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Authority of agents-Various kinds of agents-Ob-

ligatory agency-The master an agent-Charterer's
agents-Agent's responsibility-Master never divested
of his duties-Himself the source of agent's authority-
Errors of judgment-Owner's sailing orders-Power to
appoint agents- Status of agents various - Lloyds'
agents-Relative position-Usefulness of agents-Mas-
ter's authority-Surveyors-Recommendations of ex-
perts-Master's discretion necessary-Condemnation of

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Authority of agents-Various kinds of agents-Ob-

ligatory agency-The master an agent-Charterer's
agents-Agent's responsibility-Master never divested
of his duties-Himself the source of agent's authority-
Errors of judgment-Owner's sailing orders-Power to
appoint agents-Status of agents various - Lloyds'
agents-Relative position-Usefulness of agents-Mas-
ter's authority-Surveyors-Recommendations of ex-
perts-Master's discretion necessary-Condemnation of

ship-Position of surveyors-

Master's signature re-
quired-Bribes and allowances-Facilities to extrava-
gance Agents' charges - Masters dispensing with
agents-Recapitulation.

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Bills on owner-Bottomry-The power of the bond-
Respondentia-Bottomry and mortgage-Priority of a
second lender-Precedence of wages-How bond dis-
solved-Bottomry not liable for general average—Bot-
tomry premium-A variety of bond-Rate of premium-
Bottomry a final resource- -Bonds given in the ship-
owner's country-Division of a bond-Redemption of
bond-Payment of bond-Holder of the bond-Sale of
ship under a bottomry bond-Sale of cargo-Ultimate
loss-The lender's position-The risks he runs-Ex-
emption of bottomry from general average-An anomaly
-Practical remarks-Other means of raising money—
Selling cargo-Sale of damaged goods-Loss on goods
sold-Profit on a forced sale-Merchant's recovery from
ship-Set-off-Sale of ship-Practical remarks.

CHAPTER V.

BILLS-OF-LADING AND THE CHARTER-PARTY.

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106

Master's mercantile duties-The shipowner - The
ship The master - Bill-of-lading- Charter-party-
Ownership-Signing bills-of-lading-When bills-of-
lading required-Charter-party and bill-of-lading dis-
tinguished—The charter-party described-Form of char-
ter-party-A mutual contract-Warranties and con-
ditions-Penal sum-Counterparts-Verbal charters-
Use of the ship-Letting a ship-Its navigation-Regu
larity of proceedings-Contents of the charter-party—
Fatal and venial breaches-The parties to a charter-
Name of the ship-Ship's capacity-Class and character
-Seaworthiness-Place and time-A full cargo-Deck-
loads-Cost of loading-The voyage-Calling for orders
-Payment of freight-Mutual obligations-The salvo-

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