THE WAY OF THE BORROWER IS HARD.

Temuka Leader, Issue 1849, 5 February 1889, Page 2

THE WAY OF THE BORROWER IS HARD.

In the Dunedin Police Court lately, Henry Benjamin sued James Morrison foe £lO, amount of a promissory note made on 3rd December, 3887. Mr Stanford Appeared for tbe plaintiff, and Mr Sim for the defendant, Mr Sim said that the defendant, being in want of £7 at the close of the year 1887, went to the plaintiff, who suggested that he should borrow £lO. Defendant consented, and received £7 7s 6d, the rest being retained for interest, Since then he had paid 10 monthly instalments of 25s each, yet the plaintiff sought to recover tbe full amount of the promissory note originally given. It seemed that defendant had signed an undertaking to pay back £5 in the two months following tbe obtaining of tbe loao, but in place of doing so be bad paid 25s monthly for 10 months, and tbe con* temion of tbe plaintiff was that this money was merely interest on tbe renewal of tbe | promissory note, which still held good for the full amount. He (Mr Sim) was surprised that Mr Benjamin was not atthmed to come into Court with, such an extortionate claim. Tbe defendant, although be had only borrowed £lO from Mr Benjamin, giving a promissory note for tbe amount, had repaid the who'e of tbe amount with interest, bringing it close on to 200 per cent, yet Mr now the audacity to ask for judgment ior the amount of the promissory note. Defendant, an elderly mao, examined, said that when he obtained the loan he signed something, but did not know what it was. He understood that he was to pay back 25s per month, and ha made ten payments. Cross-examined ; When he signed the promissory note he was aware that he was undertaking to pay the whole amount within two months. ' A clerk in the plaintiff’s employ called by Mr Stanford said that when tbe defendant gave the promissory note for £lO be obtained £7 7s 6d cash. The sum of £3los was deducted for interest, and 2s 6d for stamps and forms. The Bench said judgment would be for the defendant with £1 Is costs. Mr Stanford asked for leave to appeal. Mr De Lacy: On what ground ? Mr Stanford: On the ground that tbe agreement was solely binding. While tho Bench were considering the application, Mr Stanford said he would not make it in tbe meantime.— Dunediu Star.