It had to happen . . . and sure enough it did. Eircom shares had scarcely fallen below their flotation value before disillusioned investors were clamouring for special dividends, extraordinary general meetings and the heads of executives and ministers on plates.

The furore says more about the lack of sophistication among the Republic's new band of shareholders than anything else. Investing in shares is a gamble and the sooner people realise it, the more likely we are to get a realistic assessment of the worth of privatising some of the other State enterprises. Part of the reason the Government was able to set the price for Telecom Eireann, now Eircom, as high as it did was the weight of public demand for the issue. Some of this demand was undoubtedly fueled by the belief - driven by the success of recent demutualisations in the middle of a bull market - the only way was up. Well, now these same people know otherwise. They may be poorer just at the moment but they are certainly wiser.