Fitting the bill
Sir: Christopher Fildes's Oxford card school (City and Suburban, 2 March) would, I am sure, have included a few sporting lenders to buy the doubtful lowete IOUs at a suitable price. But the UK economy will not be helped significant- ly by the circulation of a few duff bills. It would, though, make a difference if a supply of 'first class' bills of exchange could be provoked. Hundreds of millions of pounds are available for financing the timing gap between debtor and creditor by this route.
Could not the excellent Mr John Red- wood, with his Rothschild's apprenticeship and Westminster power, persuade a few more of our largest companies to follow the example of Marks & Spencer? They accept bills of exchange drawn by their suppliers, who can then raise money in- stantly by selling the bills at the low rate and high volume applicable to M&S. Leave Jowetts to the card players.
20 Birchin Lane, London EC3