(1)The warehouseman shall be liable to pay compensation determined in the manner prescribed to the depositor for any loss sustained by him by reason of the goods having lost weight or bulk in excess of the [limits fixed by the licensing authority] [Substituted by U.P. Act XII of 1964, Section 11.] owing to shrinkage or drayage, or by reason of deterioration in the quality of the goods owing to their having gained weight or bulk, in excess of the [limits fixed by the licensing authority] [Substituted by U.P. Act XII of 1964, Section 11.], by the absorption of moisture.
