VALUATION OF STOCK.

Manawatu Standard, Volume XLIV, Issue 1179, 29 November 1924, Page 3

VALUATION OF STOCK.

PARTIES AT LAW. At the Magistrate’s Court at \\ anganui yesterday, before Mr Ilewitt, S.M., Harry Burrows, hotel broker, of Palmerston North, claimed from Thomas McGuire, proprietor of the New Criterion Hotel, tiie sum ot £26 for services rendered in connection with the valuing of slock of liquors, stores, etc. The plaintiff was represented by Mr McGregor, of Palmerston North, and Mr Brown appeared for the defendant. Plaintiff stated that lie was a broker and valuer carrying on business at 1 almerston North and Wellington. He carried out. a valuation of the New Criterion Hotel in conjunction with the vendor, and gave a certificate for the sum of £IO6O 7s 4d. For the services he rendered he charged a valuation fee of £26, which was at. tiie rate ol 21 nor cent, on the total. The fee was never disputed, although lie had rendered his account repeatedly without payment. Cross-examined, witness said that he had been an hotel broker, off and on, for about twenty years. During the past three years he hail probably valued on an average two hotels every three months. lie sold the lea-e from "Rhimes to the defendant, and he denied that he suggested to the latter that lie would take stock for nothing. A counter-claim was entered for £lls 17s for alleged damages and costs. Defendant stated that on or about May 16, 1924, plaintiff at his request valued the stock of the New Criterion Hotel at Wanganui for the purpose of arranging a sale from Rhimes. the then licensee, to himself. ’Lhe value oi the stock as fixed bv the plaintiff was £SBO 2s 3d. whereas the actual value ot’ the stock was £7Bl 3s lOd or thereabouts. lie contended that the plaintiff, in making the valuation, failed to act with reasonable skill, care and diligence. The defendant also stated that lie accepted the valuation as correct, and gave security to the vendor for the amount of same. He therefore claimed to recover the damages mentioned. After considerable evidence bad been heard concerning lhe prices of certain stock., tiie case, was adjourned until Wednesday next when the case for the defendant wiil be concluded.