PREMIUM BONDS.
AN IMPORTANT JUDGMENT.
By Telegraph—Prese Association. \ Wellington, Tuesday. In his reserved judgment to-day, Dr. McArthur decided that the premium bond business was a lottery, and lined the International Investment Co. £6O on a charge that the company sold to Harold Peterson a premium bond, issued by the municipality of Paris, by which he was given an interest in a scheme where money prizes were gained by a mode of chance. The Magistrate said if goods were disposed of by lot or chance, the person so acting is doing an illegal business and cannot be excused by the fact that at the same time he is giving what may be considered good value for the money. He could not agree with Sir John Findlay, counsel for the defence, that a scheme was not a lottery if only some part of it determined by lot to whom benefits went.
The Magistrate did not consider it necessary to constitute a lottery thtt the substantial object should be a lottery. The question of security for eosta for appeal will stand over for the present.
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Taranaki Daily News, Volume LIV, Issue 194, 14 February 1912, Page 2
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182PREMIUM BONDS. Taranaki Daily News, Volume LIV, Issue 194, 14 February 1912, Page 2
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