1 FEBRUARY 1997, Page 24

The patriot's reward

YEAR by year in BZW's pages I follow the piteous fate of the soldier who, returning from the wars in 1945, patriotically lent his gratuity back to the government. He invest- ed in its stocks and reinvested all his divi- dends, too. Inflation means that he is still worse off than he was when he started. Invest not your trust in princes.