Rosenr MoKexzr, Rowney Miner anb Avcosrcs Wurre.
Claim for a Settlement of Partnership Accounts.
The parties to this suit formerly composed the firm of Miller, McKenzie, and White. Vhe firm was now dissolved, and the plaintiff, one of the Into partners, claimed a settlement them, to be entitled to a sum of is, 4,900, of the partnership accounts, and in taking which out of a total of Tls. 5,000, he assorted to be payable to him under certain condition Mr. Watsewnrcutr was counsel for the plaintiff; and Mr, Drusatoxp for the defendants.
'Mr. Warxewricnr in opening the case briefly, said there did not appear any difficulty' in the way of taking the accounts between the parties; but there was another matter in the case, which was really the point in dispute, and the suit had been brought for his Lordship to decide upon it. The matter alluded to was the plaintiff's claim for payment Of Tis, 4,900, which claim was disputed by the defendants on the ground that the plaintiff was not a member of the firm at the time he made it, and was therefore not entitled to it. He then read the plaintifl's petition, the gist of which was as follows By an Indenture dated the Ist day of September, 1867, the plaintiff and the defendants mutually covenanted and agreed to carry on business as bill and bullion brokers in partnership, for the term of five years, The indent ture provided (amongst other things) that the partners should be entitled to the net profits Arising from the business in the following proportions, for\the first three years of the said term Rowley Miller to two-fifths; the plaintiff to two-fifths, and Augustus White to one-fifth, and afterwards for the remainder of the term of five years, in equal proportions. In the event of either partner leaving Shanghai, and remaining away for a period exceeding two months and not exceeding twelve months, then he should only be entitled to receive at and after the rate of Tls. 3,000 per aunum, this allowance to cease after the expiration of twelve months. The indenture further provided that the partnership might be dissolved at any time, but only by mutual consent. a deed poli annexed to the indenture, anc dated the 12th of September, 1870, the plaintiffand defendants mutually agreed to continue in partnership for a further period of two years and four months, from the lst of August, 1872, until the 31st of December, 1874, with the stipulations that the profits should be equally divided between the part-note, and that if any one of the partners should be absent from Shanghai for a period exceeding two months and not exceeding twelve months, he should be entitled daring such obs. sence to an allowance at the rate of Tls. 5,000 per annum, to be paid out of the profits
Text read from the printed page and cleaned; old type leaves the occasional error.