14 FEBRUARY 1958, Page 7

A Spectator's Notebook

are Socialists now,' the Labour leaders were in that document saying, 'We are all capitalists n°%v ' they had to make some concessions to the party's traditional beliefs. If, however, the argument in Industry and Society is correct, if it IS - enough to buy shares in an industry, there is Obviously no point in going to the trouble of re- nationalising steel. Labour spokesmen have there- fore considerable difficulty in giving any con- sistent or plausible reasons why renationalisation is in any way necessary.