It would appear that when the time arrived for the proprietors of the
new paper to provide the necessary capital under the terms of the
memorandum of agreement dated August 3, 1825, both Mr. Disraeli and Mr.
Powles failed to contribute their several proportions. Mr. Murray had
indeed already spent a considerable sum, and entered into agreements for
the purchase of printing-offices, printing-machines, types, and all the
paraphernalia of a newspaper establishment. He had engaged reporters,
correspondents, printers, sub-editors, though he still wanted an
efficient editor. He was greatly disappointed at not being able to
obtain the services of Mr. Lockhart. Mr. Disraeli was too young--being
then only twenty-one, and entirely inexperienced in the work of
conducting a daily paper--to be entrusted with the editorship. Indeed,
it is doubtful whether he ever contemplated occupying that position,
though he had engaged himself most sedulously in the preliminary
arrangements in one department, his endeavours to obtain the assistance
of men of commerce in the City; however, he was by no means successful.
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