DAIRY COMPANY SHARES.

Auckland Star, Volume LX, Issue 229, 27 September 1929, Page 5

DAIRY COMPANY SHARES.

TE KUITI FARMERS' DISPUTE PLAINTIFFS NONSUITED. (By Telegraph.—Own Correspondent.) HAMILTON, this day. Charles Hunt and four other settlers residing near Te Kuiti recently sought a Supreme Court order against William Gadsby, a farmer in the same district, for the specific performance of an agreement to purchase their shares in the Springdale Cheese Company. Defendant had a lease of a large area of native-owned land near Te Kuiti. The lease contained the right of renewal. He subleased parts of the land to certain dairy farmers for periods which extended beyond the date of the termination of the lease. In doing so he relied on the right of renewal. He established a cheese factory on the land and formed a small private dairy company, the suppliers being his sublessees. The native owners then disputed defendant's right to a renewal of the lease, alleging breaches of covenants.

The sub-lessees at the end of the 1927-28 season were faced with the possibility that they would be dispossessed by reason of defendant not being able to obtain a renewal of the lease. They held certain shares which were paid up to 5/8 per share. They asked defendant to purchase these shares, and lie->agreed to do so for a total sum of £400, provided he obtained a renewal of the lease.

In a reserved judgment delivered to-day, Ifr. Justice Ostler nonsuited plaintiffs on a point raised by the defendant, tha,t it had not been proved that Hannah Hansen, one of the plaintiffs, widow of *he late Christian Hansen, was her husband's administratrix.