12 NOVEMBER 1977, Page 18

Barber boom

Sir: I would like to remind Nicholas Davenport that at the time of the Heath-Barber 'boom', for which we have all had to pay so dearly, he had a bet with a colleague that the FT index would rise above 550, whereas Jim Slater forecast that it would drop to 300. Mr Slater was right, and if he dissuaded anyone from investing in equities at that time he deserves their thanks.

For some reason, the City has never liked Mr Slater. For some reason, the City has always been in favour of the Common Market. Lord Barber and Lord Armstrong (who, according to Patrick Cosgrave, persuaded Mr Heath to adopt an incoines policy) are now chairmen of banks. Enough said?

I. R. E. Clark Poynders Road, London SW4