The prospectus of the proposed new paper - ''Daily Telegraph'' a copy of which I enclose - will I believe come into existence but whether it will be a success, it is hard to say - The provisional directors you will perceive contains a goodly number of your old supporters and although apparently starting on an independent promulgater of public opinion, will I doubt not either emerge into a stormy supporter of the present Ministry or a rank opponent - the present Directors areonly ''provisional'' and will have to be elected from the body of subscribers - but as far as I can ascertain they (the subscribers) are of a description to warrant my stating it will be a Govt. organ. Mr. Woodful rather