Gouache and wash over pencil, titled and signed "Max" (lower right). 1 vols. 15-1/2 x 10 in. Lord Northcliffe Trains a One Penny Elephant. Matted and framed Provenance: L.J. Cadbury. Literature: History of "The Times" (vol IV (1), 1952); Hart-Davis, no. 1119. Item #229065
Lord Northcliffe as Ringmaster training an elephant with '1d' on its head; Northcliffe reduced the price of the Times to one penny in 1914.
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