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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE CHAD L. NORTON
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
The New Economy Fund:
In planning and performing our audit of the financial statements of
The New Economy Fund (the "Fund") for the year ended November 30,
1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing an opinion on the
financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit the preparation of
financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may nevertheless occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that procedures may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation of policies and
procedures may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of November 30, 1995.
This report is intended solely for the information and use of the
management and the Securities and Exchange Commission.
Deloitte & Touche LLP
Los Angeles, California
December 22, 1995
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