{the Shanghai Stock Exchange, gave evidence before me and stated that fon the March Settlement day there was no quotation for Ewo Mills but that his firm had bought at Tis, 7 that day, that he did not know of any Ewo Mills share being offered jon that day on the market: Ho farther states that the lowest quot~ fel price of the shares was Tis, 7.40 but they: had been offered at Tia. 162 but mo business was done in theme at that price.
also states that it would be very dificult to sell the shares. on settling day as every one is too busy, to boy and that it often happens that. shares have to be sold. at sacrifice on settling day and cannot to September, 19: Behar merely says in his evidence with regard personally liable" that he did not reply and contradict the statement because he did not take the state-it seriously.
They do write on August 25, 1925] in the agreement saying "which you have agreed to take up and apply to your settlement account with us." Another letter a personal one was written on September 8, 1925, to Odell in which the phrase is used "you must) hold all these people to their contracts, in the same way as I am holding you to yours."
No Denial of Liability Throughout the whole of the period in spite of the plaintiff's reiterated statement that the deffendants are personally liable, there not one word of denial of 1 ty. Telegrams and letters passed] between Ellis and Odell in September 1925 in which Odell says he is doing his best about the shares but suggestion that the defendants jate not liable. © In a letter written fon September 22, 1925, Odell Behar referring fo a transaction in Hongkong Trams between Ellis and themselves uses the phrase "For this transaction we shall give you a contract note endorsed legally, freeing us from all liability and Inelding the buyer alone responsible"
So it appears that there is some form of contract note by which it can be shown definitely that its lows:
The plaintiff in this case claims that on certain dates. by a cone tract in writing the defendants agreed to purchase certain shares {for delivery on the March settle ment day which was March 29, 1927, that on the March settlement Jday the defendants refused to acjeopt delivery of these shares and fohat consequently the plaintiff suffered damage to the extent of Tls. 4,500.
The defendants admit that they agreed to purchase the shares in question but do not admit that they refused to accept delivery of the shares, and the defendants further state in their statement of defence that if the plaintiff re-sold the Ewo Cotton Mills shares at the price of Tis, 6.95 per share that it was not 'a genuine sale and that it did not take place in the open market and that it was not the price that the [shares in the Ewo Cotton Mills were selling at on March 29, 1927.
Text read from the printed page and cleaned; old type leaves the occasional error.