Northern Rock shareholders do protest too much. It is perfectly reasonable for the Treasury to insist that the valuers do their sums on the basis that Rock is not a going concern. After all, the bank would be the deadest of dead parrots but for the goodwill of the Government. Without infusions of state debt and guarantees over the past five months, it would unques- tionably be pushing up the daisies. Shareholders are in effect asking for taxpayers to be rewarded for their past largesse by shelling out still more. Investors' moans - the UK Shareholders Association called the Treasury “grossly unethical” - sound shrill and self-serving.

PS. My suggestion yesterday that trading in Rock shares should recommence has been further supported by events. One opportunistic spreadbetting firm is exploiting the ban by offering a Rock share derivative with an eye-popping buy/sell spread of 25/45p. That is a dear way of dealing, whether buying or selling.

patrick.hosking@thetimes.co.uk

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