DISPUTED VALUATION

Dominion, Volume 24, Issue 148, 19 March 1931, Page 8

DISPUTED VALUATION

Auckland Newspaper Deal DECISION RESERVED Decision was reserved by the Appeal Court yesterday in the case in which New Zealand Newspapers, Ltd., a party to an agreement of sale and purchase with “Sun” Newspapers, Ltd., asked the court to set aside, or at least remit for recon sideration, the valuation of land and buildings of the latter company, situsted in Auckland, made by Sir I® Stringer, who was called in. as umpire when valuers appointed by each party had the court resumed yesterday Mr. Johnstone, for New Zealand Newspapers, Ltd., proceeded with his argument that the principle adopted by Sir. M alter Stringer in making the valuation was erroneous. Mr. Rogerson who - also addressed the court, contended that the um nire had not valued the buildings, ac cording to the principles by which he was b °MnNorthcroft, for “Suu” Newspapers, ltd held that the onus was on applicant who came to the court and claimed that there had been a. wrong, principle applied by the umpire in arriving at hu valuation: There was no evidence at Ml Hint Sir Walter Stringer had violated tfa principles. claimed by Mr. Johnstone as being necessarily applicable to such a task as Sir Walter had undertaken. In his address to the court Mr. P. B. Cooke argued that the agreement had left Sir Walter Stringer free to value in any reasonable or recognised way. Assuming that tbe referee had obliged the um pi?e to consider Wnat could have been obtained on the market, it clearly confided to him jurisdiction to adopt any reasonable or recognised method of ascertain* ing market value. _ , i » The court announced that it would take time to consider its decision.