ALLEGED PROFITEERING.

Taranaki Daily News, 23 November 1920, Page 7

ALLEGED PROFITEERING.

SX SALE OF TWEEDS. By TrieETiiph.—Press Association, Wellington, Nov. 22. The adjourned hearing of the charges of profiteering on the sale of tweeds, laid by the Board of Trade against Bing, Harris and Co., was continued in the Magistrate's Court, before Mr. J. G. Evans, S.M. ' The charges were for selling 7% yards of suiting to Gotlmrd Krebs at 10s per yard, to J. T. Lewis, 12 yards at lis fiil per yard, to Kitto and Sons 7| yards at 22s Gd per yard, which prices were, considered to have returned unreasonable rates of profit. Six other informations had been laid by the Board of Trade against three other warehouse firms. These will lie investigated by the Magistrate at the conclusion oi the Bing, Harris case. P J. Miller, of Miller and "Abeam, gave evidence that his firm aimed at a profit of 331-3 per cent, on the cost price on New Zealand tweed, but in some cases 331-3 per cent, was exceeded. Asked whether he considered the defendant, firm was aiming too high in endeavouring to make a gross profit of from 20 to 22J per cent, on the whole woollen department, he- said: "I consider that very fair." He believed that some firms would be obliged to use up isome of their reserves during the next siju or nine months. Arthur L. Jones, manager of the woollen department for Macky, Logan and Caldwell, Auckland, under examina. tion said his firm now sought to make a profit of 35 to 45 per cent, on the cost of. various New Zealand tweeds and prior to the war arrived at something less, 5 per cent, lower. He agreed with Mr. Skerrett that if a firm was able to make a greater percentage profit by virtue of better busmen methods,' it was entitled to that advantage. The profit aimed at on New Zealand tweeds was so fixed to counteract the profits on the sale of English goods.