28 DECEMBER 1878, Page 3

Penny-journalism certainly pays. The will of the late Mr. johnetane,

the proprietor of the Standard, distributes personalty sworn under /500,000, besides, it may be presumed, some real property. Mr. Johnstone had other sources of income, but much of this treasure must have been acquired from the sale of the Standard, a curious proof of the extent of its circulation. Liberals awed not regret its success. It is essential to the good govern- ment of the country that the deep underlying Conservatism of the English people should be represented in the Press as in Parliament ; and the Standard, under Mr. Mudford's management, has performed this task, made difficult by the inherent Liberalism of most journalists, exceedingly well, -and with notable independence of Ministerial pressure. We are glad to perceive from the same account that Mr. Johnstone, who must have been a man of judgment, though he was so carried away by the Napoleons, has provided for the continuance of a management which makes the Standard readable even by Liberals. We only wish its conductors would stick a little more resolutely to their old and beneficial practice of giving us the text of im- ports.nt fOreign speeches. Bulletin-makers are very expert, but they necessarily misrepresent speeches in which broad statements are qualified by important reservations.