4 AUGUST 1984, Page 18

Grotty zloty

Sir: I am sure your readers were enter- tained by the Wood MacKenzie poem quoted in Christopher Fildes's column (City and Suburban, 14 July), in spite of its arcane subject matter. But I should point out that it uses considerable poetic licence when, towards the end, it suggests that the Nikkei Dow (a 'faster rising market') expressed in Polish zloty terms would be 'really grotty'. Mr Fildes' anonymous Savoyard implies that the zloty is a weak currency (true) which as every fund mana- ger knows, would show the Nikkei Dow (expressed in yen, a strong currency) in even more impressive terms. The same, incidentally, would apply to the Swedish index expressed in tugrik, if indeed the tugrik is a weak currency.

Stephen D. Barber

Montagu Investment Management Limited, 11 Devonshire Square, London EC2