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TMI Blog1941 (12) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... n no dispute at any time in the present action that in accordance with the law of Ceylon as decided in the Supreme Court in (1934) 36 NLR 145, Tarrant v. Marikar, such a plea if established would be a valid defence. The only question in the case is one of fact, whether the transactions between the parties were wagering transactions, in other words, were bets. Both Courts decided this issue in favour of the plaintiffs in judgments which fully discuss the facts, and it is only necessary shortly to state the circumstances which gave rise to the action. The defendant is a grower of rubber in Ceylon: the plaintiffs are a long-established firm of share and produce-brokers, members of the Colombo Brokers' Association and of the Colombo Rubber ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fs of which the following is a sample: Geo. White, Yuille Co., Ltd., 3. Mincing Lane, E.C.3. 2079 Messrs. Bartleet Co. BOUGHT DELIVERY CONTRACT. London and/or Liverpool. London, May 15th, 1929. 3. We have this day bought by your order and for your account upon the terms of this Contract, including the Rules endorsed hereon and the Regulations and Bye-Laws of The Rubber Trade Association of London, of our Principals, whose solvency we guarantee, Seventy-five (75) tons Plantation Rubber in cases, at Eevenpence seven-eighths (11 7/8d.) per lb. Standard Quality Hevea Brasiliensis, Ribbed Smoked Sheets. To be ready for delivery in Warehouse in London and/or Liverpool, any time or times, at Seller's option ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns Plantation Rubber, in cases, at 1s. 3/8d, per lb. Standard quality. 6. To be ready for delivery in Warehouse in London and/or Liverpool any time or times, at Seller's option, during the months of October/November/December 1929. 22/11 Oct. Dry 100 tons. Nov. 100 Dec. 100 7. This Contract is made under and subject to the Constitution, Bye-Laws and Rules of the Rubber Trade Association of London, and is further subject to the Conditions endorsed on the back h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions; but to establish the bet, it is necessary to prove that the documents are but a cloak and that neither party intended them to have any effective legal operation. Where the documents show an ordinary commercial transaction, and, in conformity with them, one of the parties incurs personal obligations on a genuine (transaction with third parties so that he himself is not a winner or loser by the alteration of price, but can only benefit by his commission, the inference of betting is irresistibly destroyed. In such cases the fact that no delivery is required or tendered is of practically no value. It is a circumstance affecting in former days many speculative accounts on the Stock Exchange, London: and, since the decision in (1879) 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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