Whatever happens, the Telegraph must not seem to be edited in Washington

There seems scarcely to be a person alive who does not hope to acquire ‘ or know someone who hopes to acquire ‘ the Telegraph group in the coming year. The names of former Daily Telegraph editors and managing directors, and even one or two still on the payroll, are associated with this or that possible bid. The Barclay brothers, who own the Scotsman, are said to be making inquiries. The interest of the Daily Mail and General Trust and of Richard Desmond, owner of the Express group, is, of course, already well known. American publishers are being cited, though none has so far said that it will make a bid.

What this tells us is that the Telegraph group is a highly desirable property. It was not always so. When Michael Hartwell ran out of money in 1985, there was no such list of wealthy suitors. Conrad Black, a Canadian businessman at that time unknown in this country, was able to acquire a majority shareholding at what seemed a knock-down price.