The Editor, Sir:

In the last paragraph of his Letter of the Day of July 30, writer Ken Jones reflects on the undermining of the economy due to the sale to foreigners of many vital institutions.

While the statement might be true, the question I would ask is what advance have we made since the good start we had in the 1960s.

How have we managed to go from being the leading economy in the English-speaking Caribbean to near the bottom?

We have obviously not been able to manage our affairs in a proper and profitable fashion. So, now we have decided to ask the so-called 'small islands' to lend us their expertise.

They may be putting in new investment, but this is merely a change in ownership not the starting of new enterprises or a growing of the economy.

Profits overseas

For some 25 years, I was involved with encouraging economic development for Jamaica, but I would point out that what is now being championed as capital expansion is just a sale of shares in existing companies.

Reviewing some of the well known Jamaican companies sold recently, we have Caribbean Cement Company, Desnoes & Geddes, Life of Jamaica, Island Life, Lascelles Demercado and, most recently, Blue Cross.

Jamaica has not only lost the ownership of these proud companies, but more importantly, the profits which will now be made in Jamaica, will flow overseas in the form of dividends to the new owners.

All these recent sales and acquisitions by foreigners might best be described in my opinion as a "willing Finsac' operation.

I am, etc,

WILLIAM G. WHITING

19 Seymour Avenue

Kingston 6