The following are particulars under the paragraph numbered 3a of defendant's answer On or about the 18th day of March 1902 the defendant orally stated to G. H. Potts (one of the plaintiffs herein) that he (the defendant) was about to go to Europe and was not in ape tion to pay to the plaintiffs the sum of Tis, 3,592.76 or any less sum in respect of the amount appearing, to be due by him to the plaintiffs for the March settlement of 1902. It was and the said G. H. Potts that the thereupon agreed between the defendant
aofendant should repurchase the shares in respect of which the said alleged loss of Ts. 3,592.76 occurred at the March, 1902, settlement for the settlement of August, 1902, at the price as of $275 per share. At the same time the defendant instructed the said G. H. Potts not to hold the said shares if they fell more than six, or at triest seven points, but to sell them forthwith if they so fell, wi the said G.H. Potts thereupon did promise and agree to do. The said G. H. Potts instead of selling the said shares when they fell six or not more than seven points alleges that the said shares were sold only when they had fallen seven five points.
The following are particulars under' the paragraph numbered 3b of the defendant's answer The defendant at the time of signing the said promissory note believed that the plaintiffs had bond file paid for and taken delivery of certain specific shares on his account and that the plaintiffs had held the said specific shares subsequently, had sold and given delivery of the said shares to a bond fide purchaser who paid for the same, Ansn Kannena & Ca. r, Zar Sixe Ca., Lo., Tox Cuv-no and Ta C UN-DONG, Mr. Steckmast appeared for the plaintiffs and Mr. Oppe for Li Chi Shun-dong. The other defendants did not appear.
The petition showed that the Sing Ca., Ld. were cotton mill owners, bat the mill had been shut down. The Zai Sing Ca. bought from plaintiffs certain machinery for Tis, 14,930, which amount was to be paid in instal-wents, of which the lust instalment of Tls. 5,930, was to be paid not later than six months after the arrival of the first shipment of machinery in Shanghai. 'The machinery duly' arrived and two instalments of the purchase price were paid. The defendant 1 dong was said to be a creditor of the said company in respect of rent and he, without the consent or knowledge of the plaintiffs and in violation of the lien over said machinery, had seized and sold the machinery and paid himself out of the proceeds. The balance of the proceeds of the sale had been handed over by Li Chi Shun-dong to the Chinese Chamber of Commerce, who proposed to distribute it amongst the ming creditors of the company in to the amount of their claims, The plaintiffs object to this and claim a preference over Li Chi Shun-dong and all other creditors of the company and prayed that the defendant Li be ordered forthwith to pay plaintiffs the amount realized by the <ale of the machinery and that the Zai Sing Ca. Ld. and Tun Chu-ho be ordered to" pay the balance of the purchase price of the machinery, namely, Tls. 5,930 with interest at 8 per cent per annum.
The defendant Li Chi Shun-long replied that he sold the machinery to The eross-examina the witness by Mr. Muse not give the prices of antimony in the market in 1905, but he testified on that the other day Foreign firms issued weekly cirenlarstating the prices of antimony and other vods, Witness hal never seen any—cirenlars issu! by foreign firms; he wax not broker. Witness testified at the let sitting of the Court as to the price of cargo sold in May, June and Novensber The slip of paper with all the prices was lost. He did not read the contract many times; he read it when it was written out and afterwards. Wi saw the contract signed. The chop pat on the next day. Neither party hind confidence in the other, therefor the contract needed a stamp: it was not customary to fix a chop on a contract, The case was again adjourned.
Shanghai, September 10, Before Mr. Wosa (Magistrate) and Dr. Bancwet (American Assessor.)
Text read from the printed page and cleaned; old type leaves the occasional error.