24 NOVEMBER 1967, Page 6

FLEET ST INTELLIGENCE

'NO DEVALUATION!' (Front-page headline, Daily,_ Express, 16 November.)

`Mr Lawson suggests that there are only two ways out of the present crisis—deflation plus sharply increased unemployment, or deflation at home plus devaluation. This simply is not so. We are already well on the way towards a balance of payments surplus, and strong gov- ernment will enable us to make substantial further progress.' (William Davis, Guardian, 11 March 1966.) 'So the financial facts of life have, yet again, caught up with the Government. I shall not join the chorus of those who cry "I told you so," tempting though it is. . . .' (William Davis, Guardian, 20 November 1967.)