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General Average (Concluded from p. 51)
Published online by Cambridge University Press: 18 August 2016
Extract
In the Report before alluded to, this case is especially noticed as affording evidence of the concessions made by foreign countries to obtain uniformity. The practice abroad has hitherto conformed to the principle recognized universally, as to the propriety of admitting as general average the damage done by voluntary stranding which was attended by the preservation of the ship and cargo. They still retain, however, as a subject of contribution, any damage which may arise from running a ship ashore to avoid capture; but it is clear that the same objection cannot be raised as in the case of a vessel in danger of foundering; for she may be, under the former circumstances, perfectly seaworthy, and therefore there would not be the difficulty of determining the exact amount of damage done to the cargo or the ship.
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- Copyright © Institute and Faculty of Actuaries 1867
References
page 162 note * For an account of the case which decided the question, and for the opinions held on this point, by legislators and jurists, see Arnould, pp. 900-902.
165 page note * Arnould here refers to Stevens, Benecké, and Phillips; and cites, in a note, a case decided in the United States, where a ship, after being saved by jettison, was so damaged that she was obliged to be sold, when the average was calculated on the price she sold for.–Vol. ii, p. 932, et seq.
page 166 note * Principles of Political Economy, book iii, ch. 1.
page 166 note † “Any article whatever, to obtain that artificial sort of value which is meant by exchange value, must begin by offering itself as a means to some desirable end.”— De Quincey, quoted by Mill; ibid., ch. 2.
page 167 * “The utility of a thing, in the estimation of a purchaser, is the extreme limit of its exchange value; higher the value cannot ascend; peculiar circumstances are required to raise it so high.“—J. S. Mill, took iii, ch. 2.
“The price of a commodity which is actually realized may oscillate … according as the vendor or purchaser has the more skill and knowledge of trading operations.”—Fawcett's Pol. Econ., p. 314.
page 167 note † Ship-building has declined at Calcutta, but it has of late years risen to high importance at Moulmem, owing chiefly to the plentiful supply of teak, which wood is preferred above all others for such purposes.
page 175 note * These particulars have been kindly communicated by a gentleman residing at St. Vaast-la-Hogue, near Cherbourg.