Facts:

The plaintiff was a trading company. On a regular basis, it caused to be lodged in its accounts with the defendant, a banker; the proceeds from its business. The plaintiff had its account at the defendant’s Lagos East branch, 12 Broad Street, Lagos. The plaintiff filled into a bank teller, consisting of the bank copy and the customer’s copy (hereinafter referred to as the counter-foil), the amount it intended to pay in. This was recorded on both the bank copy (hereinafter referred to as the original) and the counter-foil. The employees of the plaintiff took the money to the bank. The defendant’s counter-clerks or officials, in acknowledgment of the fact that the amount recorded on the original and counter-foil of the teller was paid in, affixed the bank’s stamp impression on both the original and counterfoil. The counter-clerk receiving the money then appended his signature or initials to both the original and counter-foil.