17 FEBRUARY 1900, Page 15

LOAN CAPITAL.

[TO THE EDITOR OF THE "SPECTATOR."] venture to think your reviewer in the Spectator of February 10th is too severe in charging me with "convenient " reticence on the subject of National Debt, for on page 11 I expressly include Consols as an investment open to the same objection as other forms of loan capital. If this is folly from his point of view, at least it is not subterfuge.—I am, Sir, &c.,

E. LATHAM.

[We have wronged Mr. Latham. He certainly has the courage of his opinions.— ED. Spectator.]