Jewish and Christian Scriptures agree that man cannot live by bread alone, but he does need his daily bread before he can enjoy more cerebral nourishment. So it is with magazines. Unless our finances are secure, we cannot focus on making Standpoint the best magazine of its kind in the world. Intellectual magazines have rarely, if ever, made money; most lose quite a lot, usually someone else's. This is not entirely the fault of intellectuals, who are indeed inclined to suppose that the world owes them a living, but also of those magnates who expect their freedoms to be defended without having to pay for it. Nor do those who deal in ordinary shares rather than extraordinary ideas always appreciate that journalistic decisions, like those in business, are rewarded or punished according to the judgment of the editor. Credit and credibility are closely related concepts.

A magazine is often remembered, if at all, only for its editor's blunders. In 1814 Francis Jeffrey denounced Wordsworth's The Excursion in the illustrious quarterly he edited for 27 years, the Edinburgh Review, with the words: "This will never do!" Today, the notoriety of Jeffrey's misjudgment eclipses the memory of his magazine. And in politics, even more than poetry, it is very easy to get it wrong. 

If Standpoint is to survive another five years, it will need new backers as staunch and as disinterested as those who have supported us hitherto. Our charitable status protects us from any temptation to become party political. Like us, philanthropists must respect the law and the rules of the Charity Commission under which we operate. With that proviso, we invite those who share our outlook to join us in the defence of Western civilisation.