‘While the Bill was still pending, we not only stated in our Newspaper, but the Minister was himself informed by a Committee of Proprietors, that the new Duty would be so extremely oppressive as to amount to a necessity of raising the price, which it was not only their earnest Wish, but also their Interest, to avoid. The Bill, however, passed, after a long consideration and delay occasioned by the great doubts that were entertained of its efficacy. We wish a still longer time had been taken to consider it; for we entertain the same opinion as formerly, that the late Duty on Paper will not be productive to the Revenue, while it is extremely injurious to a particular class of Individuals, whose property was very heavily taxed before.

‘In fact, it amounts either to a Prohibition of printing a Newspaper at the present price, or obliges the Proprietors to advance it. There is no option left; the price of Paper is now so high that the Proprietors have no longer an interest to render their sale extensive, as far as regards the profits of a large circulation. The more they sell at the present price, the more they will lose; to us alone the Advance on Paper will make a difference of £1,200 sterling per Annum more than it formerly cost us—a sum which the Public must be convinced neither can, nor ought to be afforded by any Property of the limited nature of a Newspaper, the profits on the sale of which are precisely as follows:

‘Sale.

2,000 Newspapers sold to the Newshawkers at 3½d., with a further deduction of allowing them a Paper in every Quire ... ... ... £26 18 6.

‘Cost of 2,000 Papers.

A Bundle of Paper containing 2,000 Half-sheets, or 2,000 Newspapers at Four Guineas per Bundle, which is the price it will be sold at under the new Duty is £4 4 0.

£440 £26186
2,000 Stamps at 2d., deducting discount1600 2040
Profits ... ... ... £6146

‘This is the whole Profit on the sale of two thousand Newspapers, out of which is to be deducted the charges of printing a Newspaper (which, on account of the Rise in Printers’ Wages last year, is £100 a year more than it ever was before), the charges of Rent, Taxes, Coals, Candles (which are very high in every Printing-office), Clerks, general Superintendance, Editing, Parliamentary and Law Reports, and, above all, the Expenses of Foreign Correspondence, which, under the present difficulties of obtaining it, and the different Channels which must be employed to secure a regular and uninterrupted Communication, is immense. If this Paper is in high estimation, surely the Proprietors ought to receive the advantage of their success, and not the Revenue, which already monopolises such an immense income from this property, no less than to the amount of £14,000 sterling during last year only. We trust that these reasons will have sufficient weight with the Public to excuse us when we announce, though with very great regret, that on Monday next the price of this Paper will be Fourpence Halfpenny.’

Occasionally, the proprietor fell foul of his neighbours; vide the Times, November 16, 1795:

‘All the abuse so lavishly bestowed on this Paper by other Public Prints, seems as if designed to betray, that in proportion as our sale is good, it is bad Times with them.’