Letters
The BIA Roger L. Barnett, Roger Falk
The British Radical
Robin Marris, Vincent Firth
Plucking Teeth Edward Samson The Gower Peninsula Stephen Lee Granting Visas Miss N. White
THE BIA
SIR,-Mr. Nicholas Davenport's article in your issue of July 10 cannot pass without comment.
Your readers who have enjoyed his articles for so long must realise that he has an intimate knowledge of city institutions and the reference books indicate that he has a close connection with the insurance world; he should, therefore, know that the Chairman of the British Insurance Asso- ciation does not give orders to his members on their investment policy, for his members are a large number of very independent insurance companies who are actively competing among each other for invest- ments, as for insurance business, and they take orders from no one except their own boards of directors. There is, therefore, no concerted BIA investment policy, each board of directors adopting such policy as they may think suits the needs of their particular company. Many such boards may share his views on equities, others may not, but the BIA merely records what has happened during the past year.
Mr. Davenport's comments on voteless shares will raise some smiles from his colleagues in the city who know the active part which, insurance companies have played, together with other institutional investors, in the campaign against this class of share. Even in the silly season Mr. Davenport should seek some more sub- stantial windmill for his tilting.—Yours faithfully,
ROGER L. BARNETT Deputy Chairman, BIA Barrington House, 59-67 Gresham Street, London, EC2
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