The finalization of a United Nations Convention on the Carriage of Goods by Sea at a diplomatic conference at Hamburg in March, 1978 marks the completion of several years work in the agencies of the United Nations to introduce a regime whereby there was an equitable distribution of the risks of sea carriage between carrier and shipper. The resulting convention was aimed at replacing the Hague Rules of 1924 and to provide a unified code applicable in both civil and common law countries. The primary purpose of the new rules was to correct the imbalance between the rights and obligations of carriers and shippers. This paper therefor is principally concerned with an assessment of the liability regime; it does not deal with the other matters covered by the rules. To measure the gains, if any, flowing from the new rules it is, of course, necessary to know what rights one presently has. The paper therefore takes an overview of the common law and the Hague Rules insofar as they deal with the subject.