JUDGMENT

Rankin, C.J. - The plaintiffs are a limited company called H.V. Low & Co., Ltd., and they sue the defendant for the return of the deposit paid by them upon an agreement between the parties that the defendant would grant to the plaintiffs a mining lease for a term of 999 years of the underground coal rights in two mouzahs belonging to the defendant and called Raidi and Methadi. It appears from certain correspondence between the parties that an agreement for a mining lease of these two mouzahs had been made in 1923 and the deposit of Rs. 34,440 was paid at that time. On 2nd January 1924, the plaintiffs asked for one month's further time in which to complete the lease but in March, April and May of 1924 they were pressing for completion and intimating a claim for damages on account of the defendant's failure to execute the lease. Ultimately, on 22nd January 1925 the parties with the advice of their solicitors, entered into a formal agreement which provided that the plaintiffs would within two months from the date of the submission of a draft lease by the defendant take a mining lease from him or his lessees upon certain terms therein mentioned which are, in substance, the term