liable  under  the  bill  of  lading  contract,  it  seems  to  have  been
conclusively  laid  down  by  the  House  of  Lords  that  the  effect  of
an  indorsement  must  be  ascertained,  in  each  case,  by  reference  to
the  intention  with  which  it  was  made.  The  bill  of  lading  there
had  been  indorsed  by  the  shipper  in  blank,  and  deposited  by  him
with  the  bankers  as  security  for  a  loan.  Field,  J.,  who  tried  the
case,  found  that  the  intention  was  to  pledge  the  goods  only ;  to
give  the  bankers  control  over  the  possession  of  them,  but  to  leave
the  general  property  with  the  shipper.  He  accordingly  gave
judgment  agaiast  the  claim  for  freight  made  by  the  shipowner
against  the  bankers.
This  was  reversed  by  the  Court  of  Appeal  on  the  ground  that
the  indorsement  of  the  bill  of  lading,  as  security,  necessarily
passed  the  legal  property  in  the  goods  to  the  indorsee,  leaving
only  an  equitable  interest  in  them  in  the  shipper.
Bowen,  L.  J.,  however,  dissented  from  this  view,  and  he  laid  Intention  the

test.
