FURNESS-HOULDER ARGENTINE LINES, LTD. v. THE "MIRAFLORES" (OWNERS), THE "GEORGE LIVANOS" (OWNERS) AND OTHERS (THE "ABADESA")

[1968] 1 Lloyd's Rep. 493

ADMIRALTY DIVISION

Before Mr. Justice Karminski

Limitation of liability-Conversion rate- Sterling equivalent to 1000 gold francs- Devaluation of sterling between collision and limitation order-Whether sterling equivalent at date of (i) collision, (ii) issue of writ or (iii) judgment, should apply. Merchant Shipping Act, 1894, Sect. 503, as amended by Merchant Shipping (Liability of Shipowners and Others) Act, 1958-Merchant Shipping (Limitation of Liability) (Sterling Equivalents) Order, 1958 - Merchant Shipping (Limitation of Liability) (Sterling Equivalents) Order, 1967-Brussels Convention, 1957. Admiralty practice-Interest on limitation fund -Whether interest rate should be raised from 4 per cent.