914. Harrod to P. W. S. Andrews , 10 July 1939 [a]

Low Farm, Elsworth, Cambridge 1

10 July 1939

Dear Andrews

I am sorry I was not able to ring up at the times suggested. The enclosed seems good and I am glad that you are proceeding with it. [1]

Amendments:--I should omit "admittedly bulky" [b] in line 1. It is not very bulky and the expression might frighten them off reading the letter to the end.

Also on p. 1. I suggest "occurred" instead of "been pointed out to".

P 2. "On the supply side" is obscure. I suggest "by those responsible for the supply of." [2]

P 2. I think they may well get confused about "the supply side" and "the demand side". I therefore suggest inserting "as follows:--" towards the bottom of p. 2.

p. 3 [c] line 1. [3] I think users would be clearer than consumers.

p. 3 line 4 isnt buy building rather awkward? Could you not leave out "or buy". Or say instead of "order or buy building" "acquire domestic or industrial or commercial building." This brings me back to

p. 3 line 1. I suggest instead of factory, which is rather narrow, "industrial or commercial".

p. 3 [4] line 6. dont you want after "building" "either for a period or indefinitely" to make your questions symmetrical?

Further to avoid confusion I suggest that after "upon this matter" (line 9) or rather after "insert" you add a paragraph.

"The supply side, namely the question of how your own decisions are directly affected by interest rates and not merely through a change in demand, is covered by the questionnaire enclosed. A blank sheet for additional comments on the supply side is also enclosed."

For further insertions suggested on p. 3 see typescript.

In the questions, [5] I think h should logically be g and g be h. I suggest another question for your consideration which could then be h, the present g becoming i.

I was discussing the matter with Kahn of Cambridge, who, while being critical, is extremely interested in our results. [6] He said that in addition to our questions, [7] we ought to have asked entrepreneurs if they were affected by the price of their own shares on the stock exchange. I suggest therefore:--(h) (if a public company) the price at which your shares are being quoted.

This as being more precise and definite than "facility of raising loans" should come before that, on the analogy of the overdraft rate coming before facility of obtaining overdrafts.

I am of course willing to sign the letter.

Yours sincerely

R. F. Harrod


Se Andrews's attached circular letter to builders

1. Returning on July 15 to:--Christ Church, Oxford # [Harrod's note in the margin].

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