CORINTHIAN SECURITIES LTD. Vs. CATO

JUDGEMENT

(1.) In February, 1966, the plaintiffs, a company called Corinthian Securities Ltd. (which had only been incorporated a month or two) lent money, pounds 2,800, to the defendant Mr. Cato, to help him finance a shipment of plant and machinery to the West Indias. As security he gave them a mortgage on his house, 38, Garrick Avenue, Golders Green, London, N. W. 11. They stipulated for interest at 1 per cent per month (that is, 12 per cent. a year), together with a commitment fee of 2 per cent., that is pounds 56 payable in advance. The terms of repayment were that :

(2.) AS part of the arrangement, Mr. Cato gave a bankers order for the interest of pounds 28 a month. He gave it on his own bank, the Westminister Bank, payable to Corinthian Securities Ltd. at their bank - the National Provincial Bank. Mr. Cato did not get the full pounds 2,800. He only got pounds 2,650. The remaining pounds 150 was deducted for costs and so forth.

(3.) AFTER that agreement of September 4, 1968, the solicitors got out the accounts. On November 20, 1968, an account was submitted by Mr. Catos solicitors on his behalf. This showed a balance due from him of pound 11 0s. 11d., which they paid. They say that settled the accounts up to November 21, 1968. But Corinthian Securities Ltd. said that that was not the right balance. They went to the court again and sought to remove the stay. On May 19, 1969, Judge Beresford held that Mr. Cato had not paid what he ought to have done and made the order for possession. Mr. Cato had not paid what he ought to appeal. Terms were imposed by which he had to pay money into court. He did so. And now he appeals in person to this court. His argument raises a point of considerable interest.