CHARGES OF PROFITEERING

Evening Star, Issue 17515, 22 November 1920, Page 6

CHARGES OF PROFITEERING

TWEED SAOS IN WELLINGTON. [Pee Uxitkd PBBSB Abmcutiok.] WELLINGTON, November 22. The adjournal hearing of the charges of profiteering on the sale of tweeds laid bv the Board of Trade against Bing, Harris, and Co., was continued in the Magistrate's Court before Mr J. S. Evans, S.M., to-day. The charges were for selling 7Jyds of Euirimr to Gothard Krcbs, at 16s 6d a yard; to J T. Lewis, 12yds at lis 6d- a yard; to Kitto and Sons, VJyds at 22s 6d a yard; winch, prices were coosidoDed to have returned unreasonable rates of profit. Sis other i'jforniatione had been laid by the Board of Trado against threo other warehouse firms, and these are to be investigated, by the Magistrate at tho conclusion of tho hearing of the Bin°, Harris case. •P. J. Miller, of the firm of Miller and Ahearn, gave evidence that his firm aimed at a gross profit of per cent, on the cost price of New Zealand tweeds, but in some cases' per cent, was exceeded. Asked whether he considered the defendant firm were aiming too high in endeavoring to make a gross profit of from 20 to 22J, per cent, on the whole woollen department, witness said he would consider that very fair. He believed that some firms would be obliged to use up some of their reserves during the next six or nine months.

Arthur T. Jones, manager of the wcollen department of Macky, Logan, and Caldwell (Auckland), said that his firm now sought to make a profit of 35 to 4b per cent, on the cost .price of various Xcw Zealand tweeds, arid prior to the war arrived- at something less, perhaps 5 per cent, lower. He agreed with Mr Skerrett that if a firm were able to make a greater percentage profit by virtue of better business methods such a firm were entitled to that advantage. The profit aimed at on Xew Zealand tweeds was so fixed as to counteract profits on the sale of English goods.