Closing quotations

Press, Volume CXIV, Issue 33447, 31 January 1974, Page 19

Closing quotations

American oil firm’s taxes (N.Z.P. A.-Reuter—Copyright) WASHINGTON. American oil companies reduced their 1971 United States tax bills by more than 75 per cent by claiming as credits taxes paid to foreign governments, Senator Walter Mondale, a Democrat, has disclosed. "This extraordinary use of foreign-tax credit reinforces the long-standing suspicion that the big multi-national oil companies have worked out special deals with the Arab sheikhs to jack up their foreign-tax credits,” Senator Mondale said. “A new Treasury Department report shows that the oil firms reduced their 1971 tax biH from SUS32OOm to SUS7BBm in this way.” Describing as inadequate the proposal by President Nixon to curb the right of the oil companies to claim against their American taxes payments made to foreign governments, the senator suggested that a minimum tax be imposed “as a backup > to make sure that the multi-nationals pay their fair share of United States taxes.”

Mining, oil Amoil Buy .. 25 Sell Con Silver .. 10 15 L and M Oil __ 70 NZ Petroleum 60 Republic 35 37

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No. 2 board Buy Sell Airwork cb 280 A J White xd 250 290 A M Bisley 110 Allied Con nts - ■ 105 Alloy 235 A Batt 180 Allied F 110 Autocrat 225 240 Brother 160 Carbonic Ice 175 C Neon 65 CMI 155 Colonial Mot 270 Cooks 105 Cory Wr Salm D McL Wallace cd 120 150 Deanes ci 400 Evening Star 180 Farrier Walm 110 J Edmond 103 105 J Nathan 230 John Burns - 200 Kearns 170 Mainline 100 Med Supplies Nelson Freeze 175 200 Nth Steel 145 Norvic - 300 Pye 132 Scott Group cb 100 105 Smith Biolab 130 Trustees Exec 320 Waltons 215 Zealandia Mill 360