ogdelene Colle g e, Cambrid g e.
Investment income
Sir: Mr Nicholas Davenport may be a soPhisticated and experienced ec°nomist, but he should not deal in outright lies. May I quote from his 4 tkiece in this week's Spectator (March I need hardly add ): " that any fferential tax on investment income all the more inequitable seeing that '.ivestment income is simply earned atcorne which has been saved. LI Well remember the first occasion on Which I received investment income ,r,,onl the deposit of an earned lump in in a building society. I felt like a I had not lifted a finger or moved hat cell to have legal entitlement to nat investment income. 11 As a young girl I learnt by heart a L°Mber of psalms in order to earn a ci2rd Wharton Bible. One of the psalms to`scribed the steadfast man of in11.-PrYI "He that putteth not out his ;''neY to usury, nor taketh a reward 4gainst the innocent." My father (i3X,Plained to me the distinction between capital and usury. As a grown meaning I have learnt to understand the e'"eaning of Keynes's phrase "the athanasia of the rentier." Does Nicholas Davenport suppose he can bluff your readers into lumping together capital, though it may have been earned and saved, and interest which the investor has not earned? He has merely collected it.
Kildwick Grange, nr. Keighley, Yorkshire.
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