In conclusion, I am of opinion that there is no case made out for declaring the consideration for the lease to have failed so as to bring it within the class of cases where the subject matter could be treated as non-existent. It is as is laid down in Gowan v. Christie, the case of “a peril or risk undertaken by the lessee of the quantity and the value of the subject matter, but he is not at the risk of the being or existence of it.” There was iron ore raised under the lease and there is ore there still, but not worth working.
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