Mr. Justice CLIFFORD delivered the opinion of the court, both in the appeal by Reed and the cross appeal by the United States.
I. IN THE APPEAL.
Affreightment contracts are of two kinds, and they differ from each other very widely in their nature as well as in their terms and legal effect.
Charterers or freighters may become the owners for the voyage without any sale or purchase of the ship, as in cases where they hire the ship and have by the terms...
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