Word: memorandum
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Dates: during 1920-1929
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...favorable situation having been created by Lord Lee, a memorandum was sent to Premier Baldwin pointing out that England alone has 4,000 cinema theatres with a weekly audience of 20,000,000, while less than 5% of the films shown are British, the remainder being mainly American. An inquiry into the film trade was demanded, it being charged that many of the present productions were inferior, unpatriotic, psychologically unhealthy. The memorandum was signed by Lords Burnham, Carson, Dawson, Newton, Riddell; Robert Bridges, poet; Thomas Hardy, novelist; J. R. Clynes, Sir Sidney Lee, Gordon Selfridge, department store man; Mrs. Philip...
From these considerations, the memorandum deduced that the value of the stock in 1913 was not $8,900 a share but $2,500 a share. If that were the case, tax should have been paid by the minority stockholders not on $3,600 a share (the difference between $8,900 and $12,500) but on $10,000 a share (the difference between $2,500 and $12,500). That being the case, the minority stockholders escaped payment of about $35,000,000; and Mr. Couzens, the largest of the group, nearly...
...Mellon announced that he felt he must take action on the memorandum. Mr. Couzens had made his tax return on Mar. 13, 1920. The Treasury has just five years to reopen such cases, unless the taxpayer waives his right in this respect. The other minority stockholders had signed such waivers. Mr. Couzens was asked to sign one until the Treasury had time to investigate the charges in the memorandum. Instead, he appeared on the floor of the Senate, read the memorandum, denounced it as persecution and declared he would sign no waiver. The Treasury, with only a few hours...
Later, Mr. Couzens declared in the Senate his belief that the Treasury had had the memorandum in question for more than two years, that the memorandum had been prepared at that time by Thompson & Black, Manhattan Accountants, in order to "get" Henry Ford, who was then having a contest with Truman H. Newberry over a seat in the Senate...
...Floor. The Senate confusion grew even worse. Senator Ernst, Republican of Kentucky, produced a telegram from Mr. Mellon saying that he had received the memorandum just a day before it had been sent to Mr. Couzens. Mr. Ernst accused Mr. Couzens of animus against the Secretary. Mr. Couzens replied, accusing Mr. Ernst of being in league with the Treasury to defeat the ends of the investigation, even of having connived in the disappearance of important letters. Mr. Ernst said he didn't hear and asked Mr. Couzens to repeat. Mr. Couzens refused. Then Senator Glass, ex-Secretary...