THE OUTSIDERS SIR,—Many people will sympathise with Barbara Smoker who
has lost part of her small capital in the Rolls Razor collapse, It should never be forgotten, of course, that investment in equities is a speculation, but, as her reference to Savings Certificates indicates, she has already realised that to entrust one's savings to the government also involves risk. One outstand- ing example of this is what the Daily Mail, some time ago, rightly called 'The Scandal that is War Loan.'
If, in the coming election, the Conservatives wish to assure themselves of the support of a good pro- portion of the electorate, they have only to make a binding promise that, if returned again to power, they will introduce legislation to deal equitably with the thousands of small investors who, having bought their War Loan at or near par, have seen their capital reduced to less than half of its original purchasing
power. SELLAR 3 Chemin des Fins, Petit Saconnex, Genera, Switzerland
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