INVESTOR LOST FAITH.

Auckland Star, Volume LVIII, Issue 133, 8 June 1927, Page 9

INVESTOR LOST FAITH.

WAJfTED HIS MONEY BACK.

BUT DID NOT SUCCEED.

Judgment was given by Mr. E. C. Cutten, S.M., at the Magistrate's Court to-day in a case brought by William George Speers (Mr. . Hume) against Herbert William De Baugh (Mr. Prcudergast), and William S. Alderton (Mr. Thwaites) to recover £50 paid to defendants for an interest in a company about to be formed to work De Baugh's patent insulating material. Mr. Cutten said there >vas no conflict as to facts. Defendants both showed much sympathy with the plaintiff, but denied there was any cjaun upon them to refund the money. Defendants were proprietors of a business manufacturing a material known as De Baugh's Lion Grip Lagging, by a process the Invention of Mr. De Baugh. Plaintiff, who was employed by defendants, decided to buy an interest, and for that purpose paid £50. Subsequently an interest was purchased by another person. It was then decided to form a company. Plaintiff had come to the conclusion that it was not a wise investment for him, but did not oppose the formation of the company. He, however, refused to take shares, and consequently none was allotted to him. The other holders were still prepared to assign to plaintiff his proportion of shares, and the company had offered to pay him at the end of six months £50 for his interest. Had plaintiff's complaint been that without his consent the assets of the partnership were handed over to the company, he would prohably have had some claim, but his claim was not founded on that ground. According to the evidence, owing to disagreements amonjrst the partners, the property at the time it was taken over by the company was worth very little, so that a successful claim on that ground would not have griven plaintiff what he asked. Plaintiff really asked for a refund of his money, because he had lost faith in the undertaking. Mr. Cntten added: Tdo not see how he can get a i'ldsrment for that. Judgment was, tlie.refore. entered for the defendants.