Having brought this Company into existence, I offer to the readers of the Review of Reviews the oppor tunity of co-operating with me in produc ing the new paper on the following terms : — ' With this copy of the Review ie en closed a form of order for the Daily Paper for the first twelve months after it ia Btarted. (1) If 100,000 of these forms are Bent to the National Provincial Bank of England (Limited) at the head office, or any of its branches, accompanied by 26a for one year's subscription, I will undertake to bring out the paper, and each subscriber will receive the Daily Paper every day for one y»>ar through hia newsagent, if he is in a town receiving daily parcels of papers from London. Where they only can be delivered by post, 13a must be added for postage. (2) To the first 100,000 subscribers I will give by way of bonus a debenture bond for £1 in The Daily Paper Company, Limited, redeemable at par at my option. These debenture bonds will have coupons attached entitling the holder to receive interest annually at the rate of 5 per cent, so long as the circulation of the paper iB between 100,000 and 150,000 ; 7i per cent between 150,000 and 200,000 ; and 10 per cent when the circulation exceeds 200,000. By this means any subscriber of 26s for the first year will receive not only 312 penny papers, but a debenture bond of the value of JBI, bearing interest from 5 to 10 per cent, for whioh he will receive £1 when I redeem it.' " My object," adds Mr Stead, "in thus giving away the capital on which the paper will be started is not philanthropic or generous. It is good business. I want to establish a tie between my readers and the paper which I propose to publish, so I make them debenture-holders, and under take to pay them a minimum of .£SOOO per annum aa long as the circulation ig 100,000 per day. I want to interest them pecuniarily in the success of the paper to make it a co-operative enterprise, co I promise to raise the interest' to JBIO,OOO a year if the circulation rises to 200,000." Mr Stead rather oddly calls thiß scheme an offer to give £100,000 to his readers. 