JUDGMENT

Gill J:

This action arises out of a hire-purchase agreement dated 6 May 1963 whereby the plaintiffs (the owners) let a Model K565 cable winch complete with cable to the defendant company (the hirer). The plaintiffs' claim is for certain sums of money to which they allege they became entitled on their terminating the hiring by reason of the defendants' failure to comply with the terms of the agreement. The defendants are counterclaiming for damages for wrongful termination of the hiring.

Under cl. 1 of the agreement the hire purchase price was $51,348, of which a sum of $13,593 was to be paid on the signing of the agreement and the balance by way of monthly hire-rent of $2,098 on the sixth day of each month, the first of such payments to be made on 6 June 1963.

Clause 4 of the agreement provided that

If the hirer shall not duly pay to the owners any of the sums herein provided to be paid...... then the owners shall forthwith become entitled to immediate possession of the property and may in every such case: (a) without prejudice to any claim for arrears of hire-rent or damages for breach of this agreement forthwith and without notice or demand terminate the hiring and re