GAMBLE IN LINEN
POST-LUNCHEON DEAL.
BIG SUMS INVOLVED
INCOME TAX APPEAL. BY CABLE -PRESS ASSOCIATION -COPYRIGHT Received June 17. 10.5 a.m. LONDON, June 10. An imoulsive post-lunehean deal in forty-five million .yards of Government unbleached linen, resulting in an income tax assessment of £1,900,000, which was subsequently reduced to £9OS-989. was described in an appeal by Leonard Martin, a London merchant, who contended that it was a gamble, or an adventure, not, as the commissioner held, a carrying on o! trade. . - Counsel explained that- Martin had no experience in the linen trade. He visited the Government surplus stpres and had no intention of buying, but afterward® bought- the whole of the linen at twenty pence, totalling £3.733,625. After this Martin started a great advertising campaign, and diseased in six .months of the whole, except 700,000 yards. The appeal was dismissed.-*-A. and N.Z. Assn.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/HAWST19250617.2.25
Bibliographic details
Hawera Star, Volume XLV, 17 June 1925, Page 5
Word Count
143GAMBLE IN LINEN Hawera Star, Volume XLV, 17 June 1925, Page 5
Using This Item
Stuff Ltd is the copyright owner for the Hawera Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in