SANDAY & CO., LTD. v. MAATSCHAPPIJ VOOR INDUSTRIEELE EN FINANCIEELE ONDERNEMINGEN N.V.

(1939) 64 Ll L Rep 147

KING'S BENCH DIVISION.

Before Mr. Justice Branson.

Principal and agent - Agreement by English agents to sell commodities on behalf of Dutch principals - Certain margins of credit allowed by agents upon orders sent to them by Dutch principals for execution-Negotiations between parties as to increased margin credits-Sales in the meantime effected by agents on principals' behalf - Whether sale contracts affirmed by principals subject to condition precedent that margin credits should be extended -Failure by principals to make immediate payment of margin call by agents-Account closed by agents-Dispute as to period during which the principals were entitled to make payment of differences due - Whether period extended - Estoppel-Arbitration -Award that sale contracts were not made subject to the condition of an extension of credit and were binding on the Dutch principals, and that the agents were entitled to close the account -Case stated.