Newell and Another v Jones
| Jurisdiction | England & Wales |
| Judgment Date | 22 January 1830 |
| Date | 22 January 1830 |
| Court | High Court |
English Reports Citation: 172 E.R. 636
IN THE COURTS OF KING'S BENCH AND COMMON PLEAS
[124] Jan. 22nd, 1830. NswEirL and another v. jones. (If a party shew, in an action for money lent, that it was the course of dealing between him and the defendant, to calculate the interest every year, and add that to the principal, and the next year to calculate upon the total, he may recover interest, calculated in same way, for the years subsequent to the striking of the last balance between the parties.) Assumpsit for money lent, and upon an account stated. On the pait of the plaintiffs, accounts were put in, shewing, that, from, the year 1824 to the year 1827, the plaintiffs and defendant balanced their account of principal and interest every year ; and that the interest, at the end of each year, was added to the principal, and at the end of the following year interest was calculated upon the principal and interest of the former year. Kelly, for the defendant.-The question is, whether the plaintiffs are entitled to more than £5 per cent, interest on the last balance of these accounts ? Lord Tenterden, C. J.-Unless you can alter these documents my opinion is formed. Kelly.-There cannot be interest upon interest without an express agreement ; and if there was such an agreement, I submit that it would be illegal, as an agreement for compound interest. I believe that question has been raised in equity, but not decided. Brodrick, for the plaintiffs, cited Bruce v. Hunter (a). (a) 3 Camp. 467. In that case, it was held, that an agent who had advanced money for his principal in...
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