JUDGMENT

Cunliffe, J - This is a troublesome case which has been very well argued on both sides. The plaintiffs are Lloyds Bank. They claim a decree for Rs. 20,681-8-0 from the Administrator-General, Burma, and also a declaration that they are entitled to be paid their share of further dividends in full and without any deduction in respect of the estate of the late Hoosain Hamadanee. The deceased Hamadanee was a well-known figure in the commercial circles of. Rangoon. He was financed in his rice business by several banks. Appearing as a principal, he was in reality the nominee and agent of a German firm carrying on business at Bremen and Hamburg under the name of Rudolph Meyerkort & Co. As far as this case is concerned, the manner in which Hamadanee traded was as follows:

He purchased rice in Burma with the assistance of a German gentleman by the name of Huchting. Mr. Huchting was a partner in Meyerkort & Co. The rice was bought by means of finance supplied by Lloyds Bank. The bank provided Hamadanee with an over-draft account on which he drew cheques. As security for this overdraft he signed a promissory note. Collaterally, he also signed a continuation bond and from time to time do