2. The buyers of goods at this sale are to pay all duties of customs and excise which have been or may be imposed upon the same. 3. If any broker who may purchase at this sale should not declare his principal, within three days, in writing, he will be considered as the principal. And all brokers who shall buy any goods for persons residing in the country or abroad shall, at the same time they declare their principals, produce their orders for the same, together with an undertaking from a resident known agent in London to make good the contract. Should any broker neglect to declare his principal in manner above mentioned, or should he buy any goods for persons under age, he shall be esteemed the principal, and shall himself be obliged to pay for the goods so bought by him. 4. Every person, whether broker, agent or principal, who shall be declared the best bidder for any lot or lots of goods at this sale, shall make such deposits in money, on the as are expressed in the catalogue, which said deposits will be allowed in part payment and the remainder of the purchase-money shall be made good on delivery of the warrants, on or before the prompt day printed in the catalogue, without interest or discount (j). 5. (k) The [arrowroot to be re-weighed and taken at the re-weights, (j) The following variations, as to the time and mode of payment, are sometimes adopted: - "Payment to be made for the tapioca and ginger on the , or on delivery; interest being allowed, at the rate of four per cent. per annum, to with two and a half per cent. discount. the "Payment to be made, on delivery of the bills of parcels, by bills, on London, to the satisfaction of the sellers, not exceeding three months' date, to be made equal to cash in four months from the day of sale." () Instead of this condition, sometimes the following is inserted:"The goods to be taken with all faults and defects, as they now lie; to be re-weighed within ten days, and to be at the purchaser's risk from the time of weighing; and to be taken from the scale at the purchaser's expense; and the warehouse to be cleared within two months, or rent to be paid for any that may remain after that time." When goods are sold on the quay, the following is usually made one of the conditions: "The goods to be taken with all faults and defects, as they now lie [or, "from the vessel as landed"], and to be at the purchaser's risk from the time of passing the scale; and if any remain on the quay, the purchaser shall be liable for all fines or other expenses in consequence of the same not being removed." When the subject of sale is cotton, it is usual to substitute the following condition : "The cotton to be weighed in the course of ten days from the day of sale, with the customary allowances of this port; to be at the purchaser's risk from the time of weighing; and the warehouses to be cleared within ten days from the day of sale, or the purchasers to pay rent for such as may remain after that time." : On customs sales the following are inserted :"The goods to be re-weighed, re-gauged or computed previously to being the ginger at the landing weights, and the other] goods to be taken at the warrant weights and tares, with customary allowances, as they now lie in the warehouses mentioned in the catalogue, where they may be inspected [by obtaining an order for that purpose from the selling brokers], and where they will be at the risk of the sellers until the prompt day (1), a delivery of the warrants [or orders of delivery] or the day of payment, whichever may first happen. [Objection as to quality or description will not be entertained, unless made within fourteen days from the time of sale (m).] 6. Lot money as customary.-Rent chargeable to the buyers after the prompt day. 7. In the event of any non-fulfilment of these conditions, the goods may be re-sold immediately, either by public or private sale, at the option of the selling brokers; and all losses, charges, interest of money, or any other expenses whatever, that may accrue, shall be made good by the purchaser at this sale (n). IX. CONDITIONS OF SALE USED AT THE BALTIC (FALLEN TIMBER) SALE-ROOM. 1. The highest bidder (in due time) to be deemed the purchaser, and in case of any dispute the lot to be put up again. paid for; but when put up at so much all, the quantity is to be understood to be more or less, though not so expressed; to be taken away with all faults, and no advantage to be taken by the purchaser if any goods are misnamed in the catalogue. "The goods shall not, after sale, be opened with a view to buying and selling, nor shall any lot be delivered in part, whether for home consumption or for exportation.' The following clause was formerly used at the East India Company's sales: "In all cases where the goods have been exposed to view, so as to afford opportunity for purchasers to exercise their own judgment, no allowance whatever will be made." (1) By the prompt day is understood the day for payment on sales of goods not payable by bills, which varies in different trades. (m) Sometimes it is said : No allowance will be made upon any goods, by reason of damage or otherwise, that shall remain in the warehouse after prompt day. The buyers shall be at liberty to have the packages opened at their own charge, previously to the prompt day; and if any goods be damaged (unless as described in the catalogue) or any pieces be wanting, the buyers shall have and accept such allowance as two or more brokers shall deem reasonable; but no allowance on any pretence whatever shall be made on any goods bought at this sale, after the same have been taken away." (n) If the price of any of the lots be £10 or upwards, the sale comes 2. The buyers to declare their names and residences, and deposit 10 per cent. on the computed value of each lot, if required; the remainder of, or all, the purchase-money, with one shilling per lot for lot money, payable to the brokers at the time an order for delivery is given. 3. The goods to be paid for on or before the prompt of fourteen days, either in money, deducting six months' discount at the rate of five per cent. per annum (or the Bank of England rate on the day of sale, if above five per cent. per annum), or by such bills as the sellers may approve of, due at or within six months from the day of sale. 4. The goods to be received as and where they lie, at the buyers' expense, with all faults and defects, and without any allowance for error in description-the timber and logs according to the razed contents, and other goods as they may rise from the piles-the dimensions, when given, being according to the dock returns, and the quality, when given, according to the shippers' assortment or designation, unless otherwise specially described. Any rent incurred after four weeks to be paid by the buyers of the respective lots. 5. Fourteen days from the date of the issue of the delivery order will be allowed for rent and cash payment on any lot that may not be ready for delivery on or within the prompt. 6. In default of compliance with the above conditions, the depositmoney, if any received, to be forfeited to the owners of the goods, and the purchasers liable to them for all loss and charges attendant upon a re-sale, either by private contract or public auction. 7. All goods sold at this sale to be at the risk of the sellers in respect of fire until the expiration of the prompt; in the event of non-delivery by loss from fire, the contract for such portion to be void, and the deposit, if any paid, to be returned. X. CONDITIONS OF SALE IN USE AT THE WOOL EXCHANGE. 1. The highest bidder to be the purchaser; and if any dispute arise between the bidders for any lot, it shall be decided by the broker, unless one of the claimants will advance. In that case the lot shall be put up again. 2. The goods to be weighed off by the warehouse-keepers, and taken away by the buyers at their own expense within fourteen days, with all faults and defects of whatever kind (including defect or error of description). One invoice to be rendered to each buyer for within the Statute of Frauds and requires for the completion of the contract a delivery, part payment or memorandum in writing. The usual mode of completing a commercial sale is by an entry in the "broker's book" and the delivery of "bought and sold notes." the whole amount of his purchases in this day's sale, and delivery to be given not later than the seventh day after the day of sale, upon payment of the invoice in full, or, if the same be not then ready, of an estimated equivalent sum in cash or Bank of England notes without discount. 3. The goods to be free of rent and at the risk of the vendors from fire, without reference to any payment that may have been made by the buyer to the brokers, until 6 o'clock p.m. of the third day from the expiration of the prompt, unless delivered from the warehouses or transferred for re-housing in the books of the warehouse-keepers. 4. The buyers to pay the broker one shilling per lot, and to deposit £25 per cent. (if required) at any time during or after the sale. 5. And if any lot or lots remain uncleared after the expiration of the said fourteen days, the before-mentioned deposit to be absolutely forfeited, and the buyer be further subject to all loss and charges that may accrue on the re-sale thereof, which it shall be at the option of the broker to effect either by public sale or private contract. XI. CONDITIONS OF SALE EMPLOYED IN THE WHOLESALE TEA-TRADE. 1. The highest bidder to be the purchaser, and any dispute that may arise to be settled by the selling broker. 2. Brokers to declare, in writing, their principals, within two days after purchase, or be held responsible; and those who may execute orders at this sale for parties not resident in London, shall produce a known agent here, who shall undertake to complete the contract; in failure of which the broker so buying shall be held responsible; and if any broker shall purchase for any person or persons under age, he shall be held responsible. In the case of teas sold for cash, the buying broker to be held responsible. 3. The buyer to pay the following deposit, namely, £1 per chest, at the time of sale, if demanded, or on the Saturday following the day of sale, or on the delivery of the weight notes; and the remainder of the purchase-money to be paid on or before Interest at the rate of £5 per cent. per annum will be allowed on payment of the deposit, and on the remainder from the day of payment to the prompt day. 4. The weight notes to be ready for delivery within seven working days from the date of sale, or the buyer to have the option of refusing to accept such lot or lots for which he cannot obtain the weight notes, upon giving a declaration to that effect to the selling broker at the expiration of the said seven days. Missing packages, if not more than 5 per cent., are exempted from this condition, and are to be taken by the buyer at the original price and prompt, if tendered within fourteen working days from date of contract. 5. No allowance will be made on account of any damage, rubbish, false package or unequal goodness found or alleged to be found, after the goods have been taken from the warehouses. 6. All teas sold at this sale to be at the risk of the sellers until the prompt day, unless paid for previously, but only to the extent of market value. In the event of non-delivery by loss from fire, the contract for such portion to be void, and the deposit paid to be returned. Rent to commence from the prompt day. 7. Lot money to the selling broker as usual. 8. If any buyer shall fail to comply with the above conditions, the vendors shall be at liberty to re-sell the teas, either by public or private sale, the deficiency, if any, with interest of money, from the prompt day, warehouse rent and all other charges and damages of every kind, to be chargeable to such defaulter and be recoverable against him at law. VI. RESERVED BIDDINGS. Appoint ment of a person to I, A. B., owner of the by auction by at at such sale for my use and behoof, up to the reserved price of bid for the £ vendor. Dated this day of 18 A. B. I, the above-named C. D., consent to bid at the above-mentioned sale for the use and behoof of the above-named A. B., according to the above appointment. MEMORANDUM.-At the sale by auction held this On sale by day of 18 of the property described in the above particulars, (a) Auctioneers must be careful lest they incur penalties under section 60 of the Stamp Act, 1870; see post, p. 410. As to stamps, see ante, pp. 166, |