The Free Press

its revenue not only what people paid in order to obtain it, but also what people paid in order to get their wares or needs known through it. It, therefore, could be profitably produced at a cost greater than its selling price. Advertisement revenue made it possible for a man to print a paper at a cost of 2d. and sell it at 1d.

In the simple and earlier form of advertisement the extent and nature of the circulation was the only thing considered by the advertiser, and the man who printed the newspaper got more and more profit as he extended that circulation by giving more reading matter for a better-looking paper and still selling it further and further below cost price.

When it was discovered how powerful the effect of suggestion upon the readers of advertisements could be, especially over such an audience as our modern great towns provide (a chaos, I repeat, of isolated minds with a lessening personal experience and with a lessening community of tradition), the value of advertising space rapidl