Step 1: Trace the origins of Malayalam journalism.
Malayalam journalism began in the 19th century, largely driven by Christian missionaries who used print media to communicate with the local population and spread literacy.
Step 2: Identify the first Malayalam journal.
Rajyasamacharam, published in 1847 at Thalassery (Tellicherry) by German missionary Hermann Gundert, is recognised as the first Malayalam journal. It marked a landmark moment in the history of Kerala's print media.
Step 3: Eliminate other publications.
Malayala Manorama and Mathrubhumi are prominent newspapers but were founded much later. Rajyasamacharam holds the distinction of being the first.
\[ \boxed{\text{Rajyasamacharam}} \]