489Z. O'Rorke to Harrod, 7 September, 1938 [a]

O'Rorke replies to Harrod's criticism to a letter not found. "I agree that, where redemption rates are fixed, redemption yields are carefully watched by institutional investors and switches are made when notable divergencies appear"; and "I agree in principle with the other points you raise, and, as I said before, feel that your main proposal is unlikely to be harmful and has a fair chance to be helpful". The exchange continues at 490 Z.

  1. a. From 23, Cliveden Place, London, 5 pages TLS, in HP IV-790.
  1. 1. Harrod's letter might have regarded some comments by O'Rorke on Harrod's article in The Times of 11 August "Meeting a Trade Recession" ( 1938:11 ): the debate, in fact, is hinted at at the end of the letter.

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