DEBENTURE SALESMAN

Otago Daily Times, Issue 22195, 23 February 1934, Page 9

DEBENTURE SALESMAN

TERMINATION OF ENGAGEMENT I ACTION AGAINST SHAREBROKEKS. (Per United Press Association.) WELLINGTON, February 22. Financial concerns of prominence throughout New Zealand were mentioned ia the Magistrate's Court to-day during th'< hearing of a ease in which Cyril Sydney Brice, a merchant, is suing V. J*. M'lnnes and Co., sharebrokers. Counsel tor the defence made a statement that the whole idea behind the action was to attack the Investment Executive Trust of New Zealand, Ltd. Plaintiff in his statement of claim said that the defendant company was the solo broker of the stock of the Investment Executive Trust of New Zealaud and he (the plaintiff) was induced and did enter the service of the defendant company as a salesman of the shares pnl debenture stock of the trust about August. 1933. The whole remuneration he was to receive was estimated to produce at least £IOOO a year. "On account of certain information bong supplied to the plaintiff which was susceptible of an interpretation derogatory to the integrity of the Investment Executive Trust of New Zealand,'' said the statement of claim, "the plaintiff inquired of the defendant the truth of such information, but the defendant vouchsafed no satisfactory explanation and terminated the engagement of the plaintiff with the defendant and offered the sum of 16 in lieu of notice and refused to pay a sum representing a reasonable and proper period of remuneration." - The plaintiff therefore sought judgment against the defendant for—(a) the sum of £300; (b) the costs of the action( (c) "such further or other relief as in the premises may be just." In his address. Mr Leicester, for the defendant company, said the issue was whether Brice was wrongly dismissed and, if so, what amount he was entitled to.. The six months' agreement concerned simply meant that Hallard did not want Brice to come into the business for a short time and then resign. He submitted that by refusing to sell the shaves Brice had repudiated his contract and wag not entitled to damages. The £26 that had been paid into the court was not contemptuous or inadequate payment as Mr Treadwell had susrgested. It had been paid in because the "defendant did not want to contest a case in which suggestions were made against the trust. No litigation was helpful to a company of that nature. So far as his dismissal wenr,, Brice had gone _ over the head of his manager by writing to M'Arthur. There were many firms that would object to that, and Hallard had done what anyone else would do. Brice had refused to sell the shares so Hallard had thought that he had better get out. The magistrate said he would give his written judgment within a few days.