STOCK TRANSACTION

New Zealand Times, Volume XLVI, Issue 10605, 2 June 1920, Page 3

STOCK TRANSACTION

A DEAL IN SHEEP ALLEGED BREACH OF CONTRACT. A claim for £4Bl 19s in respect of an aliened breach of contract in the sale of fanning stock occupied the attention of His Honour Mr Justice Salmond at tho Supreme Court yesterday. The plaintiffs were Messra Dalgoty and Co., Ltd., general merchants, and Frederick Brit-tain Lowes, of Kongomai, settler, and the defendants, Messrs Harold William Brown, of Wellington, merchant, and George Veich, of Oiareviile, horse-trainer. Mr C P. Siierrett, K.C., with him Mr A. Fair, appeared for the plaintinc, and Mr D. M. Findlay for the facfendanta. A SALE OF EWES.

According to the statement of claim, tho plaintiff company, prior to February 7th, 1918, received instructions from Lowea to sell on his hehalf .?v)7 ewes' at the price of- 27s each. Acting upon these instructions, the company authorised William Henry Tubman, one of its employees, to ettect the sale. Prior to February 7th, 1918, the defendants Veich and Harold William Brown ha*<l instructed Tubman to purchase any lines of stock that in hit> opinion would yield a profit. Tubman accordingly made the deal upon tho price quoted in the instructions from tho plaintiffs—27s each—the owes to bo .delivered on February 27th, 1918. Ho reported' tho purchase to Veich, who instructed him to resell tho ewes at tho next Eketahuna sale owing to the shortage of grass. Dalgoty and Co. thcreirnon, on behalf of the" purchaser, paid the plaintiff Lowee, the vendor, the purchase price of tho stock (£4Bl 19s). Dalgety and .Co. had since -demanded from Veich and Brown payment of the money, but the latter had failed to repay tho sum. The plaintiff company "therefore claimed the sum of £4Bl 19fi, with interest at the rate of 8 per cent, from tho dato of the transaction. "NO AUTHORITY." In their statement of defence, the •.lefondants said that Tubman had no authority or instructions to purchase or tako delivery of stock on their behalf. They did not know whether Tubman had purchased the exreo, but if ho did he had Uo authority from them for so Vloing. Defendants denied that their refusal to pay the money claimed was in broach of any contract. The hearing of tho evidence in the case submitted i'oi tho plaintiff occupied all day, and His Honour adjournal further hearing till 10 a.m. to-day, -when Mr Findlay will open the defence