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TECHNICALITIES.

POR those who wish to obtain information concerning the cotton trade from this pamphlet, certain subjects are here elaborated, whidi were, so far, only indicated in con= nection with other explanations.

Of first importance are the shipping documents, whidi consist of bills of lading and insurance certificates. There are three kinds of bills of lading: Port Bills of Lading, Cu= stody Bills of Lading, and Through Bills of Lading. The first must be signed by the captain of the steamer, who has undertaken to carry the goods, or by a duly authorized shipping agent. They are, therefore, an absolute guarantee on the part of the ship, to deliver the goods to the holder of the bill of lading. Unfortunately, this Obligation is fre= quently restricted by the insertion of certain inconspicuous clauses. The "custody bills of lading" are signed by a shipping agent, they adoiowledge receipt of the goods, and promise the forwarding in due course. In order to obtain equal value with the "port bill of lading," they should, later on, be supplemented by a so=called "master's receipt", whidi is an adknowledgment by the captain, that he has actually accepted the goods for forwarding, in accordance with the conditions of the custody bill of lading. They are used when the goods have arrived at the port, previous to the ship.

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