JUDGMENT RESERVED.

Star (Christchurch), Volume LXIV, Issue 934, 2 December 1933, Page 1

JUDGMENT RESERVED.

High Court Hearing of N.Z. Case. United Press Assn.—By Electric Telegraph— Copyright. SYDNEY, December 1. The High Court reserved judgment in the case of the Wanganui Power Board versus the A.M.P. Society. The appeal was brought by the Wan-ganui-Rangitikei Power Board against the decision of the New South Wales Equity Court on the board’s claim for a reduction of interest under the New South Wales Interest Reduction Act on certain debentures for moneys borrowed from the Australian Mutual Provident Society. The grounds for the appeal were that the court was in error in declaring that the Interest Reduction Act did not apply in the case and that the board was not entitled to the benefit of the Act in payment of the interest. The Acting-Chief Justice of the Equity Court (Sir John Harvey) held that the parties intended the contract to be a New Zealand contract from first to last, and that it was never intended that the obligation to pay interest at was to be subject to any law which the State of New South Wales might make. The case concerns loans amounting to £149,999. £IOO,OOO and £60,000.