£2,800 Claim in Supreme Court —A Question of Exchange At H.M. Supreme Court, on Tuesday, before his Honour Judge Skinner Turner, Messrs. Eh. Goldrei Foucard & Son were defendants in an action brought by Hsin Chang to recover £2,800 sterling, the contract purchase price of 70 casks of duck albumen, at 4/- per Ib. c.i.f. London.
Mr. H. P. Wilkinson appeared for plaintiff and Mr. H. Lipson Ward for defendants.
According to the statement of claim, on August 13 of last year plaintiff sold to defendants 10 casks of duck albumen, then on the P. & O.S. Kalgan in transit to London. The contract was confirmed by the following note dated August 16: We beg to confirm our verbal conversation of the 13th instant, that we agree to accept your firm offer for the above parcel at 4/- per Ib. e.i.f. London, if possible a better price. Hsin Chang." The cargo thus passed into defendants' possession, On September 8, defendants notified plaintiff in writing that at_plaintiffs request they had "settled ox-change" for the sum of £2,800, payable by defendants to plaintiff, at the rate ofiG/1id. to the tael, such exchange to be taken up between August and December. Plaintiff had since made numerous requests for payment of this purchase money, but defendants refused to pay.
Starpment or Derence, The statement of defence set forth q that defendants undertook to ship the goods in question to London for account and risk of plaintiff, the understanding being that they should sell at 4/- per Ib., or a better price if possible. A' contract in these terms was entered into, and defendants received from plaintiff freight, insurance. and lighterage charges for the shipment. On or about September 8, acting on plaintiff's instructions, defendants settled exchange to the amount of £2.800 August December delivery at 6/1}d., in respect of the estimated proceeds of the sale of the cargo. This sale was duly effected, the proceeds less charges and commission amounting to £2,665.2.7, which, at exchange 6/13, is Tls. 8,702.46. Defendants took up exchange for £2,800, realizing thereby the sum of Tis, 9,142.85; and they now claimed £134.17.5, being the amount of exchange taken up in excess of the nett proceeds of the sale.
MetHop oF PayMENT.
In opening the case, Mr. Wilkinson said the issue was whether the goods were given to defendants to sell on commission, or whether they were sold outright by plaintiff to defendants, at a sterling price.
Mr. Ward agreed that plaintiff was entitled to judgement for the amount admitted in the claim.
His Lordship raised the point as to whether plaintiff would be lentit'rd to sue in the Mixed Court sterling.
Mr.
1 am surprised to hear it. You cannot bring an action in London in _taels.
Mr. Wilkinson:—Wo say plaintiff is entitled to the £2,800 or its equivalent in taels.
His Lord No. 1 think the Privy Council is against you on that.
Mr. Wilkinson:—We are entitled to.claim that, if they choose to make the contract in sterling.
His Lordship:—You_ don't -suggest that sterling is legal tender here?
Mr. Wilkinson:—Yes. If the sale was in sterling, plaintiff is entitled to sterling.
His Lordship:—Yes, at the rate of exchange ruling on date of breach of contract.
Text read from the printed page and cleaned; old type leaves the occasional error.