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Updated: June 22, 2025
The legal rate of interest was fixed by Justinian at six per cent.; but for the convenience and encouragement of trade, eight was allowed on money lent to merchants and manufacturers; and twelve on the risk of bottomry.
And when he died in Ephesus, Diogeiton concealed his death from his daughter, and took the documents which he had left sealed, claiming that he must collect by these papers the money lent out on bottomry. 8. And when after a time he told them of his death, and they had performed the customary rites, for the first year they lived in Piraeus, for their store of provisions had been left there.
Many too wished to put their money where they could find it at an hour's notice, and looked about for some species of property which could be more readily transferred than a house or a field. A capitalist might lend on bottomry or on personal security; but, if he did so, he ran a great risk of losing interest and principal.
He seems to do it as a great favour to me to offer to come in upon a way of getting of money, which they call Bottomry, A contract in the nature of a mortgage of a ship, when the owner of it borrows money to enable him to carry on the voyage, and pledges the keel or bottom of the ship as a security for the repayment.
That other frauds are committed in the practice of insuring, is well known to the honourable gentleman: it is a common practice to take money upon bottomry, by way of pledge, for the captain's fidelity, and to destroy this security by insuring above the real value; so that the captain may gain by neglecting the care of his vessel, or, at least, secure himself from loss, and indulge his ease or his pleasure without any interruption from the fear of diminishing his fortune.
A scrivener who lived at Wapping, and whose trade was to furnish the seafaring men there with money at high interest, had some time before lent a sum on bottomry. The debtor applied to equity for relief against his own bond; and the case came before Jeffreys. The counsel for the borrower, having little else to say, said that the lender was a Trimmer. The Chancellor instantly fired.
Again there was no prohibition against loans on bottomry, and Cato had increased his wealth by becoming through his freedman a member of a maritime company, each partner in which had but a limited liability and the prospect of enormous gains.
A large proportion of this property belongs to the convents in Manila, whose great revenues not only enable them to engage in extensive mercantile operations, but to lend considerable sums to the merchants on bottomry. For the indulgence in this trade, the proprietors pay a large sum of money to the crown.
All that now remained of the ample fortune he had inherited was the sum he had deposited in his lordship's hands, together with fifteen hundred pounds he had ventured on bottomry, and the garrison, which he had left for the use and accommodation of the lieutenant; and, on the per contra side of his account, he was debtor for the supply he had received from the receiver-general, and the money for which he was bound in behalf of his friend; so that he found himself, for the first time of his life, very much embarrassed in his circumstances.
In a few days, our adventurer recovered his vigour, complexion, and vivacity; he mingled again in the diversions and parties of the place; and he received, in a little time, the money he had lent upon bottomry, which, together with the interest, amounted to upwards of eleven hundred pounds. The possession of this sum, while it buoyed up his spirits, involved him in perplexity.
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