PROFIT OF £500

Grey River Argus, 23 January 1943, Page 6

PROFIT OF £500

SALE OF RAZOR BLADES HEAVY FINE IMPOSED. AUCKLAND, Jan. 22. Three charges of profiteering in razor blades were admitted by an importer, ’ E. Keeler, of Parnell, before the Magistrate (Mr Morling) to-day. Accused also admitted that he had made over £5OO in a little over a week in a deal resulting in sales of razor blades to the public. Mr S. Cleal, for the Crown, said that in July last year, defendant who was a jobber, bought from a wholesaler 1900 boxes of razor blades at 5s a box plus Is sales tax. He would have been permitted to sell at 7s a box if he had applied to the Price Tribunal to fixe a price, but he sold a thousand boxes to another wholesaler for 8s each, and sold the remaining 900 to shopkeepers for 15s each. This represented a profit of £5OO in a little over a week, whereas the legitimate profit would have been £95. The shopkeepers affected sold at Is 9d a packet, whereas the price subsequently fixed was Bd. Mi’ I. J. Goldstine for the defendant, said that Keeler had been an importer whose business was taken away by the restrictions and he had to make a living as jobber in lines he coull pick up. At the time of the deal in razor blades, the price was unfixed. He did not know he should have obtained the authority of the Price Tribunal and he frank- : ly gave all information when ap- I proached about the transaction. j The Magistrate said the case was | well within the definition of profiteering. The defendant apparently, ■’ was not trading in a big way and his original business was largely taken away from him, but that did not justify the excessive price he charged.

A fine of £5O was imposed on each of the three charges.