Yangtsze Rapid S. S. Co. v. Deutsch-Asiatische Bank

This is an appeal from a judgment of the United States Court for China.

The pertinent facts, as embodied in the narrative “Findings of Fact” of the court below, are substantially as follows:

On or about July 6, 1928, at Shanghai, China, appellant, the Yangtsze Rapid Steamship Company, entered into a contract in writing with one A. C. Seidel, whereby the latter as “seller” undertook to design, construct, and build for the appellant as the “buyer” one twin screw Diesel motorship in. accordance with the specifications attached to said contract for the sum of TIs. 190,000.-00. This contract provided, among other things, that the ship so constructed should bo delivered to the appellant on July 1, 1929, and that payment therefor should be made as specified in said contract. On March 25, 1929, a supplemental contract in writing was entered into by the respective parties whereby the cost of the construction of said vessel was to be increased from TIs. 190,000.00 to TIs. 212,400.00. In the latter part of June, 1929,, the work on the vessel was about 90 per cent, completed, and the appellant had paid to Seidel, under said contracts, the sum of TIs. 175,000.00 in cash and materials…