IN RE ANCHOR LINE (HENDERSON BROTHERS), LTD. (APPLICATION BY OCEAN STEAMSHIP CO., LTD.).

(1935) 53 Ll L Rep 185

CHANCERY DIVISION.

Before Mr. Justice Eve.

Sale of goods-Passing of property-Sale of crane-Terms of contract: "(1) We agree that you take over the crane . . . for a deferred purchase price of £4000. (2) Until the completion of the purchase you agree to pay us for interest and depreciation at the rates of £350 per annum for the first two years after taking over, £450 per annum for the second two years and £400 per annum thereafter. (3) Of these sums a proportion amounting to £240 per annum, or 6 per cent. of the purchase price of the crane, is to be regarded as depreciation, and the total of the annual payments for depreciation is to be deducted from the above-mentioned amount of £4000 in order to arrive at the balance actually to be paid by you on completion of the purchase whenever that may take place. In the meantime you will have entire charge of and responsibility for the crane in every respect. We suggest that the payments be made quarterly, and that the date for your taking over the crane be fixed as from Sept. 5, 1931"-Sale of Goods Act, 1893, Sect. 18, Rule 1.