Judgement

Appeal from a judgment and decree of the Chief Court of Lower Burma (July 24, 1913) affirming the judgment of Ormond J. of that Court.

By six contracts made between April and August, 1911, the respondents bought and the appellant sold, at various prices, 23,500 shares in the British Burma Petroleum Company, Limited, to be delivered and paid for on or before December 30, 1911. The con tracts contained a clause providing that in default of payment the seller should have the option to resell the shares. The shares were tendered on December 30, 1911, but the respondents declined to take delivery or pay for them. At the market price for sales upon that day, namely 4s. 3d. a share, the 23,500 shares would have realized Rs. 109,218 less than their price under the contracts. The appellant gave the respondents written notice of his intention to sell the shares against them. No sale, however, was made until February 28, 1912 ; all the shares were sold at various times between that date and August, 1912. By these sales the appellant realized more than if he had sold upon December 30, 1911, namely, a sum only Rs. 79,862 less than the price under the contracts.

Law. Rep. 43 Ind. App.