North Sea oil
Sir: Perhaps I could reply through your letters column to the criticism of my article on North Sea oil (October 13) by the spokesman of the Royal Bank of Scotland (Letters, October 27).
The fact that the Royal Bank of Scotland have invested only £90 million out of £1,150 million, the total sterling lending of the two banks combined with the Clydesdale Bank, in a snowballing industry capable of absorbing £2,500 million in investment shows how unsubstantial is the etintribution of Scottish financiers.
While the spokesman's figure of £90 million does not include the sum invested by the Clydesdale Bank and the investment trusts, and while other sectors of Scottish industry also have to be financed, surely the Scottish financiers could channel more funds into their own economic miracle rather than into their international invest ments which they seem to take more pride in.
If the Scots themselves are not going to stop the profits from North Sea oil going abroad, they can hardly expect Whitehall and the City of London to look after their interests for them.
Joel Cohen
36 East End Road, London N3
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