The Times was founded by publisher John Walter on 1 January 1785 as The Daily Universal Register, with Walter in the role of editor. Walter had lost his job by the end of 1784 after the insurance company where he was working went bankrupt because of the complaints of a Jamaican hurricane. Being unemployed, Walter decided to set a new business up. It was in that time when Henry Johnson invented the logography, a new typography that was faster and more precise (three years later, it was proved that it was not as efficient as had been said). Walter bought the logography's patent and to use it, he decided to open a printing house, where he would daily produce an advertising sheet. The first publication of the newspaper The Daily Universal Register in Great Britain was 1 January 1785. Unhappy because people always omitted the word Universal, Ellias changed the title after 940 editions on 1 January 1788 to The Times. In 1803, Walter handed ownership and editorship to his son of the same name. Walter Sr had spent sixteen months in Newgate Prison for libel printed in The Times, but his pioneering efforts to obtain Continental news, especially from France, helped build the paper's reputation among policy makers and financiers.