MONEY-LENDING CASE

Dominion, Volume 11, Issue 281, 16 August 1918, Page 7

MONEY-LENDING CASE

e— CLAIM FOR UNPAID INTEREST AND I'KINCIPAL. In tho Supreme Court yesterday, before His Honour Mr. Justico Hosting, Lazarus Wolfe Balkind, registered moneylender, claimed the sum of t K9 from Arthur Percy Ralph, of Kilbirnie, clerk. Sir John Pindlay, K.C., with hint Mr. J. C. Morrison, appeared for the plainti, and Mr. P. Levi for the defendant. In the statement of claim it was set out that in February, 1918, plaintiff lent to tho defendant tho sum of .£25, repayable together with £U interest thereon by monthly instalments of. .£6 10s. each. The defendant had repaid ,£lO, and plaintiff therefore sought judgment for the balance of ,£29. In Iris statement the defendant denied that there was now due and owing to plaintiff the sum of .£29 as alleged. The defendant claimed that tho interest charged in respect'of "tlie sum actually lent was excessive, and that the transaction was harsh and unconscionable, and prayed for relief under subsection 1 of section 3 of tho Moneylenders Act, 190 S. The defendant further contended that by virtue of the provisions of the Mortgages Extension Act, 1914, and its amendments it was not lawful for the plaintiff to call up the principal sum secured without tho leave of Iho Court. L. W. Balkind said he was '.'a moneylender, and was at present resident in Christcliurch. • He was previously in business as a draper. The Income-tax Department had inado two examinations of his books, and they were found correct and accurate. He jjave particujai-s of his income and expenditure. He Gaid he had been iu tho business since 1912, and it had not paid him. He had opened various branches in I he hope that by extending tho business it would pay him. After bearing argument, His Honour reserved his decision.-