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dises, their qualities and dimensions, the adulterations to which they are subjected, the marks of different manufacturers, and the laws relating to them.

not trade.

Germany.-Brokers are officially appointed, and must take Brokers canan oath on their appointment. They contract purchases and sales of goods, ships, bills of exchange, home and foreign stock, shares, and business of insurance, bottomry, charterparty, &c. They are appointed either as general brokers, for all kinds of business, or for some special branches. They cannot engage in business on their own account, and are not responsible for the fulfilment of the business which they negotiate. They must transact the business themselves, and cannot entrust their authority to other parties. A broker must keep a day-book and a ledger, in which he must enter all his transactions every day. The day-book must be numbered and paged, and authenticated by competent authorities. The entries in the day-book must contain the names of the contractors, the date of the contract, the conditions, prices, time of delivery, &c. The entries must be made in the German language, or in the language of the place, and they must be inserted according to date, and without erasures or empty spaces. After the conclusion Broker's note. of the transaction, the broker must, without delay, deliver to each party a note, signed by himself, containing the particulars of the transaction. For transactions to be settled in future, the broker must lay the contract note before each party, to be signed by them, and cause the same to be exchanged among them. Should either party refuse to sign, the broker must notify the same to the other party. The broker is bound to give to either party, at any time, authenticated extracts from the day-book, with all the particulars of the transaction. Where a broker dies, or abandons his business, the book must be deposited with the authorities. The day-book properly kept, and the broker's note, furnish in general the proof of the conclusion of the transaction, and of the conditions of the same. If the broker has made a sale of goods according to sample, he must keep the sample, after marking it in such a way that it can be recognised, until the goods have been accepted or the business has been settled, unless the parties have exonerated him from such duty or it is not required by the custom of the place. A person suffering loss through the fault of the broker has a right to demand

Broker's right damages from him. The broker has a right to his commission

to the com

mission.

Duties of brokers.

as soon as he has concluded the business, and if it be subject to any conditions, as soon as such conditions have been fulfilled. If the business has not been concluded, or the conditions have not been carried out, the broker is not entitled to any commission. The amount of the commission is regulated by the customs of the place, or by the custom of the trade. Unless there be a special agreement, each party must pay the half of the commission (a).

Holland.-Brokers are nominated by the local government for each class of business, and before entering upon their functions they must take the oath. They are forbidden to deal on their own account, and to become responsible for the operations which they conclude. They are required to give an extract from their books, containing the conditions of the operations. When there is any dispute in the agreement, the entries made by the broker in his books are vouchers between the parties of the date the business was concluded, the prices, the quality, and time of delivery, &c., &c. The broker must keep samples of all the merchandises he has sold duly labelled. The broker who has negotiated the transfer of a bill of exchange is responsible for the identity of the last signature to this document. Where brokers do not conform to the rules, their authority may be suspended or their licence withdrawn. The broker becoming insolvent is suspended from his functions, and his licence may be altogether withdrawn (b).

Italy. The Sardinian code prescribes the same law for brokers as the French Code, with some slight additions. Stockbrokers and brokers cannot refuse their ministry to those who demand it for commercial affairs in the towns where they are established. No other individual is allowed to act as broker besides those duly authorised (c).

Portugal. The business of brokers consists in buying and selling, on account of their employers, merchandise, ships, public funds, bills of exchange, &c., and in negotiating charterparties, insurances, bottomry bonds, &c. The law is the same as the Spanish, with trifling amendments (d).

Russia.-Brokers are appointed in all seaports and towns

(a) German Code, §§ 66-84.

(b) Dutch Code, $$ 62-73.

(c) Sardinian Code, $$ 75-96.
(d) Portuguese Code, §§ 102-140.

of brokers and

notaries.

where they are required. The duties of brokers consist in acting Public duties as mediators in all bargains, contracts, and agreements in matters of trade, in negotiating bills of exchange and loans. Brokers and notaries must keep two books, properly authenticated, one to register bills, loans, and notes, and the other to transcribe contracts and agreements, with their conditions. The law makes no difference between brokers and notaries as regards their rights and duties, but at St. Petersburgh notaries alone have the right to protest bills and negotiate loans, though brokers may be employed in all kinds of business. Any business done without the intervention of a broker is also valid. But in government affairs the intervention of brokers is necessary. Brokers are of the following kinds :-Stockbrokers, Imperial brokers, shipbrokers, bankbrokers, private and general brokers. Stockbrokers, Imperial brokers, and shipbrokers are only appointed in St. Petersburgh. Brokers of the Imperial bank are nominated by the Minister of Commerce; river navigation brokers are nominated by municipal bodies; but all brokers are chosen from the body of merchants. The broker must be a Russian subject, and belong to one of the guilds of the town where he wishes to practise. He must have experience in business, and must take the necessary oath. He cannot engage in trade on his own account. At the end of every year the broker must present his books to the municipality of the place for inspection and stamping. The entries must be regular and successive, and contain the names of buyer and seller, quality and quantity of goods, price of sale, &c. The broker must transcribe textually all the clauses of the bargain in the books, and give a copy of the same to both contracting parties, which becomes a valid voucher in a court of justice (a).

brokers only may be em

ployed.

Spain.-Brokers duly authorised can alone intervene in the Authorised operations of trade in proposing business, bringing the parties in contact, and closing the transaction. The brokers' certificate, extracted from the ledger, is voucher at law. Merchants may transact business together without the intervention of brokers, but they can only employ those who are legally nominated. The merchant who employs an unauthorised broker is liable to a fine of five per cent. on the amount of the contract, and the un

(a) Russian Code, $$ 1866-1908.

of brokers.

authorised broker is liable to a fine of ten per cent. In case of a second offence, the unauthorised broker is liable to be banished for ten years from his province. Those who illegally transact the business of brokers are forbidden to enter the exchange, and may be sued on the demand of the syndic of brokers. In every place of commerce there are appointed as many brokers as are necessary. They are appointed by the Sovereign from a list of three candidates presented by the secretary. The appointment may be for life, and the broker has the right to nominate Qualifications his successor. No one can be a broker unless he be a nativeborn subject of Spain, of not less than twenty-five years of age, and unless he have passed six years' apprenticeship at a merchant's office, or at the office of an authorised broker. Foreigners, except they are naturalised, minors of twenty-five years of age, although emancipated, ecclesiastics, or uncertificated bankrupts cannot be brokers. Every candidate for the office of broker must pass an examination before the college of brokers; must take the oath, and give a bond for 40,000 reals for appointments of the first class, of 25,000 reals for those of the second, and of 12,000 reals for those of the third class. It is the duty of brokers to make themselves certain of the identity of the persons with whom they contract, and in all negotiations of bills of exchange they are answerable for the authenticity of the signature of the last indorser. They are responsible for any injury from fraudulent representations of quality or price. They must themselves attend to the business entrusted to them, and register the business they complete as soon as possible. Within twenty-four hours after the conclusion of the business, the brokers should send to each contracting party an extract of the entry, and where the contract must be in writing, it should be signed by the parties in the presence of the broker, who should certify the same, and keep a copy of the contract. The broker is not responsible for the execution of the contract. He cannot become answerable for the solvency of the parties, or for any risk incurred by the transaction. He is forbidden to enter into any illegal contract. He cannot give any certificate for more than is entered in his register, though he may declare what he has seen and heard during the negotiation. Brokers have a right of brokerage according to the custom of the place. Where there are more than ten brokers, they form a college. The president

brokers.

and assistants of such college watch for the observance of College of the laws of the exchange; establish the course of exchange, and write it in tables to be posted up; keep a register of such tables; examine the candidates; give any information to the authorities, if required; and give, if required, their advice on any disputes between brokers and merchants on matters of exchange and merchandise (a).

SECTION III.

AUTHORITY OF THE AGENT.

BRITISH LAW.

The extent of the agent's authority is governed by the nature Extent of authority. of his appointment. A general appointment implies power to act in all the affairs of his principal; a special one, as when an agent is appointed for a particular purpose, implies only an authority to act in such special purpose. Thus a power to a land agent to manage and superintend estates authorises him to enter into any agreement for the usual and customary leases according to the nature and locality of the property (b).

be restricted.

Agent must

A general power may be restricted by special limitations. Authority may Thus the mere relation of principal and factor confers ordinarily an authority to sell, at such times, and at such prices, as the factor may, in the exercise of his discretion, think best for his employer, but if he receives the goods subject to any special instructions he is bound to obey them (c). Therefore it is that a factor cannot sell the goods of his principal in the exercise of a sound discretion contrary to the principal's orders, even for the purpose of reimbursing himself for advances made to the principal after the consignment (d). To meet this, however, it is the practice of factors, in making advances, to reserve for themselves the power of sale, without limitation of prices.

An authority to do a thing generally implies a power to use all means necessary for the accomplishment of it, or whatever is necessary to carry the purposes of the special power into effect (e). Thus the master of a ship has authority to provide

(a) Spanish Code, §§ 63-115.
(b) Peers v. Sneyd, 17 Beav. 151.

(c) Smart v. Sandars, 5 C. B. 895.

(d) Ibid.

(e) Withington v. Herring, 5 Bing. 458.

follow principal's instruc

tions.

What is in

cluded in an authority.

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