INTEREST DISPUTE.

Manawatu Standard, Volume LIII, Issue 313, 2 December 1933, Page 7

INTEREST DISPUTE.

JUDGMENT RESERVED. SYDNEY, Dec. 1. The High Court has reserved judgment in the case of the Wanganui Power Board v. the A.M.P. Society. The hearing of the case referred to in the cablegram was begun in the Equity Court, Sydney, on September 14, before acting-Chief Justice Harvey. The Wanganui-Rangitikei Power Board sought a ruling as to whether the New South Wales Interest Reduction Act, 1931, applies to the financial obligations by that board to the Australian Mutual Provident Society on and after October 1, 1931. A second issue was whether plaintiff was entitled to redeem debentures due since that date upon payment to the society of the total capital included in such debentures/ together with interest reduced in accordance with the Act. • Plaintiffs contracted loans of £149,999, £IOO,OOO and £60,000 at various periods between 1924 and 1926. The interest was 5% per cent., and all the debentures were payable in Sydney. Plaintiffs claimed to be entitled to the reduced rate of interest prescribed in the New South Wales Interest Reduction Act on all interest obligations after the date of the passing of the Act, which contention the defendant society disputed. The Equity Court on September 19 dismissed the suit with costs.