WAR-TIME PROFITS

Poverty Bay Herald, Volume LIX, Issue 17918, 24 October 1932, Page 6

WAR-TIME PROFITS

CONTROL BY GOVERNMENT COMPANY SEEKS COMPENSATION An appeal for compensation for the loss sustained by Woolston Tanneries, Limited, through the control of its profits by the Government during the years 1916-20, and its compliance with requests of the Government through the Board of Trade, is contained in a petition presented in the House of Representatives oil behalf of Cecil Claude Morton Ollivier, merchant and manufacturer, of Christchurch. The petition sots out that the total loss suffered hv the company represented practically the whole of its subscribed capital oi' £60,000. A previous petition in 1923 was favorably reported on by the M, to Z Petitions Committee of thrt House, hut it was later referred by Gov-ernor-General's Commission to the late Sir John Hosking, who stated that a similar arrangement was made with other tanning companies during the war years The petitioner now seeks an investigation of accounts to ascertain whether that statement was correct, and asks that if it is found to be incorrect, the. unanimous recommendation of the Petitions Committee should be given effect to and the company should he awarded a refund of income tax overpaid on profits which did not materialise, as well as general compensation for loss.