WHAT a sad and disappointing day for Scotland. With the sale of Speirs & Jeffrey to a London-based stockbroking firm, Scotland loses its last truly independent local stockbroker ("Speirs & Jeffrey sold to Rathbones for £104m", Herald Business, June 15). Where there were once more than 70 stockbroking firms in Scotland (many very small) there will now be none. Speirs & Jeffrey had established itself many years ago as a real leading force to be reckoned with in the market: as a one-time competitor I knew this at first hand.

As a member of the former Scottish Stock Exchange Council I witnessed the take-over of all the Scottish stock exchanges by the London Stock Exchange in a disgraceful “carrot or stick” negotiation. The pattern of Scotland losing control of locally-based commercial firms has gone on since the early 20th century. In a totally random snapshot review I carried out, since the 1970s Scotland has lost control of more than 160 companies, many of which were major contributors to employment and the economy. No small country can afford such a haemorrhaging of control.

With no stock exchange and now no independent Scottish brokers it is indeed a bleak scene for this sector and for Scotland. I understand the reasons for the sale but deplore it nonetheless. My best wishes go with the directors and staff and I trust they will understand my point of view.

Nigel Dewar Gibb,

15 Kirklee Road, Glasgow.