Mill Manager to Pay Taxes on Profits in "Turning Over" Deal London, Oct. 29.
The Court of Appeal has dismissed the appeal of an Oldham mill ger, Mr. George Pickford, against a Sedgment that he is liable to income tax and excess profits duty in respect of the profits he made as a resalt of his buying, with business frien four cotton mills at Oldham during 1919-1920 and, after gaining! control, "turning over" the undertaking to other parties.
The Oldham correspondent of the Manchester Guardian says that the decision has caused consternation Jamong: men who now have to surrender some of the profits, which were made during the "boom" period, jin which connexion the demands of the revenue authorities in the Oldhham area alone exceed £500,000. Collection of these demands will be dificult owing to the great losses suffered by many of the cotton mills in the district since 1920, and many directors will be obliged to realise on their shares or withdraw the money] they have loaned to spinning companies if immediate payment is demanded. is feared that the values of mill shares will decline sharply—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.