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WELL KNOWN BROKER SUED IN COURT.
SEQUEL TO THE CLOSING PAYS OF BANK INDUSTRIELLE
CLAIM FOR $77,434.86,
stated. The fact that it was telegraphio; transfer meant that it was the daty of the Bank to pay the amount within a few days. In this case an express date wäs mentioned which was a guarantee for one day
On the same day Mr. Mody sent a
· Mr. J. H. N. Mody, the well-know letter, confirming the contract It was local broker, was the defendant in an
on this guarantee that the action was action opened in the Supreme Court brought. The defence was that Mr. yesterday, before the Chief Justice (Sir Mody's duty was discharged by reason William Rees-Davies). Mr. Mody in sued of the events which happened after that by the Bank of East Asia for the recovery day. The Banque Industrielle failed at of $77,13-86 an amount of money for the beginning of July-that was some which he stood as guarantor in an ex-three weeks after the exchange contract change transaction during June.. 1921. a was entered into. On the 1st July the few weeks before the Banque Industrielle London. Joint, City and Midland flank de Chine closed its doors in Ilongkong. agents for the Bank of East Asia in Mr. Mody has filed a counter-clain Hongkong). despatched a telegram from against the plaintiff bank for nearly London which arrived in Hongkong dur- $6,000, being brokerage due to him
ing the early hours of the 4th of July." This telegram came eid Manila" which accounted for it being a day longer than it shoukl have been. The telegram stated that the £10,000 had not been received from the Banque Industrielle. They argued that this being so the position of Mr. Mody as surety was prejudiced and charged. They would prove that the that his obligations were therefore dis-
Banque Industrielle was not insolvent during the whole of June and that if the Manager had known be could have and would have settled it because they had ample fands. In fact between the 10th and 9th of June the Banque Industrielle remitted to London the sum of £50,000.
Mr. Edon Potter and Mr. F. C. Jenkin. instructed by Mr. F. Davidson, are coun- set for the plaintiff, Bank, and Mr. C.-G. Alabaster, K.C.nad Mr. Campbell. Pros- ser, instructed by Messrs. Wilkinson and Grist, appeared for the defendant..
The facts of the case as set out by the plaintiffs are that on June 7th they cun-¦ trated to buy, through Mr. Mody, the Sum of Emg00 in sterling from the Banque Industrielle de Chine at the exchange rate of 2/7d., the money to be paid to their London agents (the London Joint. City and Milland Bank) on the following day. The plaintiffs say that in When the Bank of East Asia received consideration thereof the plaintiffs in that telegram they wired to London points Hongkong paid into the Hangkong branching out that the £10,000 should have been of the Banque Industrielle the Sunt of paid in within a few days after the 7th $71.134.98. The Banqiie failed to deliver and asking for an explanation, pointing the £10,000 to their London agents, and out and that they had been placed at they also failed to repay the amount serious inconvenience. In answer to this lodged and therefore, as Mr. Mody was a telegram was received stating that they guarantor of the contract which had been were waiting confirmation from the Paris broken, and also as the Bank of East Asia office of the Banque Industrielle before refused the contract until the defendant £10,000 could be received. The Bank of had become the guaraator, they were East Asia replied to this telegram saying suing him for the money paid into the that it was a case of gross neglience in Hongkong Branch of the Banque Indus that the case had not been looked into trielle.
and asking them to take steps in future to prevent this. The plaintiff bank then wrote to Mr. Mody informing him of thei facts and asking what should be done in the matter. Mr. Mody took that letter to Messrs. Wilkinson and Grist and reply was sent to the Bank the same day in which surprise was expressed at the non-payment of the £10,000 which was understood to be cash transaction. The letter went on to state that they would realize that had their London agents not been guilty of gross negligence the mat ter would have been easily capable of adjustment. In view of that they (Messrs. Wilkinson and Grist) had ad- vised their client that he could not be Mr. Ailaster agreed that the onus of held liable for the non-payment of the proving their freedom from liability rested £10,000. They pointed out, however, that with the defance. He went on to point Mr. Mody would he only too pleased to out that there was a counter claim in the give them any advice on the matter. ease in which the defendant, claimed In the afternoon Mr. Alabaster eon- early 80,000 brokerage. With reference tinued to address the Court, quoting to this counter-claim, Counsel said, that many legal cases in support of his argu- after the action had been filed the plainment. In conclusion, Counsel said that Liffs wrote on the 3rd January stating the negligence of the Joint Banks in they had been instructed to admit the London was such as to deprive Mr. Moly whole of the counter-claim
Mr. Potter: We wrote stating that we had he been informed.
of the remedy which he would have had The plaintiff's were willing to pay you the amount claim-remedy therefore was not against Mr. ed, but we can't pay you because you Mody hut against the bank's agents in owe us $7,434.86, and I think your Lord London. ship should not give judgment until after this action has been tried. I want to argue on the question. of costs and in- derest arising out of this,
The statement of defence was to the effect that without their knowledge or consent the Bank of East Asia by and through their London agents had altered the terms of the contract, thereby pre judicing the defendant, In London the agents bail altered the terms of the con tract to read deliver after confirmation from the Paris office of the Banque In dustrielle."
In opening the ease. Mr. Potter said the defence admitted the contract but plead ed that they were free from all liability. It was therefore for the defence to prove that they were free from any liability incurred.
Mr. Alabaster said that the plaintiffs should have taken into consideration the question of brokerage when making put their claim. But they did not do so, They wrote to them asking them to send cheque. They refused to do this be- cause they had another claim, and replied stating that they had no intention of paying the brokerage.
His Lordship: Supposing the action had beed brought in London, would they have brought the London, Joint, City and Mid- land Bank into it as a third party?
Mr. Alabastor said that he had not looked up this point and he emuld not may off-hand. It was quite possible that they would have been brought in as third party, but, certainly," added Mr. Alabaster, you must not continue your action against us." ,;
Mr. Pottor remarked that negligence had not been pleaded. He did not know Counsel for both sides continued to that negligence had been pleaded. argue this point for some little time when i Mr. Alabaster: If my friend would take his Landship intervened stating that he the trouble to inform himself he would would give judgment for the counter know that it is pleaded. claim, reserving the question of costs and interest.
Mr. Potter That is what I suggested a quarter of an hour ago.
Mr. Potter said if it did come in, it was in an indirect way in a paragraph regarding mercantile customs. This ho
proceeded to read.
Mr. Alabaster: Oh, that is a réd herring
Mr. Potter: But it is your red herring, (Loud Mr. Alabaster; it is not unite. laughter.)
You are interrupting me, Mr. Alabaster: Are you addressing the
Court or am I as you always do
The Court then rose. The case will be continued this morning
SAIGON EICE MARKET
His Lordship, alter Counsel had cou tinued to argue the point: Please don't argue. I am not going to have any arguments between Counsel
Mr. Alabaster then proceeded to show to the Court that his client was free from l liability. He said that on the 30th April, 1927, the Manager of plaintiff Lank wrote a letter of instruction to the Manager of the London, Joint City and Midland Bank, confirming a telegram con- taining certain instructions sent the same day. I should explain to your Lord- ship," said Mr. Alabaster, that when a local bank buys sterling in London from auother bank here, four operation take The Compagnie de Commeren es de place in Hongkong. First, the exchange Navigation d'Extreme Orient,- in their contract between two banks here in put report dated Saigon, January 28th, through by an exchange broker ; secondly, Blate:-- payment here in local currency for the Market clowed rather firm for the
Jast sterling bought; thirdly, a telegramis fortnight, A few thousand tons have sent from the paying bank to its repre-been settled for Japan, but they? is 'ng tentative in London instructing them to other demand whatever except the usual pay the agents of the receiving bank; transactions with Hongkong. Prices re fourthly, that a telegram is sent by the main quite firm with no prospect of im receiving bank instructing its agent to provement owing to the large quantities enlleet the mosey." On the 7th June, to be shipped during Fibrutry. 1021, continued Mr. Alabaster, the Bank The total amount of rice exported from of East Asia bought £10,000 in sterling. January 1st to December 31st, 1921, was payable in London on the following day, 1,145,315 tons against 1500,374 i 1000, from the Banque Industrielle in Hongkong and from the 18 to 19th January, 1924, at the rate of 28, 7d., telegraphic transfor. 28,505 tons.
A contrnet was completed. It was We quote to-day-White Saigon rice, "Bought from the Banque Industrielle No. 9 gifted, Japan quality. Hongkong de Chine and sold to the Bank of Asia, 88.45 per picul, fób. Saigon, for Ltd., the amount of £10,000 at the rate February March shipment.
of 28 d. telegraphic transfer, to be do livered to-morrow; guarantor, J.H.N. Messrs. Wm. G. Hale & Co. Ltd., of signed J. H. N. Mody as broker for both Balgon in their. Rice Circular dated parties; exchange 877,434.86 cents." The February 1st way: Our market has foeg effect of that contract was that the Bank very quiet during the lant fortnight and of East Asin paid that sum of dollars to very little business has been done, how the Bank Industrielle in Hongkong on ever, owing to the large shipments cloud 7th June against a promise of the Banque to Hongkong for January-February and Industrielle that on the 6th June their even March, our prices have advanced, agents in London would pay the Bank and the market close very firm with very of East Asia the sum of £10,000 without faw neilers.
any margin: that was to say it would be New Crop-It is now estimated that setunily £10,000, ît was an express con- the available quantity for exports will truet insomuch that an express date wasl be of about 1,300,000 tons.
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