Mess/ J. Ring & C.°, the consignees of the cargo, whereby they promise to pay j any amount of money representing their share of contribution to general average, being assessed on them in a legal adjustment, and give as collateral security (i) for their engagement the Merchants'Bank of this city, which duly endorsed (2) the bond,
   A. S  That was wisely done, because otherwise we should have been obliged to discharge the cargo into lighters or land it ashore and keep it there till the conclusion of the adjustment, with the consequence of a heavy outlay in addition to the original damage. On the other hand the consignees have thus obtained the advantage of being enabled to dispose of their goods. Was freight paid on delivery (3) as customary?
   S. M.  An advance of two hundred pounds
   (1) Collateral security Può essere persona o cosa che garantisce' il pagamento di un debito, quando il primo obbligato manchi al suo impegno « garanzia ».
   (2) Il verbo « to endorse » non ha qui il significato di atto della trasmissione di un effetto cambiario mediante girata (come precedentemente veduto), ma quello di sottoscrivere a titolo di garanzia.
   (3) On delivery  Alla consegna, cioè all'atto della consegna della merce.
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   having1 been paid to me at port of loading for ship's expenses, I received here only the balance still due in good paper on London.
   A. S.  I suppose freight was paid on the quantity delivered, was it not ?
   S. M.  Of course; that is, on two thousand five hundred tons, at the rate of twenty two shillings, as per charter-party, making just two thousand seven hundred and fifty pounds.
   A. S.  You then lost freight on three hundred tons, amounting to three hundred and thirty pounds, an item which must be added to the liabilities we have already set down, in order to make figures meet.
   S. M.  So it is, I had overlooked this in my reckoning.
   A. S.  Did you remit the sum to your owner already ?
   S, M.  No sir, I kept it at hand, to meet payment of such contribution as will be assessed on the ship and freight, and to defray docking and repairing charges, to which I was authorized by my owner through his cablegram (1) of Monday last.
   (1) Cablegram  Telegramma mandato per cavo sottomarino (Vedi Cable, pag. 146, n. 3).
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