The new editor selected for the penny _Daily News_ was Mr. Frank Hill, but the paper was run at a loss until the winter of 1870, when the special war news published in its columns caused the circulation to increase in one week from 50,000 to 150,000. Mr. Robinson, its far-seeing manager, attributed the success of the paper, at this period, first, to the excellence of his correspondents, and secondly, to his having insisted upon having the whole of his news telegraphed to London, instead of being transmitted by the post. The number of the correspondents on the staff of the _Daily News_ during the war was seventeen, of which the chief was Mr. Archibald Forbes, who may be rightly described as a prince among journalists. Henry Labouchere too had the main _heureuse_ where newspapers were concerned. His Paris letters were eagerly read all over the civilised world, the excitement and interest created by them being even more vehement in America than in London. The fortune of the _Daily News_ was made,[3] and from then onwards for many years the great organ of Liberalism grew and flourished. When Mr. Labouchere sold his share[4] in 1895 he did so at a large profit. As I shall not have occasion to return again to Mr. Labouchere's financial connection with the _Daily News_, {97} I shall give in this place an account Mr. Lionel Robinson recently wrote to me of the transaction: "So many contradictory statements have been put forward in the press with reference to the late Mr. Labouchere's pecuniary interest in the _Daily News_, that you may not be unwilling to find space for the recollections of one who heard at the time, and subsequently, various versions of the story. My own impression, derived from personal intercourse, is that some time about 1868 or a little later, Mr. Labouchere purchased a quarter share in the newspaper for about £14,000, and further, that the vendor was Mr. Henry Rawson of Manchester. I do not pretend to know what were the annual profits of the paper, beyond the fact that they increased enormously during the twenty years dating from the Austro-Prussian War and its subsequent developments. It was, therefore, not surprising that when Mr. Labouchere decided to sell his share in the paper it should have commanded a high price. I have heard it, from a certain distance of time from the event, placed as high as £92,000, but my personal recollection is that the sum mentioned by Mr. Labouchere was £62,000 or thereabouts."