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This item is filmed at the reduction ratio checked below/ Ce document est filmd au taux de reduction indiqud ci-dessous. JOX 14X 18X 22X 26X r 30X 12X 16X 20X 24X 28X 32X • Stalls s du modifier r une Image 'rata o elure. a J 32X The copy filmed her* hes been reproduced thanks to the generosity of: York Univeriity Toronto Scott Library The images appearing here are the best quality possible considering the condition and legibility of the original copy and in keeping with the filming contract specifications. Original copies in printed paper covers are filmed beginning with the front cover and ending on the last page with a printed or illustrated impres- sion, or the back cover when appropriate. All other original copies are filmed beginning on the first page with a printed or Illustrated impres- sion, and ending on the last page with a printed or illustrated impression. 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Tous les autres exemplaires origlnaux sont filmis en commen^ant par la premiere page qui comporte une empreinte d'Impression ou d'illustration et en terminant par la dernlAre page qui comporte une telle empreinte. Un des symboles sulvants apparaitra sur la derniire image de cheque microfiche, selon le cas: le symbole — ^ signifle "A SUIVRE", le symbole V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent dtre f!lm6s A des taux de reduction dlff«rents. Lorsque le document est trop grand pour dtre reproduit en un seul cllch6, ii est fllmd A partir de Tangle bupirieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images nicessaire. Les diagrammes sulvants illustrent la mithode. 1 2 3 4 5 6 / \^ ■» .*. > t . ■m.: •» *t * « . r fu4gment qf the Lonit qf the Judicial <7b9C{ delivered .lO/A March 1895. .^H^'' Present : The Lord Chance llok. Loud "Watsox. Loud IIohhouse. Loud Macnaoiitbn. LoirD SitAND. Loud Davky. SlU lllCUAUI) Coucii. {Delivered by the Lord Chancellor.] I Tlie Appellant is a member of the Montreal Stock Exchansfe. The action which has giveu risc! to this appeal was brought to recover a sum of 81,'J2G. 87, the balance alleged to be due from the Respondent in respect of certain oontraota entered into by the Appellant on his behalf and by his directions for the purchase and sale of shares in various Joint Stock Companies. The Respondent pleaded first :— that the claim was prescribed by lapse of time, and secondly: — that the transactions which gave rise to it werok gambling transactions on the rise and fall of \ shares and that therefore the action could aot b» maintained. „.^^^-*- •» In view of this^l^^^mkali^is necessary to.' stat e t li^^qaititfflti^nie particularity. The _,.,rt?^;i. UluT— 4/95. A f! T 2 tmnsaotious hotwocn the pnrtios cotniiiL'nuod witli the piircliuso by the Apijcllaiit in DocimuIkt 18S2 of 25 sharoM i !" tlio Moiitrciil Stroot, Ruihvay Company. Additioiiiil xliaros ,/t!r > siil)«,i'(|ue:itly purcliasod iu tho same UIl(llM•takiIl^^ PurchnseH wore also miidi! of tho slinrcs of otiior Coinpanioi. 'riii> price paid for tho sliart's piirclifiscd was del)it,ed to tin; llespoiulciit jjy tho Appellant with 4 per cont, comniissioii added. Tho shares flo purchased wore sold from tirao to time and the proceeds \vor<» credited to tho Respondent, less a commission of [ per cent. It is not in dispute that all those transactiona were entered into at tho instance and on hehalf of the Respondent. When a purchase of shares Avas to he made he furnished the App'llaiu with a sniaU portion of the purehaso money which would be required : thus iu tho case of tho first transaction to wliicli allusion has been made ho paid t**62. 60. In every case delivcM-y of the shares wa.. obtained by the Appellant from the member of tho Stock Exchani;i' from whom he ])urchascd and tho shares were duly paid for. The money necessary for this purpose; beyond tiiat supplied by tlio ilespoudent was raised by the Appellant by moans of loans from a Bank, the shares serving as security. The loans needed I'or the Respondent's transactions were not always raised spoeitlcally ujion the shares jjur- chased for him. The Appellant acted as broker for many clients, and the advances which Avcro ^ required for the purpose of completing contracts entered into on their behalf were raised by hypothecating to a Bank their several siicuritios and obtaining the advance of a lump sum. When the shares purchased for the Ilespoudent wove sold they wen- redeemed from the Bank and delivered to the purchaser. In respect of the advances oljtained from the Bank, tho Ap- pellant charged the Respondent 1 per cent, more /' / ", r k A / f / ^ r ^ A llinii tlu« iutoivM I'or ulii.-li h,' luiil inn JJaiik. If Ijotwcrii the liiiio oi tliu liurcliiwo and that of tlio «»!.• of itaiticular shnivg (liviiloiids Hciv paid upon it. cm flics.. dividoiuU were credited lu iho INHporidciil. It Nlioiild 1)0 added, as relianco is platvd upon tho fa«t, that tho Uespondmit wax ii hauk clerk with a Holnry of .s'DOO to ^1,000 a yoar. It is conceded that the only law prevailing in Canada upon which the Ilespondent can rely for the purpose of .'stahlishinj,' that the Appellant is not entitled to recover tho sum claimed is Article I<.)i>7 of the Civil Code of Lower Canada. It is in these terras: — "There is no right of action for the recovery " of money or any other thiny claimed nnder a " gamin-,' contract w a het." Ill order therefor.! to sustain his def.'uce it was incumbent on tli(> Kespondent to shew that the money sought lo be recovered was claimed under a fjauiin- e.mtract or a bet. The learned Judye who tried the ease, and on appeal tho Court of Queen's J5..nch tor Low.;r Canada (Hall J. disspntin^•), th.,u-lit he had made this out — lience the present appeal. The delViiee turninj,' upon the (|uesti(m whether tlie claim is foundc.i upon a yamiui,' contract it is essential to ascertain tho exact naturo t>n tlio partipM totlirm. Tliny wt'n» nml tmrinnctiouii, flu> Hlinri piii'iIiftM^d mid hoM wiT"' in fvory ctwo (It.'livtrt'il and tlif jirirc of tlu'm jKiitl or ivtvlrt'd Aft tile camo miKitt ih'. Ait tiiit i<« itut in |H'iliint ll»vin^ (>nt(>r'!d IntD tliont) eontraot* n% ngunt foi- tlu^ Kniipimdciif tlic iattor wai jiriiH'i J'licif l)<)niid to iii(it*mniry tlu' I'oruior Aifaiimt any liiil>ilily iri<>iuri>d in roN{M)ct of tliuta. II« wnu (»u i\w otlu'i* liand i-xcluwividy I'utitliKl to tin* liiint'llt of tlictu. If tlin simrcs [Min-iwised incrcnst'd in viiiim tlic rt^Hulf w.ih a gain to tlio UoM[i<)ii(iotit and did not invnlvi* any loss to tiio Appcllnnf. II on tlio oflicr IiaiuI tin- sliarot di'crcast'd in valuo wliilo tlio Rcspondi'iit siis- tniiifd a loHH no j,'aia rrsuld'il to tlio Appellant. In iiritlior contingency llicrfrorc did tlie Keipon- dunt'u gain involve a loss to the Appellant. His romnneration was in any event a fixed eommissioii of ] per eent. It would be of eourio an aliiiM' of lan;j;iiai