THORNE ACTING CJ - This is an appeal from the judgment of Mr. Justice Prichard delivered on the 30th day of December, 1931, upon a question which arose under the Stamp Enactment No. 6 of 1930.In order to a proper consideration of the matter, the facts may be reviewed briefly.

By an agreement in writing which bears date the 15th day of June, 1931, a company called Standard-Waygood Limited, incorporated in New South Wales, of the one part, and a company named Stanway Limited, registered under the Companies Enactment, 1917, of the Federated Malay States, of the other part, it was agreed that Standard-Waygood Limited (which I will hereafter refer to as the vendors) and the Stanway Ltd. (to which I will refer as the purchasers) agreed together for the sale and purchase of the assets described in the schedule to that agreement, of which the following are the material terms.

As consideration for the said sale the purchasers agreed to pay to the vendors the sum of 61,636-13-4 which was to be paid and satisfied by the allotment to the vendors of shares in the capital of the purchasers.The sale was to be completed when the consideration was to be paid and satisfied, and the vendors wer