Newspapers during the war were subject to the Defence of the Realm Act, which eventually had two regulations restricting what they could publish:[88] Regulation 18, which prohibited the leakage of sensitive military information, troop and shipping movements; and Regulation 27, which made it an offence to "spread false reports", "spread reports that were likely to prejudice recruiting", "undermine public confidence in banks or currency" or cause "disaffection to His Majesty".[88] Where the official Press Bureau failed (it had no statutory powers until April 1916), the newspaper editors and owners operated a ruthless self-censorship.[6] Having worked for government, press barons Viscount Rothermere,[89] Baron Beaverbrook (in a sea of controversy),[90] and Viscount Northcliffe[91] all received titles. For these reasons, it has been concluded that censorship, which at its height suppressed only socialist journals (and briefly the right wing The Globe) had less effect on the British press than the reductions in advertising revenues and cost increases which they also faced during the war.[6] One major loophole in the official censorship lay with parliamentary privilege, when anything said in Parliament could be reported freely.[88] The most infamous act of censorship in the early days of the war was the sinking of HMS Audacious in October 1914, when the press was directed not to report on the loss, despite the sinking being observed by passengers on the liner RMS Olympic and quickly reported in the American press.[92]