LOAD-LINE.—Every British and Foreign foreign-going ship, sailing from a port of the United Kingdom, is required by the Merchant Shipping Acts, 1894 and 1906, to be duly marked with a load-line. The mark consists of a circle upon each of her sides, amidships or as near thereto as is practicable, in white or yellow on a dark ground or in black on a light ground, the disc of the circle being twelve inches in diameter, with a horizontal line eighteen inches in length drawn through its centre. The centre of this disc is placed below the deck-line, and indicates the maxill1L1111 load-line in salt water to which it is lawful to load the ship. There are certain special regulations with regard to a ship which the owner is not required to enter outwards. A ship loaded so as to submerge in salt water the centre of the dksc indicating the load-litie is deemed to be an unsafe ship, and the submersion is a reasonable and probable cause for her detention. Some ships are exempt from these provisions relating to load-lines. Such are ships under eighty tons register employed solely in the coasting-trade, and ships employed solely as fishing and pleasure yachts. Foreign-going vessels must be marked before entry outwards. Upon such entry the owner must state in writing the distance in feet and inches between the centre of the disc and the upper edge of each of the deck-lines wliich is above that centre; and if default is made in the insertion of this statement in the form of entry the ship may be detained. And the master of a ship is required to enter a copy of the statement in the agreement with the crew before it is signed by any member of the crew, and the su perin ten den t will not proceed i tlr the engage ment of the crew until that entry is made. The master must also enter a copy of the same statement in the official log-book. A ship marked with the load line should in general be kept so marked until her next return to a port of discharge in the United Kingdom, though under certain conditions the mark may be altered. A coasting-vessel which requires the load-line must also be marked before she proceeds to sea. Her owner must once in every twelve months, immediately before the ship proceeds to sea, deliver to the chief officer of customs of the port of registry of the ship a written statement the distance between the centre of the disc and the upper edge of each of the deck-lines which is above that centre; and after a renewal or alteration of the disc another and similar statement must be so delivered. A coasting vessel already marked with a load should be kept so marked until notice is given of an alteration. If default is made iu this notice or statement the owner of the vessel will be liable for each offence to a fine of 1'100. A like fine is incurred by the owner of any British ship required to be marked— (et) who allows the load-line to be marked in a manner in any respect inac curate so as to be likely to mislead ; (b) who f ails m ithout reasOnable cause to keep his ship marked or allows her to be so loaded as to submerge in salt water the centre of the disc indicating the load-line. 'Ile master is also liable to a penalty in respect of the last-mentioned offence. And any person is who " conceals, removes, alters, defaces, or obliterates, or suffers any person under his control to conceal renioNe, alter, deface, or obliterate any of the said marks, except in the c,,ent of the particulars thereby denoted being law fully altered, or except for the purpose of escaping capture by an enemy." 'Ile deck-lines already referred to are lines which indicate the position of each deck which is above water, and tl.ey consist of lines of not less than tweke inches in length and one inch in breadth, painted longitudinally on each side of a ship amidships, or as near thereto as practicable. The tipper edge of each of the deck-lincs must be level with the upper side of the deck-plank next the waterway at the place of marking, and must he coloured white or yellow on a dark ground, or black on a light ground. The expression " amidships" means the middle of the length of the load water-line as measured froni the fore side of the stem to the aft side of the stern-post. These deck-lines are required to be permanently and conspicuously marked upon every 13ritish ship except those tinder eighty tons register employed solely in the coasting-trade, and ships employed exclusively in trading oe going from place to place in any river or inland IN flier the whole or part of which is in a 13ritish possession. 'Hie INIerchant Shipping Act also requires, under a penalty, the master of a British sea-going ship to iecord her draught of water and the extent of her clear side in the official log-book. BV the "clear side" is meant the height from the water to the upper sitle of the plank of the deck from which the depth of hold as stated in the register is measured, and the measurement of the dear side is taken at. the lowest part of the side.
LOAN SOCIETIES.-1Vhere a number of persons form a society in England for establishing a fund for making loans to the "industrious" classes, and taking payment of the same by instalments, with interest thereon, they may obtain the benefit of the provisions of the Loan Societies Act, 1840, by framing rules for the management of the society, and having those rules certified, deposited, and enrolled in the manner directed by the Act. Three transcripts of the rules, signed by three members and counter signed by the clerk or secretary, must be transmitted to the barrister appointed to certify the rules of savings banks. This official may charge a fee not exceeding a guinea; and having approved the rules he will give his certificate on each of the transcripts, keeping one for himself, returning another to the society, and sending the third to the local clerk of the peace. When so certified the rules are binding on the members and officers of the society, and the borrowers and sureties, and all other persons having interest therein. No certified rule can be altered except at a general meeting of the society, and all rules from time to time made and in force must be entered in a book kept by the officer of the society. Alterations also require certifi cation. Trustees must be appointed, and in them all the property of the society vests. In their names the society sues and is sued. A loan society may issue debentures, which are not liable to stamp duty, and these, though signed by a trustee or other officer of the society, cannot impose a personal liability upon him unless he has given some personal undertaking. Sums under X50 lent to or deposited in a loan society are payable without letters of administration to the next-of-kin of any debenture holder, depositor, or other claimant who dies intestate. The treasurer and any other person who is entrusted with the receipt or custody of the society's money must give a security by bond with sureties. A loan society cannot lend to any one at the same time a greater sum than X15, and no second or other loan can be made to the same person until the former loan has been repaid. A special form of promissory note is prescribed by the Act, but it is not liable to stamp duty (nor is any receipt for money lent or paid), and cannot be transferred by indorsement or otherwise to any person whatsoever. The note must be made payable to the treasurer, and the society may "add to or embody in such note the statement of any allegations made by the parties to such note respecting their goods or property, and all such allegations made under the hand of any such party may be given in evidence against him on any proceeding under" the Act. If the borrower makes default in payment the society is required to give him a certain notice, and if, after such notice, the default continues, the borrower may be sued in the police court, so that the loan may be recovered as promptly as possible. There however, nothing to prevent the society proceeding in a county or other court. The treasurer or clerk of the society for the time being is the person who should sue for and recover the amount due under a note or other security, and this is so even if a change has taken place in the person by whom the office is filled. An applicant for a loan may be charged a fee of l s. fid. for the form of application and for inquiries, and the society is not bound to return this fee in the event of the loan not being granted ; but the inquiry must be made within fourteen days from the time of the delivery to the society of the application form duly filled up. The society can demand and receive from a borrower, at the time of making the loan, a discount at the rate specified in the rules not exceeding " ten pounds by the hundred " for the full term of one year; it can also receive payment by instalments, but the first repay ment must not be made due sooner than the eleventh day after the date of the grant of the loan. The instalments and interest must be according to °fie of the schemes set out below ; payments must be entered in the borrower's and no instalment can be paid in advance, nor can loans be balloted for.
In these schemes all instalments after the first are to be paid weekly.
Other schemes may be formed from these by advancing or postponing the day of payment of the first instalment, provided that the first payment is not made sooner than the eleventh day, and that not more than one penny per pound is added to the interest for every thirteen clays of such postponement, or that not less than one penny per pound is taken of the interest tbr every thirteen days of sue!) advance.
l'hus: Scheme may be altered by making the first instalment payable on the twenty-second day after the loan, and taking sevenpence per pound for interest, and so for the rest.