COMMERCIAL TRUSTS ACT.

Stratford Evening Post, Volume XXXIV, Issue 81, 28 November 1912, Page 7

COMMERCIAL TRUSTS ACT.

(Per Press Association.) Wellington, November 27. Proceedings against the Merchants’ Association and the Colonial Sugar Company, and individual merchants, in connection with transactions in sugar were continued to-day. the Chief Justice gave his decision as to the admissibility of, the minutes of the Association as evidence. Objection was taken to the admission on two grounds: 0) That the acts recorded were done before the Commercial Trusts Act came into force. His Honor considered this to he no objection in view of certain oases .which had been decided in other courts. The second objection was that the corporation, could not he held liable for acts of its promoters. The Judge also overruled this objection. Andrew Fairhairn, member of the fmn of Fairhairn, Wright and Co., stated in evidence that his firm had been in business for about twelve years. For eleven years they had been doing business with the Sugar Refining Company. For the six months ended September 30th, ICI 1. their sugar purchases amounted to £66.537. for the next six months, to March 31st, 1013. it amounted to £61.307; from April to September, 1012, it was £36,867. Dr. Findlay; To what do you ascribe the drop?—Witness; Entirely to the fact that we got, only 21- per cent discount, whereas the Merchants’ Association got 5 per cent, and a number of firms who were drawing from ur when terms were even transferred their business.