SIXTY PER CENT. INTEREST.

New Zealand Herald, Volume XLVIII, Issue 14855, 5 December 1911, Page 8

SIXTY PER CENT. INTEREST.

VISCOUNT v AND '• MONEYLENDER. , IraoM , p.ttjs ; own* cobkespo:,tden-t.] • ' v ' "«vc , Lon'doJ?, October. 07. '* ■•[ywcorNT'ToßniSGTON'/waq' defendant in an ; action on a-promissory -note ,brought* by Mr. Philip Samuel. ./a moneylender; of 'v; flavillo Row, .WiA The note was for £3200, and defendant ! received £2000, the' into'reAt% being 60 per . cent, per'annum. He had repaid £000. . £1100 was (to fee paid into Court tinder Order XIV., lrtiving-a* balance .V'of £1200. . .. v \\ ■ •••• s Miv Justice Phillimoro (to.the defendant); What is.your. incomc?—About £1000 a. year. How is it derived?— Partly from rents,. : 'ftucf'partly from '-stock."'""" l ' ' ■t ■ Mr. ; And., you como into some money on the death of your mother?— my own property is worth about £40,000. , Have you chafed your reversion already? No; 1 have not. , Counsel: What did you want-tho £2000 '•for?— Current. expenses. . , , , What l did you do with it?— bought a . motor car withmost; <?{ it- ~ ■ How foudi.vas, the motor car?—l'think it -£l27^l A^:%'^- t - —Tit ' ' iL' •'lho Judge ; What, did you want the other . £750 for?— tun tho car. . ;. .Mr. : Hausell, (to plaintiff): . Were you at this time " owning' racehorses?x«S. ' ;: • The Judge':,/All.your. income /or the year ' liad gone Practically: * , '*Y /. And next year's income had been disposod of?— Partly. I had mortgage interest, to pay /on some Dover, and Tunbridge Wells pro-: ' " petty. '" '""-y ."Witness added that his life was insured ■for £5000, and he had to pay the premium. In August, -1910, - fie had about eight horses in 'training in Belgium, and his chief occupation .that time was .racing. His horses' were a source of income to him, and hoi •'made, more money than his expenses. ... .. Mr.. Whately (submitted that in the cir- .• . cumstances the interest wa* excessive. Plaintiff knew who. defendant n as, and what he was Worth.' '...'/./ •• ; The Judge: There are many peerages which are very poorly endowed. Giving.judgment- for plaintiff for £1200, in addition-to the* £1100 to be paid into Cbuxt. Mr. Justice Phillimore called atten- . tion to an affidavit sworn by Lord Torringtan, . in,..which ho.said lie signed the .promis-sory-note without -reading it. 11-s had now ./.'.admitted, fcadiqg it, but this . should bo a • " w ■wattling 'to him. '41 should like, if I may," • the judge, t'-io advise you to treat this ease a*, a lesson to yourself, and not. go in / for this kind of business /again.. Try? to-' ' -'ilito within m*ans/ K . • • Entering judgment, Pie added: If I may My so without: impertinence to Lord Tor- ; rington, I am extremely sorry to : see you M ' here, and T hope it will be the last 'time 1 -/St |ou will in • this- position*''' / v'V' ; *t£; j i' 3 .' v .". '•*' --- ,! lilk^. tei li jSk!; H