CLAIM AGAINST MONEYLENDER

Poverty Bay Herald, Volume XLV, Issue 14609, 20 May 1918, Page 2

CLAIM AGAINST MONEYLENDER

- • t» „ ,; The case Of 'Jarnes Pe < ft*y J 'V. L. W^ Balkind, whioh, was adjourned from Friday mornmg, w4s contirined^twis morn- 1 * ing. Mi*. Burnard appeared for plain--tiff and Mr. T. Alston Coleman for tJn| defence. James W. "Coleman Said he ext amined andi valued 'each, article shown' . in the schedule, which totalled £123/His Worship. said' the rate piv. .interestl' . on the deals worked out. at 100 per* bini|,Mr. Colemaji intihiatedf that The would not call * Any evidence itt .the"... mattery The plaintiff had claimed on two grounds' — (1) Excessive rate- of t mterest ; « .- (2)' That the/ deal was .harsh in nature. He cohtendecV that both charges -doVetailed' into one anbtherV Plaintiff did Uto* plead ignorance of the> conditions el the loan. — His Worship : Notwithstarids ing that the Court has power to reduce 1 that rate of interest. — Mr*. ■'* Coleman :' The Court has certainly wide scope' under section 3 of the Act-. This.iwaA riot a case where a moneylender , haeS "wreaked vengeance on the unfortunat-o borrowers." On tlie contrary, he contended there hadi been nothing in tho . evidence to show that *>he bargain "was a harsh one to the plaintiff. Some six months after. the due date had .elapse*! before Perry came to the. Court to com* jdain of oppression. ' Plaintiff knew the/ < amount was due, 1 yet he Vivas, liberally granted! extension. The present case was':; not one in. which the ruling of the Court wa«* necessarv'V Counsel referred to the 1 risks taken by tho lender vpith regardV * to pianos iind furniture." He l contended the rate of 10 "pei^beniV iillovved by tho Act spelt ruin to 'a' mbriey lender, anarfcv from the doubtful nature of the security w If a moneylender, lent JBJO -^undejr ..the* ruling of the Act, it woufd'* niea'ii'thaJ. the 10s interest would not be worth while in consideration of the. risks. After hearing . further., legal evidence^/ his Worsluip reserved' his decision. '^\