SECURITY FOR LOANS.

New Zealand Herald, Volume LXIII, Issue 19321, 7 May 1926, Page 14

SECURITY FOR LOANS.

COMPANY WITHHOLDS BONUS. DECISION FOR THE SUPPLIERS. [BY TELEGRAPH. OWN CORRESPONDENT, j HAMILTON. Thursday. Reserved judgment has been given by Mr. J. 11. Salmon, S.M., at Morrinsville, in a case brought by Mrs. Martin, of Ilikutaia, widow (Mr. E. McGregor), against the New Zealand Co-operative Dairy Company (Mr. E. H. Northcroft) to recover £ll2 5s sd, amount claimed to be due to plaintiff as a supplementary bonus, payment for milk supplied for the year ended May 31. 1925, which amount it wa-, alleged, had been wrongly withheld by the defendant company. A counter claim by the company net out .£26-1 Jfi*. 4il, advanced by way of loans at 8 per cent per annum, and sr-t off against this £ll2 f- stl. the amount of the claim, counter-claiming for £152 lCs lid, being balance of loan and £2B 17s 6d interest. The magsitrate he'd that the company was stopped from declaring that the advance was made or. terms other than those contained in a letter to plaintiff, namely, against the security of her share.;;, and to bo paid out of the resumption va'ue of the shares, interest to be payable until such time as it was possible for the shares to be actually resumed. Judgment was given for plaintiff for the amount claimed, together with costs. The magistrate said the company would be entitled to judgment for such interest as the parties mutually agreed upon as being due, but no costs would be allowed the company in connection with its claim for interest, as Mrs. Martin admitted that interest was payable, and no demand had been made upon her for interest prior to the issue of the counter-claim.