LONDON’S PLACE LOST AS WORLD MINING CENTRE
* LONDON, June 14. London has lost her position as the world mining centre, said Mr. Cnes.er Beatty in his annual statement as chairman of the powerful South African Diamond, Gold, Copper and Lead Mining Group Selection Trust, quoted by the Financial Times. Mr. Beatty said the reasons lor London’s displacement were: 1. High rates of income tax and profits tax, and the fact that there was no allowance against taxation for deSletion of the deposit, although the nited States, Canada and other countries made a liberal allowance. 2. Unjust duty on so-called "bonuses” which hampered the raising of new capital. 3. Rigid control on capital issues, foreign exchange, and purchase of materials.
Mr. Beatty emphasised the importance of the mining business to Britain’s national economy by pointing out that two of the Selection Trust’s copper companies saved Britain 50,000,000 dollars a year.
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Bibliographic details
Gisborne Herald, Volume LXXV, Issue 22665, 16 June 1948, Page 5
Word Count
149LONDON’S PLACE LOST AS WORLD MINING CENTRE Gisborne Herald, Volume LXXV, Issue 22665, 16 June 1948, Page 5
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