Monday's article under the feature The Gavel was very one-sided. The fact is that the arithmetic involved does not support the judgement made by this article. Alumina forward sold in 2002 cost U$130 per ton to produce against a guaranteed selling price of U$178.

That price of US$178 still holds and is better than the US$156 which the variable price now attracts. These comments were made in the debate by Michael Peart, so you have no reason not to be aware of this fact.

Better measure

Also, hindsight is 20/20 but a better measure is what one does in the given crisis at the time. The fact is that none of us remembers the 2002 crisis because it perhaps was better managed. One hopes that the current crisis will be so managed that it gives us a leg to stand on in the future, and that ought to be the real measure.

I am, etc.,

GARNETT ROPER

garnettroper@hotmail.com

Highgate PO

St Mary