THE CASE FOR ORTHODOXY [To the Editor of THE SPECTATOR.]
Sia,—In your issue of April 7th you published an article by Mr. Ian Horobin, purporting to be serious, in which he wrote :
" In the summer of 1932 the stocks in this country were approxi- mately 60,000 tons . . . Between Juno 3rd and June 7th the price of this fell nearly £5 per ton. Many of Mr. Keynes' camp-followers argue that in so far as this loss was realized, British investment fell short between these dates by no less a sum than £300,000. Upon this premise they demand money with menaces from the Govern- ment in order to spend the said sum of £300,000 on new schools and lunatic asylums in order to keep savings and investment "
I can't help suspecting that Mr. Horobin is himself the camp follower who has so grossly misunderstood my argument. But if not, perhaps he will kindly give particulars as to where and by whom the above alleged argument was used.—I am,