In one sense a bill of lading is at common law assignable, that is to say, its indorsement assigns the property, but does not transfer the contract. Now, however, rights of action pass to the indorsee of a bill of lading.

In 18 & 19 Vict. c. 1ll, it is now expressly provided that every consignee and every indorsee of a bill of lading shall have transferred to him all rights of suit, and be subject to the same liabilities in respect of the goods as if the contract in the bill of lading had been made with himself. A provision also sets forth that every bill of lading shall be conclusive evidence of the shipment made. It is declared in the Act that nothing contained in the bill of lading shall prejudice or affect any right in transitu, or any right to claim freight against the original shipper or owner, or any liability of the consignee or indorsee, by reason or in consequence of his being such consignee or indorsee, or of his receipt of the goods, by reason or in consequence of such consignment or indorsement.

The following from 'the Stamp Act of 1870' 33 & 34 Vict. c. 97 refers to the stamps to be affixed to bills of lading.

56. (1.) A bill of lading is not to be stamped after the execution thereof.

(2.) Every person who makes or executes any bill of lading not duly stamped shall forfeit the sum of fifty pounds.

Bills of lading are so extensively employed in commerce, that a few words explanatory of their object may be found of service.

Upon a cargo being shipped, bills of lading-generally three, and sometimes four copies being made-are filled up with the name of the shipper; the name of the ship; her destination; the name of her captain; the particulars of the cargo, or such portion as these bills may apply to. The captain signs all the copies of the bills, retaining one himself, and handing over the remaining two or three to the shipper, who indorses them, either in blank or to the order of the persons to whom he has consigned the goods specified in the bills.

These bills of lading are, in other words, receipts given by the captain, in which he undertakes to deliver the goods in the same state as he received them-under certain exceptions, such as injury by ' fire, the elements, the king's enemies' etc. The holders of the bills of lading produce one copy duly indorsed to the captain on the arrival of the ship at her destination; upon the receipt of which, he is bound to discharge the cargo to the person thus proving his title to the goods.

If goods be shipped by a vessel which has been hired by a charter-party, the master of the ship will deliver the bills of lading to the merchant who has chartered the ship; but when the ship is not chartered, but simply takes the goods generally as a carrier, then each person receives a bill of lading, which he forwards to the person who is to discharge the cargo on the arrival of the ship at its destination.