Lord Russell of Killowen:-

The point for decision on this appeal is the true construction of one clause in an agreement dated 16th January 1919 and made between the appellants and the respondents. By the agreement the appellants (called therein “the sellers”) sell to the respondents (called therein “the buyers”) the output of coal from certain seams in their collieries, for a period which commenced on 1st April 1921 and which has still a few years to run. The clause in question is cl. 4 which runs as follows :

In the month of January immediately preceding the commencement of a year (which term shall for the purpose of this Agreement be deemed to mean a period of 12 calendar months commencing on the first day of April and ending on the thirty-first day of March) the price payable by the Buyers for the coal to be delivered during such year shall be settled and adjusted at eight annas per ton above the price payable under or in respect of the then latest contract for the purchase of first class Jharriah coal loaded into wagons at Colliery Siding entered into by the Railway Board or if that Board shall have been abolished then by such authority as shall be constituted or established in i