Judgement

Law. Rep. 54 Ind. App. 317 ( 1926- 1927)

M. A. Sassoon V. International Banking C orporation 137

Appeal (No. 99 of 1926) from a decree of the High Court at Calcutta in its appellate jurisdiction (February 11, 1926) affirming a decree of that Court in its original jurisdiction.

The appellants were export merchants at Calcutta, and the respondents carried on business there as bankers. The respondents sued the appellants in the High Court to recover Rs.22,652 being the equivalent of four sterling bills of exchange, two dated August 9, 1923, and two September 6, 1923. The bills were drawn by the appellants on George Knowles & Co., Ld. (hereinafter referred to as G. K. & Co.), of London, and were payable to the respondents or order; they had been dishonoured after acceptance.

The facts, which appear fully from the judgment of the Judicial Committee, were shortly as follows—

On May 11, 1923, the appellants contracted to sell to G. K. & Co. goods to be shipped from Calcutta between July and September at a price in sterling c.i.f., U. K., payment by drafts at 90 days against a confirmed bank credit to be opened by the buyers.

On the same day the appellants, through T. S. Apcar &