E. BAILEY & CO. LTD. v. BALHOLM SECURITIES LTD.

[1973] 2 Lloyd's Rep. 404

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Kerr

Principal and agent - Brokers - Brokers employed by clients to buy and sell cocoa and sugar under "future" contracts - Purchases and sales to be "matched up" at end of monthly period - Difference between prices of purchases and sales to be settled monthly - Brokers' right to call for "margin" from clients whenever contracts could not be "matched up" - Margin not paid by clients - Whether closing of transactions by purchase and sale authorized by client - Whether brokers entitled to terminate arrangements with clients - Measure of damages. London Cocoa Terminal Market Association - London Produce Clearing House scheme - Operation - Regs., 1, 13. United Terminal Sugar Market Association - London Produce Clearing House scheme - Operation.