SHAREBROKER’S STORY DISBELIEVED

Dominion, Volume 29, Issue 195, 15 May 1936, Page 19

SHAREBROKER’S STORY DISBELIEVED

Contract For Sale Of Shares ORDERED TO PAY £209 IN DAMAGES By Telegraph.—Press Association. Christchurch, May 14. “To expect me to believe that this contract, Involving more than £6OO, could have slipped his memory for a whole month, defendant must have a childlike belief iq my credulity,” said Mr. Reid, S.M., in summing up after hearing a claim for £209/10/1 brought against R. Nunes, or R. Nunes and Co., sharebrokers, Christchurch, in the Magistrate’s Court to-day. Plaintiffs, M. and P. 8. Entdng, sharebrokers, Timaru, alleged that Nunes had not fulfilled a contract for the sale of two parcels of shares. The claim was upheld by the magistrate and plaintiffs were given judgment for the full amount of damages claimed. Plaintiffs alleged that on January 27, 1036, Nunes orally contracted to sell them 50 Woolworth, Sydney, ordinary shares at £5/5/-, and on January 20 he contracted to sell 50 shares in the same stock at £6/7/-. Defendant had refused to carry out t'he contract. The shares had appreciated in value in the meantime, and plaintiffs claimed damages for loss through Nunes’s failure to fulfil the contract.

In evidence, defendant said 1 the deal had slipped his memory for a month. It was to this piece of evidence that the magistrate referred. Air. Reid said he “utterly disbelieved defendant when he said the contracts entirely slipped his memory ” The truth was, said Mr. Reid, that Nunes sold shares he did not have. He hoped he might get the shares and took a risk. It would be most inequitable that he should escape liability. The proper measure of damages was tiie amount plaintiffs had to find in order to fulfil the further contract they had made in reliance on Nunes. Judgment was given for £209/10/1, with costs.