We have received a message from Your Highness for which We Ourself have given occasion. Two men, Peter and Eulogius, have applied to Us, stating that they are accustomed and it is their business to lend money to the masters of ships, or to merchants who are generally engaged in maritime trade. Our law ordinarily styles such transactions loans on transport, and it fears them, because they give rise to uncertainty; hence it is necessary that the custom in accordance with which they are practiced should become clear, and that We should make provision for rendering this custom a positive rule. Therefore, We, having designated you to ascertain the nature of the doubt, and report it to Us, to the end that We may be fully informed, Your Glory has, in accordance with the terms of your appointment, called together the shipmasters who are accustomed to make this kind of loans, and interrogated them as to the ancient custom. The said shipmasters, giving their testimony under oath, stated that there are various kinds of maritime loans, and that creditors have been pleased to impose a measure of wheat or barley for every solidus that they lend to shipmasters, who pay a certain sum to the receiver of public taxes, as well as to those who navigate ships without paying any taxes; that the creditors obtain this benefit from the money which they lend, and that, in addition, they collect by way of interest one aureus for every ten aurei; but they assume the risk of the sums which are loaned. When the creditors do not lend their money in this way, they demand as interest the eighth part of each aureus, not for a specified time, but until the ships return safely; the creditors take this interest when a vessel remains away an entire year, or almost that long, or when the duration of the voyage exceeds this term; whilst if the ship returns promptly, and without being absent more than one or two months, the creditors do not claim as interest more than three siliques for each aureus. The same rule applies where the voyage was extremely short, or when the sum loaned is in the possession of some other person than the debtor. Where the merchants undertake another voyage, the rate of interest is fixed accordingly, whether the money remains in the hands of the same merchant, or is transferred to someone else in accordance with the agreement entered into between the parties. If, however, after the safe return of the vessel, the shipmasters should not be able to sail again on account of bad weather, a delay of only thirty days shall be granted by the creditors to their debtors, and they shall exact nothing by way of interest for the sums loaned until the cargo is sold; the merchants will be required to prevent the sums loaned to them from passing into the hands of other persons without paying interest to the creditors at six per cent; and unless they do this immediately and protect the loan by offering landed security, the creditors will not be liable for maritime losses. These are the statements which have been made by shipmasters under oath, and which you have transmitted to Us in order that We may make such provision with reference to them as appears to Us to be proper. This is the question which you have referred to Us for Our decision.

  Therefore We, having read these statements and become familiar with the case, do hereby decree that the customs whose existence has been established in the presence of Your Highness, shall continue to be observed now and for all time to come, for the reason that they are not opposed to laws already in force, and that they shall have legal effect so far as shipmasters and merchants are concerned; that they shall be complied with in all litigation instituted with reference to maritime interest; that the risk shall be incurred in accordance with the terms of the aforesaid agreements; and that all other customs brought to the knowledge of Your Highness shall be applicable, so far as shipmasters and merchants are concerned; as it is not just that what has been practiced for a long time, and has been established in a permanent manner, as is shown by the testimony given before Your Glory, should not be observed in transactions which subsequently take place. For is it not equitable that the method followed up to this time should be observed in compliance with the terms of a special law, and without requiring any other positive enactment; that this law should be operative hereafter in all cases relating to shipmasters or merchants, and that it should constitute a form of legislation generally applicable to the masters of ships and merchants and their contracts ? It, then, shall constitute part of the laws which We have already enacted, and judges must render their decisions in accordance with its provisions.

  Therefore Your Highness will be careful to have what it has pleased Us to order to be perpetually observed.