GIFT OF PROFITS

Gisborne Herald, Volume LXVII, Issue 20262, 1 June 1940, Page 3

GIFT OF PROFITS

DOMINION BUSINESSMAN WAR FUNDS ACCOUNT ’ (Per Tress Association.) WELLINGTON, this day. The Minister of. Finance, the Horn W. Nash, staled’yesterday that' among, the contributions recently received towards .the war expenses account was one particularly generous gift from a prominent business man and company director who desired to remain anonymous.

He had received from the donor’s attorney advice that his client wished the whole of his share in the distribution of profits of a certain well-known company should be handed to the Government. It is estimated that a sum of £1785, which is subject to deductions for income and social security tax, will be paid into the war expenses account.

“The gift in itself is a very fine con tribution,” said Mr. Nash, “and in addition the donor expressed the'wish to supplement his war effort by giving to the Government at the end of every year during the war period from his salary and other income any surplus that is then in hand after providing for the requirements of ids family.”

The total of interest-free loans is now £1,924,658, and includes a loan of £20,000 from the Auckland Racing Club for the duration of the war and six months after.