16 JANUARY 1988, Page 21

What Keynes knew

FOOTNOTE to Russell Lewis's account (in last week's Spectator) of how Keynes played the market — so scientific, so responsible. . . . Nicholas Davenport, Keynes's successor at National Mutual Insurance and my predecessor in this col- umn, told me that Keynes's great money spinning share was Hector Whaling. What can have commended, to that subtle and fastidious mind, a Scottish-based whale- hunting company? Nicholas explained that a son of the ruling family was Keynes's pupil at King's, and told his tutor how well the family business was doing. Truly we can all learn from the great man's methods.