601 



DOCK-WARRANTS. 



DOCK WARRANTS. 



goods discharged at once in lighters, over side, the dock authorities sup- 

 ply the necessary labour to the captains at a fixed tariff; but this 

 operation is carried on entirely at the risk of the merchandise, and it 

 must be performed with the rapidity required by the dock authorities. 

 The rates usually charged for the use of docks are : 1. The landing 

 rate, which includes the quay rate, the unloading and entry into the 

 stores, or the stowage on the quay, and the loading upon carts if the 

 goods are removed immediately from the Customs scales. 2. The con- 

 solidated rate, which includes the quay rate, the entry into stores, the 

 examination and repair of casks and packages, the sampling, the weighing 

 on delivery, the certificates of damage, and rent for three weeks from 

 the day of breaking bulk. 3. The management rate, which is supposed 

 to cover the expenses of showing the goods to purchasers, and of pre- 

 paring them for sale. 4. The rent, payable by weeks, or by fractions of 

 weeks. From observations made upon the application of the rates of 

 the various London companies, it would seem that they are not very 

 logically arranged, and that the rent, especially, does not cover the 

 expenses connected with it. Generally speaking, however, it may be 

 said that the working expenses of the London docks are equal to about 

 60 per cent, of their gross receipts, and that they pay, one with another, 

 about 44 per cent, on the capital invested in them. It must, however, 

 be here observed, that the trade connected with steam-boats does not 

 pay the dock companies more than 2J per cent, profit under the ordi- 

 nary tariffs, and that graving-docks never yield much more than 2J per 



cent, on their outlay. The price of the Liverpool Docks was said to 

 have ranged between 24,000?. and 36,000?. per acre of land inclosed ; 

 and in that port it is by no means rare to work as many as from 25,000 

 to 28,000 tons per acre of water surface per annum, while the pro- 

 portion in London is only from 5000 to 6000 tons per acre. As an 

 approximate rule, the floor surface of the warehouses may be calculated 

 at the rate of 10 feet superficial for every ton in store ; but, as was 

 said before, no invariable rule can be applied in this case. Goods gene- 

 rally remain in warehouse for about three months ; but the lighter and 

 more valuable goods remain there the longest. 



On account of the great security of the warehouses of the larger and 

 wealthy dock companies, it has been possible to introduce a very 

 important facility for commercial operations by the creation of a class 

 of securities known as dock warrants. These are, in fact, acknow- 

 ledgments on the part of the company that they hold and are respon- 

 sible for certain quantities of goods specified on the wan-ant, which is 

 then transmissible by endorsement, and the goods are deliverable to 

 the last holder, unless notice to the contrary should have been legally 

 given. [DOCK^WARRANT.] 



The system of business adopted at Liverpool is rather different from 

 that of London, even when, as in the Albert Docks, the basins are sur- 

 rounded by bonding-warehouses ; for, as a general rule, the commerce 

 of the former town is carried on by means of basins, and of private 

 warehouses in the upper part of the town. In the new Victoria Docks 



Plan of the Liverpool Docks. 



also, some modifications of a rather doubtful value have been intro- 

 duced, which may be understood by reference to the accompanying 

 cut. Almost every important port in England can now boast of its 

 docks, and the details of them are BO necessarily modified by local 

 circumstances that it would be impossible to discuss them in A general 



Iv-WARBAXTS, are orders by the owner of goods which are 

 lying at a wharf or in a warehouse, upon the wharfinger or warehouse- 

 man, to deliver up the goods, or a named portion of them, to the person 

 or persons in whose favour the orders are made. Then if the owner 

 winhes to sell the goods, or portion of them, he may, by handing the 

 dock-warrant to the buyer, made out in his favour, transfer to him the 

 right of obtaining the goods from the wharfinger or warehouseman ; so 



the buyer, by endorsing to a sub-buyer, may transfer to him, and so 

 on ; but not so as to be enabled, without something more takes place, 

 to bring an action against the wharfinger, &c., in case of refusal by him 

 to deliver according to the warrant. These warrants, or delivery orders 

 (as they are sometimes called), have the quality of securities, for they 

 represent the goods themselves ; and the warehouseman, accepting the 

 order, and not refusing compliance on the ground that he holds the 

 goods subject to an unsatisfied lien of his own against the original 

 owner, or otherwise declining the order, becomes the agent of the 

 buyer, and the buyer holding this order or warrant has the same right 

 to go into the market and sell as if he had the goods in his pocket. 

 Exceptions to, or modifications of, the rule may occur in cases of bank- 

 ruptcy, insolvency, or when anything remains to be done with the 



