J. & R. Milbank & Co. v. A. Dennistoun & Co.

1 Bosw. 246
CourtThe Superior Court of New York City
DecidedMay 16, 1857
StatusPublished
Cited by1 cases

This text of 1 Bosw. 246 (J. & R. Milbank & Co. v. A. Dennistoun & Co.) is published on Counsel Stack Legal Research, covering The Superior Court of New York City primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
J. & R. Milbank & Co. v. A. Dennistoun & Co., 1 Bosw. 246 (N.Y. Super. Ct. 1857).

Opinion

By the Court. Bosworth, J.

The letter of the 25th of June, 1846, instructed the defendants to make no disposition of the 5000 bbls. per “H". Biddle,” or of the 3000 bbls. per “ Georgianna,” until after receiving advice per “ Caledonia,” “ unless 22s. in bond is obtainable,” in which case, the defendants were authorized to sell, if they deemed it for the interest of the plaintiffs to accept that sum.

The letter of the 27th of June, was sent by the Caledonia, and received by the defendants on the 13th of July.

In the letter of the 27th of June, the plaintiffs say: " We fear [271]*271the first introductions for consumption may tend to continue low prices, as they will probably be large immediately on the passage of the new bill. Believing that after the stocks now in bond shall have been reduced by consumption, &c,, that an improvement may ensue, we express our desire that these parcels may be withheld from the market until the operation of the new law shall have produced its results”—* *. “ Though if 22s. in bond is obtainable on arrival, and you think our interest dictates such sale, please so to dispose of it.”

“ The new law” received the Royal assent on the 27th of June.

The N. Biddle arrived on the 18th of July, and 22s, in bond, was not then attainable.

Twenty-two shillings, in bond, was then equivalent to 25s. duty free, and that price was not then attainable.

The desire expressed in the letter of the 27th of June, was, that in such an event, these parcels should be “ withheld from the market” until the operation of the new law should have produced its results.

The flour was placed in the hands of Mr, Parker, as a broker, on or about the 21st of July. The N. Biddle arrived on the 18th of July. He offered it for sale, in the open market, and so sold it. Consequently it cannot be said to have been withheld from the market a single day, and the presumption is exceedingly strong, that it was put in market as soon as samples of it could be obtained, to be exhibited.

On the 18th of July, the day the flour arrived, the defendants wrote, that in two days they hoped to get a sample of the flour, and have it valued.

Assuming that samples were obtained within the anticipated time, the flour was put in charge of a broker for sale, as soon as he could be furnished with samples.

The discharging of it was commenced about the 27th of July. Discharging it at the rate of 1000 barrels a day, would require five days.

The jury found specially, that the defendants sold “ the 5,000 barrels of flour before the stock of grain, in bond, at the time the law referred to in the letter of the 27th of June, had been introduced into the market, and had been reduced by consumption.”

The jury were charged that the defendants were bound, by [272]*272their instructions, at all events, to withhold the flour from the market until the stock, in bond, on the passage of the corn law, had been reduced by consumption, &c. Until it had been reduced by consumption, &c., the time would not arrive at which, nor the contingencies have happened on which the contemplated results would have been produced, and could be ascertained.

“ But it was both the right and the duty of the defendants, in the exercise of good faith, and proper care and diligence, to determine, after the stock in bond had been introduced into the market, and had been reduced by consumption, &c., whether, and when the law had produced its results within the proper meaning of the word, ‘results,’ as I have explained it—and also to determine, thereupon, when their duty and the interests of the plaintiffs required them to sell, acting under such instructions.” “ If, in selling at the time they did, they sold before the stock, in bond, had been introduced into the market, and had been reduced by consumption, &c., they sold before they were authorized to sell, and are liable for the consequences of that act.”

“ If they did not sell until after these two events had occurred, they are not liable, unless they failed to exercise that care and diligence which a prudent consignee, acting on his own account, and with the knowledge or information which the evidence shows they possessed, would have exercised.”

Whether the Judge, in submitting the question, in answer to which the jury found the particular facts, above quoted, expressed any views, as to what must be understood by the words, “reduced , by consumption,” &c., the case does not disclose.

Those views, if any were stated, must be deemed to have been satisfactory to both parties. If it is to be assumed, that none were stated, then it is to be observed, that it does not appear that either party desired any particular instruction on that point, and that that matter was treated as one in respect to which the expe-. rience and intelligence of the jury required no aid from the Court.

We think this part of the case was submitted to the jury in a form as favorable to the defendants as they had a right to ask, if there was evidence which warranted any submission of the questions of fact, on which, they passed and rendered their verdict,

[273]*273The flour was sold on. the 4th, 5th, and 7th of August, at 21s., duty free, except 100 bbls., which were sold at 21s. 6d.

There is evidence enough to justify a jury in finding, that, from the 18th of July, when the flour arrived, until about the middle of August, the prices were rather declining, and that there was no sensible diminution of the stock in the market.

s.d.tos.d.

Defendts’ letter of July 3d, 1854, quotes N. Orleans at 24 -25

ft tt tt “ 18, it tt tt ft 23 -25 tt tt tt Aug. 3, tt tt ft ft 22 -24 u it tt “ 18, ÍÍ tt ft ft 23 -25 it tt tt Sept. 3, it tt ft ft 23.6-25 tt tt it “ 11, tt tt tt tt 26 -27.6 tt tt tt Oct. 3, it it ft tt 28.6-29 tt tt tt “ 19, it ft tt tt 33 -34

John Parke says, the highest price obtainable for New Orleans flour, in bond, between the 15th of June and the end of July, 1846, was 20s. and duty paid, was 28s. The prices were declining a little between the 18th of July and the 10th of August.

John Harnett says, the highest price, between the 15th of June and the 31st of July, 1846, was on the 14th of July; and then, duty paid, it was 22s. The price of such flour, immediately on the passage of the act, duty paid, was between 21s. and 22s. '

John Francis Godwin says, the highest price obtainable for such flour, between the 15th of June and the end of July, 1846, in bond, was 22s., and he thinks this was at the end of June. The prices, from the 18th of July to the 10th of August, were constantly declining.

The jury might very well find that an improvement of prices had not commenced, between the passage of the Corn Law and the sale of the flour; that as soon as samples could be procured, and about the 21st of July, the 5000 bbls. were put into the market, to be sold, by a broker; that the discharging of the flour was not begun till about the 27th of July; and that it was sold about as soon as it was placed in store, the sales being on the 4th, 5th, and 7th of August.

The jury might also have found, on the evidence, and properly too, that there had been no such reduction, by consumption, &c., as to effect an improvement of prices, or as would furnish any [274]

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Bluebook (online)
1 Bosw. 246, Counsel Stack Legal Research, https://law.counselstack.com/opinion/j-r-milbank-co-v-a-dennistoun-co-nysuperctnyc-1857.