundred years of the Press''. British Library, 2006 * Kynaston, David. ''The Financial Times: A Centenary History''. Viking, 1988 {{DEFAULTSORT:Financial News (1884-1945) Business newspapers published in the United Kingdom Publications established in 1884 Publications disestablished in 1945 Defunct newspapers published in the United Kingdom 1884 establishments in the United Kingdom