EXCESSIVE PROFIT
AUCKLAND FIRM FINED
P.A. AUCKLAND, February 23. The sale of 326 yards of weave material to a city furnishing company at 9s 6d a yard, an unreasonably high price, led to J. E. Sutcliffe, Ltd. (Mr. Ready), being fined £300. Mr. F. H. Levien, S.M., was on the bench. Mr. Rosen, for the Department of Industries, said that in August, 1943, the defendant company sold material, the landed cost of which was 4s 6d a yard. Allowing for a profit of 25 per cent, the selling price should have been 6s 9d a yard. At the price it sold the company made a profit of UO per cent.
The defendant company said the selling price should have been 6s lOd. but a salesman had fixed the price of 9s 6d in the absence of the accountant on holiday. The company, suggested that it be allowed to refund £52, the amount of the overcharge. Counsel said that when the error was discovered the defendant company took steps to have the furnishing firm •Jfreeze" "the balance of the stock, representing onethird of the original quantity sold.
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https://paperspast.natlib.govt.nz/newspapers/EP19450224.2.35
Bibliographic details
Evening Post, Volume CXXXIX, Issue 47, 24 February 1945, Page 6
Word Count
186EXCESSIVE PROFIT Evening Post, Volume CXXXIX, Issue 47, 24 February 1945, Page 6
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