“11. .....Now the doctrine of laches
in Courts of Equity is not an arbitrary or a
technical doctrine. Where it would be
practically unjust to give a remedy, either
because the party has, by his conduct, done
that which might fairly be regarded as
equivalent to a waiver of it, or where by
his conduct and neglect he has, though
perhaps not waiving that remedy, yet put the
other party in a situation in which it would
not be reasonable to place him if the remedy
were afterwards to be asserted in either of
these cases, lapse of time and delay are
most material. But in every case, if an
argument against relief, which otherwise
would be just, is founded upon mere delay,
that delay of course not amounting to a bar
by any statute of limitations, the validity
of that defence must be tried upon
principles substantially equitable. Two
circumstances, always important in such
cases, are, the length of the delay and the
nature of the acts done during the interval,
which might affect either party and cause a
balance of justice or injustice in taking
the one course or the other, so far as
relates to the remedy.' (Lindsay Petroleum
Co. case, PC pp/ 239-40)”