2 DECEMBER 1972, Page 28

Skinflint's City Diary

You may remember that I wrote on October 7 before development of the Trafalgar House counter bid that Ralli had secured a fine deal in the approach from Bowater. I suggested that it might be as well to sell Ralli, since the total issue of shares following the merger might result in disposals by institutional shareholders wanting to reduce their commitment following the increase of their holdings. The Ralli price was then 176 and the Bowater price was 171. Though unrepentant, I remember I suggested Ralli and Bowater be sold at these levels and a switch made into Slater Walker, then 242.

I have received the following letter from an incensed Harpenden reader, Mr A. D. Read Wilson: