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description of all packages on board, with the marks and numbers thereon, the sorts of goods, the different kinds of each sort to the best of the master's knowledge, particulars of goods stowed loose, also a recapitulation of the total number of the packages of each sort, describing them by the names by which they are best known, the names of shippers and consignees, and all other particulars relating to the ship, her cargo, and her passengers.
Bottomry is the mortgaging of a ship, a bond whereby the ship’s bottom is pledged as a security for the repayment of money borrowed to carry on the voyage : the money advanced together with the premium or interest becomes repayable on the ship terminating the voyage successfully, the vessel as well as the borrower being then liable for the
If the ship is lost, the lender loses the whole money, and since he has to sustain the hazard of the voyage he is allowed a greater interest or premium than the usual rate acknowledged by law. Money thus obtained must be expended in refitting and repairing the ship.
Money is said to be taken up at respondentia when the loan is not on the vessel but on the cargo, and the lender must be paid principal and interest although the ship is lost, provided the goods are saved.
If, on a voyage, two or more bottomry bonds be entered into, they take precedence in the reverse order, the last being first payable.
Money to be borrowed on bottomry, should always be advertised for, and the lowest offer of interest accepted.
THE OFFICIAL LOG BOOK.
As every master of a vessel must possess the Official Log Book, it is unnecessary to say anything on the manner of using it, an accurate knowledge of which can only be acquired by inspecting the various columns it contains, and ample directions are given in the first pages for this purpose. All the entries must be carefully made and particular attention is required as to the instructions relating to “Entries of Offences to be read over,” and “ Entries of Wages and Effects of Deceased Seamen."