PS Gill JCA:

The plaintiff, a firm of stockbrokers in Singapore, and a member of the Singapore Stock Exchange claim a sum of S$21,993. 41 from the defendant as on 1 October 1985 with interest thereon at the rate of 1.2% per mensem from 1 October 1985 for full payment payable, and owing under an agreement dated 15 October 1984. Under the term of the agreement, the defendant requested, and was granted certain credit, and trading facilities relating to transaction and/or trading and/or sale and purchase of public listed shares.

The defendant denied the claim, and instead counterclaimed for the return of 287,000 shares pledged with the plaintiff as security for margin facilities S$500,000 and/or in the alternate damages for the conversion of the shares by the plaintiff amounting to a sum of $366,106.36.

The learned trial judge dismissed the plaintiff's claim with costs, and allowed that counterclaim of the defendant with costs.

The agreed facts (marked "F" by the court on 9 February 1998) dated 3 March 1997 are as follows:

(1) The plaintiff is and was at all material times stockbroker and member of the Singapore Stock Exchange.

(2) The defendant entered in to an agreement with