12 JULY 1963, Page 19

THE PRICE OF MONEY SIR,—Nicholas Davenport's timid reader surely has

hold of the wrong end of the stick. No financial manipulation will be required by Labour to bring about cheaper money. On the contrary, the extrava- gant and fluctuating rateS of interest of recent years were the' result of deliberate and active financial manipulation by Tory . Governments inspired by eccentric financial theories .of strength from self- Mutilation.

• In pledging itself to offer our maltreated economy the opportunities of sustained expansion, the Labour Party has necessarily also pledged itself to restore stability and sanity to our financial policies.