[p)  See  the  qaestion  discussed,  mfra,  ness  of  advanciiig  money  on  such  secu-

ss.  497 — 499.  rities  which  the  legislature  has,  hy  the

(j)  10  A.  C.  at  p.  95.  Factors  Acts,   shown  it  thinks  ought

(r)  L.  R.,  3  P.  C.  694.  rather  to  be  encouraged But

(«)  "The  words  used  in  the  statute  where  the  goods  are  at  sea,  and' there  is
are  not  such  as  pHmd  facie  to  express  a  transfer  of  the  bill  of  lading,  there  is  a
such  an  intention.  No  one,  in  ordinary  delivery  of  possession,  symbolical  it  is
language,  would  say  that  when  the  true,  but  all  that  can  be  given.  The
goods  are  pawned,  or  money  is  raised  question  whether  there  was  a  mortgage
by  mortgage  on  an  estate,  the  property,  or  only  a,  common  law  pledge,  or
either  in  the  goods  or  land,  passes  to  the  hypothec,  it  being  accompanied  by  de-
pledgee  or  mortgagee,  and  I  cannot  livery,  might  affect  the  question  what
think  that  the  object  of  the  enactment  was  the  Court  in  which  those  rights
was  to  enact  that  no  security  for  a  loan  were  to  be  enforced,  but  does  not  affect
should  be  taken  on  the  transfer  of  bills  the  substance  of  the  rights^  The  bor-
of  lading  unless  the  lender  incurred  all  rower,  if  ready  and  willing  to  pay  the
the  liabilities  of  his  borrower  on  the  money,  might,  in  the  one  case,  be  able
contract.  That  would  greatly,  and  I  to  bring  an  action  at  law  against  the
think  unnecessarily,  hamper  the  busi-  lender  who   refused  to  allow  him  to


78


THE  CONTRACT.
