5 DECEMBER 1987, Page 34

Adding up

Sir: `Can Reagan add up? inquires your cover (31 October). `Can The Spectator add up?' I inquire. On page 5 of the same issue you describe an increase in value from £180 million to £6 billion as a return of '2,300 per cent, or 180 per cent for each of the past 13 years.' In fact the total return is 3,200 per cent and the annualised rate is 31 per cent per year.

N.T. Buckle

2 Kingston Court, Walton Street, Oxford