I SEE that the Institute of Directors is predictably demanding that the Government increase expenditure on infrastructure.

This is indeed required but I recollect that the major investor in North and South American railways and industry were British private investors such as Alliance or Scottish Mortgage trusts and our own George Hudson. They used private capital to build Britain’s railways.

Hong Kong and Singapore were also established with British private capital such as HSBC (Hong Kong and Shanghai Banking Corporation).

I know that there are vast amounts of British money which could be used for development, but where is it?

Presumably stashed abroad by hedge funds waiting to be used to acquire and asset strip some unfortunate institution.

The Donbas which is being fought over by Russia and Ukraine was wasteland until Scottish investors found coal and iron ore and set up Tsarist Russia’s first real industry

What has happened to the old spirit of adventure? Perhaps two wars with Germany have killed off the old gene.

AV Martin,

Westfield Close,

Wigginton, York