ΤΟ THE RIGHT HONOURABLE JAMES LORD WENSLEYDALE, LATE ONE OF THE BARONS OF HER MAJESTY'S COURT OF EXCHEQUER, TO WHOM THE LAW AND ITS PROFESSORS ARE UNDER OBLIGATIONS AS GREAT AS TO ANY JUDGE WITHIN LEGAL MEMORY, THIS WORK IS, WITH HIS PERMISSION, Affectionately Inscribed BY THE AUTHOR. PREFACE TO THE SIXTEENTH EDITION. THE Editors have endeavoured to include the recent cases and statutes in this Edition, but the Finance Act of 1899, c. 9, did not become law till June 20th. By sect. 4 of that Act marketable securities that now escape duty (i.e., not made or issued or bearing interest here), are, if negotiated after August 1st, to bear a stamp duty of 1s. in the 101. By sect. 10 (1) the stamp on bills of over 501. drawn and payable abroad, if paid or negotiated here, is reduced to 6d. in the 1007.; and by sect. 10 (2) the stamp on all bills payable not more than three days after date or sight is to be 1d. A rate of exchange for foreign currencies is also given in the Schedule, but that does not apply even for the purposes of the Stamp Act to bills or notes [vide sect. 12 (1), Act of 1899] which are (unless otherwise stipulated) calculated according to the rate for sight drafts. of the day. Code, s. 72 (4) and 57 (2). MAURICE BARNARD BYLES. 1, PAPER BUILDINGS, INNER TEMPLE, July 29th, 1899. PREFACE TO THE FOURTEENTH EDITION. THE Act to Codify the Law relating to Bills of Exchange, Cheques and Promissory Notes (45 & 46 Vict. c. 61) came into operation on the 18th of August, 1882, and introduced (with the exception of two sections, 53 (2) and 100) one uniform law for the whole of the United Kingdom. As implied by the title, the changes introduced by the Act are not very numerous, the principal being-the recognition. of the inherent negotiable quality of bills or notes even without the words "order or bearer," unless there be words prohibiting transfer or indicating that intention; and the equitable distribution of the loss occasioned by overholding a cheque when the bank fails in the interim. The holder of an office, for the time being, may now be payee, and payees may be entitled in the alternative; an indorsement may be conditional, but the party paying may disregard the condition. The duties of the holder with regard to presentment for acceptance, presentment for payment, notice of dishonour, and qualified acceptance, are clearly and amply set forth. A renunciation at maturity, to be a discharge of the bill, must be in writing, or the bill be delivered up. The rule, that the appointment of a debtor as executor operated as a release, had been already overridden in Equity, but it may be impliedly repealed by Section 61. Cheques are not necessarily inland, though, unless the contrary appear on their face, they may be treated as inland, as |