SURPLUS LINEN
SPECTACULAR SPECULATION
FORTY-FIVE MILLION YARDS.
TAXATION APPEAL FAILS
(Received 10.20 a.m.)
LONDON, June .16
An impulsive post-luncheon deal in over 45,000,000 yards of Government unbleached linen, resulting in income tax assessment of £1,900,000 which subsequently was reduced to £908,989, was described in an appeal by Leonard Martin, a London merchant, who contended that it was a gamble or an adventure and not, as the Commissioners held, the carrying on of trade.
Counsel explained that Martin had had no experience in the linen trade. He visited the Government surplus
stores and had no intention of buying, but after inspecting bought the whole of the linen at Is lOd a yard, totalling £3,736,625. After this Martin started a great adv?rtising campaign and Jls» posed in six months of the whole lot except 700,000 yards.
The r.ppeal was dismissed.—A. and N.Z.
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https://paperspast.natlib.govt.nz/newspapers/NA19250617.2.48
Bibliographic details
Northern Advocate, 17 June 1925, Page 5
Word Count
140SURPLUS LINEN Northern Advocate, 17 June 1925, Page 5
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