make application to the collector for a permit to lade the same, which application shall declare the articles to be shipped and the quantity and value thereof in Confederate currency, the port of destination, and the name of the consignee. A permit shall be granted by the collector if the application is deemed satisfactory. The lading shall be had under the inspection of a revenue officer, who shall be charged with the duty of seeing that the goods laden conform to the permit.
4. Before the completion of the lading on board or the granting a clearance each shipper of any portion of the cargo shall execute and deliver to the collector a bond to the Confederate States in double the value of his shipment in Confederate money, with security deemed adequate by the collector, with condition that at least one-half the net proceeds of said shipment shall be invested in goods or articles not prohibited by law, and that the said goods or articles shall be shipped by the same or some other vessel to the Confederate States within sixty days from the unlading of said cargo; or that the said half of the net proceeds shall be paid in coin or sterling exchange to the proper agent of the Confederate States, to be reimbursed to the shipper by the delivery to him of cotton at the port of departure in the Confederate States at the rate of 10 pence sterling per pound for middling uplands.
5. The freight to be paid by the Confederate States on all cotton and tobacco shipped from a Confederate port shall be 5 pence sterling per pound, payable on delivery at the port of destination in coin or sterling exchange. Return freight shall be at the rate of £25 per ton, payable on its delivery in the Confederate port, in cotton at 10 pence sterling per pound for middling uplands, and at a proportionate price for cotton of other qualities. In calculating the ton of freight by weight, 2,240 pounds shall be allowed; by measure, 40 cubic feet shall be allowed.
6. If the outward-bound vessel shall consent, at the request of the Government, to take two-thirds of her cargo for account of the Confederate States, the outward freight shall be 6 pence sterling per pound; and whenever the Government is not prepared to fill up any portion of the tonnage reserved for its use at the time at which any vessel may be made ready to sail, the owners may fill up the same on their own account; but no vessel shall, without consent of the Government, sail on her outward voyage