HIGH FINANCE.

Evening Star, Issue 23335, 3 August 1939, Page 8

HIGH FINANCE.

TO THE EDITOR. Sir. —Mr MacManus, in his letter of August 1, persists in proying onca again (this time without mistakes) % proposition that nobody disputes, namely, that the average excess of exports over imports for a pre-Labour period can be shown to be less than the yearly average for the Labour period. , It would bo strange., indeed, if this | were not so when our ovei'seas income ! was at record levels and we were just getting the benefit of the eschanga depreciation to 125. Your correspondent still refuses, however, to look at the annual figures which show such startling parallels between the Labour period and the period leading into the great slump. Considering the difficulties ho has had wrestling with tha figures of his original problem he caij hardly be blamed perhaps for jibbing at a second one. i Mr MacManus also touches on a very 1 novel method of newspaper perusal that he evidently practises. To underj stand the “ value ” of a cable one must I “ remember the Tories’ record.” With ( this nefarious record clearly before tha I mind one reaches for a pencil and reI writes the cable. Then, and only then, | apparently, is it suitable for citation ! in the Labour cause. I begin to understand at last the need for Labour dailies —1 am. etc.. C. N. 1). M’Gkokce. August S. ,