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 The Telegraph and the Press. 47 aid of an army of correspondents, general news from every part of the country is supplied to the papers. The Press Association is a Company in which the shares are exclusively held by newspaper proprietors. It is managed by a body of directors elected from the shareholders, and the manager is Mr E. Robbins. The Association owes much of its present stability and success to the indefatigable efforts of its first secretary, the late Mr John Lovell. The Central News, founded by Mr William Saunders, and for some years conducted by him, is at present a Limited Company, with Mr J. Moore as secretary. It works on lines similar to the other Association, but has, in addition, foreign correspondents at most of the capitals of the world, and sends out a ser- vice of foreign telegrams to English newspapers. Both agencies are conducted with praiseworthy energy and ability ; and the strictest impartiality and absence of partisan bias is the characteristic of the intelligence they transmit to almost every newspaper in the kingdom. The youngest News Agency is the Exchange Telegraph Company, established about 1875. Designed originally for the supply of Stock Exchange quotations by means of the " tape " printing machines, the operations of the Company have been extended, and it now sends out home and foreign intelligence, which the "tape" machines print off in the office of the London subscribers. In combination with some provincial morning papers special correspondents are also accredited at home and abroad. Mr W. H. Davies is the manager of this Company. An idea of the enormous development of Press tele- graphy may be gathered from the following facts. When the Government took over the telegraphs, there were 168 newspapers only which received a limited supply of news from the old companies ; in 1885, 578 newspapers had telegraphic services from the News Associations. These services, it may be explained, consist of a certain