IMPORTANT TO BROKERS.

Otago Witness, Issue 1382, 25 May 1878, Page 10

IMPORTANT TO BROKERS.

In the case of R. D. Walker v. J. Morkane, • in which the plaintiff sued for Ll7 17s 6d t ana costs, for the non-delivery of a parcel of shares. Mr Mansford, R.M. at Port Chalmers, delivered the following judgment yesterday : — ' V Considering as I do that the Resident Magistrate's Court is one of equity' and good conscience, arid that it is not altogether strictly bound by legal evidence, I am of opinion that the plaintiff in this case is entitled to recoverthe amount sued for. Whether theplainiiff acted as principal or agent, is in this Instance immaterial, though my opinion is that he can . only be looked upon in the light "of- a broker as agent for the defendant. It' is clear that some negotiations took place 1 between the parties prior to the date of the telegram produced, and that the result' • of • the • negotiations was the transmission of the telegram from the plaintiff to the defendant; tbat '< he could sell the 245 shares at 4s per Bhare, fol- : lowed by the reply of the defendant that he , would take a, fixed sum clear for them. Thia of itself would not have completed tho contract, . but at a subsequent interview between'them, ,, on the same day, I am of opinion the contract was perfected, and that the scrip for the sNarea^ would have been then and there handed over ' to the plaintiff had it been in the posses- •" Bion of defendent. It so happened that the i scrip was in the hands of a third ■ party, and . that the defendant, actually called upon that . third, party to obtain the same. The only; fair construction to be put upon this is, that, had he obtained the shares he would have -com* pleted his contract with the plaintiff. This third party being away from home preverted ( the defendent getting possession of the kcrip, and it appears to me that the defendant; in the ' .meantime ascertaining that the shares were' * rising in the market, took advantage of .tho de< Jay and ultimately refused to complete the contract. "Under the circumstances the plaintiff' .was justified in negotiating these Bhares r in the" market, and having sold them at a larger price . .than he gave, and having to purchase ether shares to make good those which he was entitled ' to receive from the defendant, I think' the defendant should pay the loss occasioned ..the , plaintiff. Judgment for the plaintiff Ll7 7s 6d and costs.

PIRE AT, NORTH DUNEDIN. ' ' About half- past 3 o'clock on the 21st Inafc. a fire broke out in an eight-roomed hqußt, the property of, and occupied by Mr •«[, W. Jago, situated in Leith street, a snort distance . beyond the new University Buildings, .The; fire is believed to have begun in the back, kitchen^ close to where a fireplace stands used, for warning purposes. There had been no' fire in this, however, since the previous' d*y. There was nobody in the house at the time. Mrs Jago had left home at half -past 10 in tho forenoon to attend the Christian Convention, Mr Jago was at his business in the city, 'haying, come from the Clutha during the day ; ai^d the children were all out, either at school ' or elsewhere. When Mrs Jago went out, she left a, small fire in the front kitchen, and also left the door unlocked, so that the children might have free access to the house. The youngest' child re*' turned from school at half -past 2, and' went into the house to leave his school-books, but states that he saw no sign of fire. These are.the whole , of the circumstances from which to guess at the' cause of the fire, and they give really no clue ■ whatever. The first person to notice anything; wrong was a Mr Henderson, who lives at the rear. > He at once went to the house, and with a r garden hose succeeded as he at first thought ' in quenching the flamesj but they very shortly .broke out with considerable strength. A numi ber of police were very quickly at 'the' place, and found several of the neighbours at work, ' but nothing could be done to stay the. progress of the flames. The Fire Brigade made for the scene as quickly as possible with a hose-reel, and were not long in getting the flames put out: but the building was completely gutted, .and nothing but the bare walls left standing. Tho ( houses situated at a short distance on either ' side were in some dange" for a time, but the timely arrival of the Brigade prevented any damage to them. A great portion of the furniture and some valuables were got out of the house by the neighbours and police. • The in- '. surance upon the building was for L 450, and - upon the furniture Ll5O, both in the, Victoria office. Mr Jago estimated his loss beyond whatjs covered as above, at L3OO. < .