RATES OF INTEREST.

Auckland Star, Volume XXIV, Issue 141, 16 June 1893, Page 4

RATES OF INTEREST.

A CASE IN THE R.M. COURT,

I This morning afc the R.M. Courb before Ml' IR. S. Bush, R.M., Stewart Frodk. Bates, I bottler, brought a claim against L. Moses, I financier, to recover the sum of £6 15s 6d in connection with a bill of sale. Mr F. J. Hammond appeared for the plaintiff, and Mr E. W. Burton for the defendant. In the particulars of demand the plaintiff saya : (1) That on the 6th of June the defendant, purporting to act under bill of sale from tlie plaintiff, sold certain goods to the plaintiff by auction, for which the defendant received £41 7a 6d. (2) The defendant is entitled to deduct therefrom the following sums of money:—-Amount of loan to plaintiff £25 ; interest on loan, £4 ; Durham's charges, £2 12s ; Butcher's cuargas, £3 ; told, £34 12a. (3) The plaintiff claim to recover from cho defendant the difference between the said sums of £41 7a 6d and £34 12s that Is to say £6 15s 6d. Mr Hammond in opening the case for the plaintiff, said he would at onco admit that the case was brought in tha hope of the Court exercising its equitable jurisdiction. The plaintiff deposed that about the 12th May he interviewed the defendant with respect to a loan, and the defendant went to his premises and took an inventory, and subsequently advanced him £25 on a bill of sale which he was to pay off at the rate of £1 per week. Ho failed to pay for three weeks. A fire took place on his premises, and the defendant removed the things in the inventory and sold thorn by auction. The defendant represented that he could pay off the amount ab any time, and the interest would bo Btopped. In cross-examination by Mr Burton the plaintiff said that he had friends who were preparod to lend him money at low rates of interest. He thought £1 per week was reasonable interest, but nob £15 tor three weeks. Mr Burton said that plaintiff did not paj' any money for three weeks, therefore Moses thought it best to take the poods and realise. He did not think that a Court of Justice should be turned into a Courb of Assessment and asked that plainlift be nonsuited. Mr Hammond asked His Worship to deal with tlao case, under the equity and good conscience clause of the Act, and addressed the Court on behalf of his client. He said that ho hoped that His Worship would nob let it go forth that the Court upheld a man like defendant, charging one thousand per cenb from a young confiding man like the plaintiff. Mr Bush, in giving judgment, said be did nob liko going behind a deed; No doubt the young man had done a foolish thin™, but the best thing for him to do waa to learn a lesson in early life. He would give judgment for defendant without coats, defendant not to bo at liberty to claim the balance under tho bill of sale aa lie (Mr Bush) thought he had done wall out of the transaction, Mr Hammond : I think so too. Mr Bush said that nlthough he did not allow costs in this case he did not intend to bo bound to act in a similar manner aa regards costs in future ca3es of this kind.