THE ASSETS REALISATION BOARD.

Otago Witness, Issue 2666, 19 April 1905, Page 85

THE ASSETS REALISATION BOARD.

A SUIT BY THE BANK OF NEW

ZEALAND

WELLINGTON, April 4

4t the Supreme Court to-day a ca«e was heard by the Chief Justice and Mr Justice Cooper in which the Bank of New Zealand proceeded against the Assets Realisation Board for performance. The matters that gave rise to the difference was that the board came into possession of £127,500 New Zealand Government 4 per cent, debentures in part payment of the Matamata Estate and other properties resumed by the Crown. The bank asked the board, under section 27 of "The Bank of New Zealand Act, 1903," to hand over these 4- per cent, debentures in redemption of an equivalent amount of the board's own 3^ per cent, debentures (new issue under section 24). The board's answer was that the section no longer operated in this way, that the debentures were not within its scope, and that £127,500 4 per cents, were worth in actual value £130,125 12s> 9d of its own 3£ per cents. ; that if it was compelled to redeem it should roceive in return actual value in its own debentures, not the face value. The difference between the actual and the face value was £2625 12s 9d. This brought the parties into court. The questions for the court were : Is plaintiff entitled to require defendant to surrender the Government debentures in exchange for £127,500 of defendant's new issue of debentures? If plaintiff is so entitled, is defendant entitled to receive on transfer defendant's debentures to the actual value of the Government debentures or is it entitled only to receive its own debentures to the- face value of the Government debentures? Judgment was for the plaintiff bank, with £30 co»ts of the special case.

The Imperial Bsass Spray Pump : With Stream and Fine Spray Nozzle. — Macie by American noted mamifacturers. Aie obtainable from Nimmo and Blaib, Dunedin. Fruitgrowers and Orchardists should use item.