THE APPEAL COURT.

Colonist, Volume XLVIII, Issue 11976, 11 July 1906, Page 3

THE APPEAL COURT.

Wellington, July 10. ""At the Appeal Uourt to-day Mr Hoaking, for the Christchurch "Press," in the appeal of Uowlinshaw and Uo. as to the appropriation of profite, contended that the plaintiffs were debarred from bringing this action on account of their acquiescence to the actions of the directors when the profits were put into the business instead of being declared as dividends. He contended further that tbe directors were justified in replacing lost capital out of the profits before declaring dividends. Wellington, July 10. At the Court of Appeal this afternoon, Mr Hosking, for the defendant '"Press" (Jo., concluded his argument, and Mr Acland, for Mr L. M. Rhodes, the representative of the preference shareholders, who is joined as a defendant, addressed the Court, contending the directors of the company had a right under the Articles of Association before declaring a divided Co write off any amount they pleased for depreciation of goodwill and plant, and if they acted bona fide the plaintiffs had no right to claim, and the Court could not interfere. After Mr Bell had replied the Court reserved its judgment. The case Kenealy versus Kawana Karaku then began. This was an Auckland case, being an appeal from a decision of Mr Justice Edwards, who had refused a non-suit in the case in which tbe Native defendant had been awarded £500 damages for injuries sustained from a bullet tired from a pea rifle by the defendant's son. The case is proceeding.