20 AUGUST 1932, Page 12

[To the Editor of the SPECTATOR.] SIR,—This question, so far

as it affects the ordinary citizen, appears to be getting lost in a maze of technicalities and abstractions.

An authoritative answer to the following concrete problem might, therefore, be of interest to the general reader—and even of guidance to some lucky ones : A man (whose future is assured) has at his disposal (say) £500. He can (1) buy a motor-car, which is already on the market, or (2) invest the money in a motor manufacturing company, which is seeking fresh capital. Which procedure would be of greater benefit to the community at the present