The Statutes at Large (Volume 14); From the Magna Charta, to the End of the Eleventh Parliament of Great Britain, Anno 1761 [Continued to 1807]

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1765. Excerpt: ... flips, goods or merchandizes at sea, or going to sea exclusive os all or any other corporations or bodies politick already created, or hereafter to be created, and likewise exclusive os such societies or partnerships as now are or may hereafter be entered into for that purpose) several merchants or traders, who adventure their estates, or part of their estates, in such flips, goods or merchandizes (it sea, or going to sea especially in remote or hazardous voyages) would think it much safer for them to depend on the policies or assurances of either of those two corporations Jo to be erecled and ejlablifled, than on the policies or assurances of private or particular persons; and that such merchants or adventurers es Jhall hereafter be minded to agree for assurance os their flips, goods or merchandizes with private or particular persons, may still be at liberty so to do according to their own option or choice: and whereas it has also been a custom or usage in this as well as in other nations, for merchants or traders, who adventure their Jhips and merchandizes at sea, to borrow money to be repaid upon the return or arrival of such flips, which kind of borrowing is commonly called, taking up money on bottomry; in which cafes the lenders run a risque or hazard, more or less, of losing their principal, and are therefore allowed to contrail fir such interest or consideration-money for the uje or forbearance of the principal, as tan be agreed upon between the borrowers and the lenders: and it is considered, . That it may be a great advantage and encouragement to trade and navigation, if such merchants and traders might have it in their power, at their own election, either to have recourse to one of the corporations to be creeled and established in pursuance of th..