A BOLD COUP
WAR TIME PURCHASE OF I.(NUN. £1,900,000 TAX INVOLVED. LONDON. June 8. An amazing story of millions of ]>oun'ds’ turnover was told when Leo ■ nard Martin, an agricultural machinery merchant, appealed against Iris income tax of £1,900,000. It was explained that in. 1919 Martin, although entirely inexpej-ion oil in the linen trade, purchased 45,1)06 000 yards of Government 'surplus unbleached linen for £3,733,625. He faded to sell it to Belfast linen innr.utncturers nt 4d a yard profit until he launched an advertising campaign with tho view of frightening them wit', the sudden release of linen and thus undermine their market. The bluff succeeded. Martin argued that it was not trade, but i.icrelv a gamble. Already he h.ad persuade! the referees to reduce the assessment to £908,989. Mr Justice Rowlatt dismissed ilie appeal, saying that it was clear that Martin was carrying on the trade al though it was a bold coup. . . 1
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Bibliographic details
Grey River Argus, 1 July 1925, Page 8
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154A BOLD COUP Grey River Argus, 1 July 1925, Page 8
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