APPEAL UPHELD

Waikato Times, Volume 119, Issue 19909, 11 June 1936, Page 2

APPEAL UPHELD

STERLING 0R CURRENCY? ‘ l A MAJORITY chIBION. ! WELLINGTON. Wednesday. ! On March 30 .\iessrs. J. Ballantynei Ind Company, Christchurch, applied tol the Court of Appeal for an lnterpreta- ‘ tion or a contract made by the com-‘ pany‘s agent in London, by which Mr‘ de Bueger was engaged by the com-l pany as a tailor outter {or three years at remuneration of “ £7OO sterling " a year. To-day Judgment was given by a. majority of the Court. their Honours Justices ostler, Blair and Kennedy. al- - the appeal with costs. They held that the payment of £7OO per annum in New Zealand currency as made by the company was a full discharge or the salary agreed to he paid under the oontract. In a dissenting judgment, the actingLhief Justice, Mr Justice Reed, considered the question involved was purely one or construction and in his View should be dismissed. Judgment was entered in accordance with the majority View, with costs. ' ANOTHIR OISE. TRANSPORT BOARD INTEREST. PRIVY COUNCIL APPEAL LIKELY. \VELLINGTON, \Vednesday. The Court of Appeal this morning pronounced Judgment in the case _Allianee Assurance Company \'. the Auckland City Corporation and the Auckland Transport Board. The question (or determination arose out of the provlston or the debentures originally given by the Auckland Electrio’l‘ramways Company but now payable by the Auckland Transport Board. The plaintiff company claimed that the interest was payable at the holders' option in Auckland or London. but it presented in London they are to be paid in English currenoy. The Corporation and Transport Board contended that the sums were payable in New Zealand currency converted at whatever rate or exchange is current between London and New Zea—land on the particular date of payment—in sheet, that the debentureholder bears the cost of exchange between New Zealand and London. A majority of the Courththelr Honours Justice Ostler. Blair and Kennedy. gave Judgment in favour of the plain—tiff company, willie lho acting—Chief Justice, Mr Justice Reed. delivered a dissenting judgment in which he decided that at all maierlal times the New Zealand pound and the English pound were diflerent, although they expressed units of account in the same name. Provisional leave to appeal to the Privy Council was granted.