RIDICULOUS CLAIM

Hokitika Guardian, 26 May 1931, Page 8

RIDICULOUS CLAIM

FORTUNE FROM GERMAN MARK,

LONDON, May 14. Mr Leon Franklin’s dream or reaping untold wealth as the reward ot a little flutter in depreciated German marks was dispelled by the judge in the; King’s Bench division. Mr Justice Maekinnin went further, and said lie regretted that the time of the Court had been wasted on “this ridiculous claim.” Mr Leon Franklin, who is a company promoter, claimed £450,000,000 from the Westminister Bank, and had informed the. judge that, although lie was entitled to judgment for the full amount, lie was prepared to accept “one-quarter per cent of one per cent” (£11,250.) Pin in till conducted lii.s own case and explained that the bank had dishonoured a draft of 9,000,000,000 marks, purchased from the hank on September 27, 1923, as a speculative investment. He. paid the bank £ls Is for the draft, which was payable on demand.'

When, however, lie presented the draft in 1926 at Darmstadters. the Berlin agents of tlie Westminister Bank it was endorsed “Worthless.” “1 base my claim,” said Mr Franklijj, “on the sanctity of contract.” Jt was mentioned during the ease that the paid-up capital of the Westminister Bank is a mere £9,320,000. Mr Justice Mackimion pointed out that defendant’s case was that the draft was made worthless by a change in the German law. Mr Franklin; The German law js a wash-out. The judge mentioned that, if the claim succeeded, he might himself be placed in difficulties as a customer ot the Westminister Bank.