MONEYLENDERS ACT.

Press, Volume LIV, Issue 16221, 25 May 1918, Page 9

MONEYLENDERS ACT.

AN IMPORTANT JUDGMENT.

(PRESS ASSOCIATION TELEGRAM.)

GISBOiiNE, May 24. An important judgment w«9 delivered by Mr W. A. Barton, S.M., to-day, in the case of James Perry, of Gisbornc (Mr Burnard) v. Lazarus Wolfe Balkind, of Christchurch, moneylender (Mr Coleman).

Plaintiff borrowed a sum of £10 from defendant, and had repaid on account of tho said loan and interest £14 6s lid, and, acoording to defendant's demands, was still liable for a further sum of about £4. Plaintiff claimed a refund of the interest, which ho claimed was excessive, and also that the security given to defendant bo set aside. After reviewing tho law and the circumstances of tho case, his Worship said he had come to the conclusion that thirty per cent, was a reasonable rate of interest,, and found that defendant was liable to refund plaintiff £3 9s Bd, for which amount judgment was entered, with costs. His "Worship also ordered that the security given by plaintiff to'defendant be set aside. On the application of defendant's course 1 ., who .■•aid an important principle was involved, and other cases were likely to follow on his Worship's judgment, leave to appeal was granted.