A SHIPPING DEAL.

Taranaki Daily News, 4 December 1920, Page 11 (Supplement)

A SHIPPING DEAL.

A BIG PROFIT. New York, October 4. What is described as the biggest seizure yet made by the United Slates Government, under the excess profits lantax, is said to have been made by Federal agents. , r M the Chase National Bank' in New York they took possession of 4,000.000 dollars (nominally £980,000) that had just been paid to two British subjects. H. Farquharson Kerr and Alfred E. Cleg". The latter were the organisers, four years ago, of the Kerr Navigation Company, which operated with eleven vessels, formerly Austrian and German, in Belgian and Allied ports and Scandinavia, and of which they are respectively president and vice-president. The money reported to have been seized Lad been paid to them, for 49,000 shares of .the company stock, by 'the American" Ship and Commerce Company, which recently purchased them. It is said that the stock cost Kerr and Clegg 10 dollars a share, and that their profit, therefore, is 90 dollars a share; also that the Government took possession of the purchase money, as a precaution to ensure full payment of the tax being made, Messrs. Kerr and Clegg being about to make a business trip abroad.