GAMBLE IN LINEN.

Timaru Herald, Volume XCVIII, 19 June 1925, Page 11

GAMBLE IN LINEN.

PURCHASES OF THREE MILLION. by Oahle—Press Association—Copyright. AUalraliuu utid N.y,. Cabla Association j . LONDON, June 10. ! _An impulsive post-luncheon deal in 4S,UOO,UOU yards of Government unbleached linen, resulting in an income tax assessment of £1,000,000, whicn was subsequently reduced to £908,980, was described in an appeal by Mt Leonard Martin, a Loudon merchant, who contended that it was a gamble oi adventure, not, as the Commissioners held, in the carrying on of trade. Counsel explained that Mr Martn. had no experience in the linen trade. He visited the Government surplus stores, and had no intention of bu3'mg, but after inspecting, bought the whom of the linen at 2Ud, totalling £3,733,025. After this Mr Martin started a great advertising campaign, and disposed of in six months the whole except 700,000 yards. The appeal was dismissed.