Carey

Appellee is a corporation doing business as a money lender in the Territory of Hawaii, and is a duly licensed industrial loan and investment company under the laws of the Territory. Appellant is engaged in the *237 business of selling sewing machines on the installment plan and in order to properly conduct said business he has been required to borrow money at different times. Responsive to this necessity he approached the appellee with a request for a loan. Appellee accommodated him and took notes as evidence of the indebtedness. On each of the notes in suit appellee loaned appellant $2,330 for the term of 15 months. From this amount appellant deducted the amount of $330, as interest, in advance, it being less than one per cent per month for the entire period. The principal was to be returned in 15 equal monthly installments. One month after the execution of the first note the first installment became due and in order to meet the payment appellant made a second loan from appellee. Again, the sum of $2,330 was borrowed, interest was deducted in advance, and the amount due on the first installment of note No. 1, paid.

Similar transactions covering a period of several years, and the…