APPEAL COURT.

Taranaki Daily News, Volume XLVII, Issue 8154, 11 July 1906, Page 2

APPEAL COURT.

PEK riJRSS ASSOCIATION. Wellington, July 10 la the Appeal Court, Mr ITosltinor for the Press Company, contender! that plaintiff* were debarred from bringing this action on account of their acquiescence in the action of the directors when profits were put into the business instead of declared as dividends. Further the directors were justified in replacing lost capital out of profits, botore declaring a dividend. Lateb.

In the Court of Appeal this afternoon, Mr Hosking, for the Press Co,, concluded argument, and Mr Aoland, for Mr R. H, Rhodes, representative of the preference shareholders who were joined nu defendant, addressed the Court, contending that the directors of the Company had the right, under the Articles of Association, before declaring dividends, to write off any | amount they pleased for the deprecia ■ tion of good-will and plant, and if they acted bona fide, plaintiff had no right to claim, and the Court could not interfere.

' After Mr Bell had replied, tho Com t reserved iudgment. The case Kernealy v. K&wans KaraIku then began This was an Auckland case of appeal from the decision of Mr Justice Edwards, who had refused a non-suit in a case in whioh the native defendant had been awarded £6Oll | damages for injuries sustained from a bullet fired from a pea-rifle by defend ant's son. The case is proceeding.