The process is inevitable, even if only for the reason that the splitting up of a Trust that has once been formed entails reduction in profits. Northcliffe, who was above and beyond everything else a journalist, aimed merely at the supreme control of the journals created by his genius. The contemporary Dictators, who are not journalists, aim at dominion over the whole field of the Press. They have already gone most of the way towards attaining their ambition. A special factor which has received very little consideration will operate in the near future towards the tightening of the stranglehold of the Press Combines. Trustification of the Newspaper Industry has recommended itself to financiers on the ground, _inter alia_, that it enables expenditure to be cut down. The history of nearly every industrial combine, excepting those affecting the Press, has since the armistice been one of profits that have failed to come up to the promoters’ estimates. In numerous instances, despite the considerable economies foreshadowed in the prospectus, earnings have been materially lower than those of the former separate undertakings now under one control. Indeed, the process of amalgamation or of acquiring controlling interests has during the past few years been in general disappointing to share-holders. Until now, the Newspaper Trusts have been more fortunate, partly because certain classes of advertisers have been induced to spend much more money, partly because of the economies effected by the wholesale discharge of staffs consequent on the so-called amalgamation of papers which have been bought only that they might be “killed”;[4] and in part because the results of acquiring share-holdings at fancy prices have yet to materialise. [4] “_The Yorkshire Evening Argus_ having been amalgamated with the _Bradford Daily Telegraph_, the Editor of the former paper (Mr. J. W. Masters) confidently recommends the members of his loyal and competent staff to all who need literary assistance, and would be glad to receive applications from editors and others having positions to offer.”――Advertisement in the _Times_, December 15, 1926.