group of individual shareholders". The division of ownership was designed to ensure the maintenance of its editorial independence. 1922 WT Layton is appointed editor. His editorship was of profound importance to the newspaper, and he was probably the person to whom it owes most thanks for its survival and continued independence. 1920 The Economist's circulation rises to 6,170. 1876 Circulation peaks at 3,690 and drops steadily until 1881. 1861 Walter Bagehot, now remembered in the Bagehot column, becomes editor. 1847 The Economist's circulation peaks at 4,483 and settles around 3,500 for the next few years. 1845 The newspaper's full title becomes The Economist, Weekly Commercial Times, Bankers' Gazette, & Railway Monitor. A Political, Literary, and General Newspaper A small part of sales are now international (Europe and the United States). 1843 The Economist: A Political, Commercial, Agricultural, & Free-Trade Journal is founded by James Wilson.