Among writers, John O'London's Weekly was usually considered the leading literary magazine in the British empire. Born in 1919, it was named after the pen name of one of its early editors, and demonstrated with examples the best writing by great names and by young unknowns. Its readers were mostly young people just acquiring their literary education and oldsters belatedly seeking theirs, with a scattering of professional writers. The weekly ran a literate section on English grammar and word usage, carefully recommended good books, had a steady circulation of 80,000. When it rejected a manuscript, it offered a detailed criticism. Among its regular contributors: Winston Churchill, Rebecca West, Arnold Bennett, Max Beerbohm, W. Somerset Maugham. During World War II, newsprint restrictions and the exodus to the services cut John O'London's circulation to 50,000, and it never recovered. Last week its publishers sadly announced the last issue; high costs and changing tastes had forced the magazine out of business. Lamented John O'London's Editor Webster Evans: "People prefer to read trash. They are just not interested in the world of literature and the arts."