work seems to have been well accomplished. It is, of course, likely enough that when the new Act has been submitted to the test of actual operation some flaws or blemishes will be discovered in it. But at the same time it is difficult to exaggerate the advantage of having set forth within the corners of one Act all the law relating to bills of exchange, cheques, and promissory notes, so that all who have to deal with those instruments can form for themselves an intelligent opinion as to the conditions and regulations under which they must be treated. The Act, however, is something more than a codifying measure. It in some respects alters as well as consolidates the law. When the Bill was first introduced it was not intended that it should apply to Scotland, but as its provisions were discussed the importance of having a uniform law for all portions of the kingdom forced itself upon the Committee, and in the end the Bill was altered so as to assimilate, in all respects, to which we shall presently allude, the law of Scotland to that of England. It was found, too, that on certain points there was a doubt as to what the law really was, and with regard to these the new Act had to lay down the law. And lastly it was thought desirable to modify the law in some matters where its operation seemed harsh or inequitable. Thus the new Act necessitates several alterations of previous practice, and as it has now come into operation it will be advantageous to quote the clauses which deal with the new rules. In doing so we have to acknowledge our indebtedness to the Economist, which has already furnished an analysis of the Act, showing where it alters the law or determines it on points regarding which there has hitherto been doubt. According to this analysis the only clauses which are intended to do more than codify the previ ously existing law are the following: Sec. 6 provides that " A bill may be made payable to the holder of an office for the time being," which has hitherto been illegal. Sec. 8 declares that every bill is negotiable "which does not contain words prohibiting transfer or indicating an intention that it should not be transferable"-assimilating in this respect the English to the Scotch law. Sec. 12 enacts that "Where a bill expressed to be payable at a fixed date is issued undated, or where the acceptance of a bill payable at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly." Provided that (1) where the holder in good faith and by mistake inserts a wrong date, or (2) in any case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course, the bill shall not be avoided thereby, but shall operate and be payable as if the date so inserted had been a true date. Sec. 26 lays down the rule that "Where a person signs a bill as drawer, indorser or acceptor, and adds words to his signature indicating that he signs for or on behalf of a principal or in a representative character, he is not personally liable thereupon; but the mere addition to his signature of words describing him as an agent or as filling a representative character does not exempt him from personal liability." Sec. 33 provides that "Where a bill purports to be indorsed conditionally the condition may be disregarded by the payer, and payment to the indorsee is valid whether the condition has been fulfilled or not." Sec. 39 declares that— "Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers." Sec. 41 excuses the holder from going through the form of presenting a bill for acceptance when the drawee is dead or bankrupt, leaving it to his option to do so if he thinks fit. The exemption does not apply to presentment for payment. Sec. 42 provides that when a bill is presented for acceptance, and is not accepted within the customary time, it must be treated as dishonoured. Sec. 49, which deals with the subject of notice of dishonour, and seeks generally to divest practice in this respect from technicalities, provides, amongst other things, that— "The return of a dishonoured bill to the drawer or an indorser is, in point of form, deemed a sufficient notice of dishonour." Sec. 51 provides that "Where a foreign bill, which purports to be such, has been dishonoured by nou-acceptance, it must be duly protested for non-acceptance; and where a foreign bill, which has not been previously dishonoured by nonacceptance, is dishonoured by non-payment it must be duly protested for non-payment. If it be not so protested the drawer and indorsers are discharged." But that "Where a bill does not purport to be a foreign bill, protest thereof in case of dishonour is unnecessary.” It also allows the holder, if he likes, to note an inland bill, and Sec. 57 enables him to recover the expenses of so doing; but the Act attaches no legal consequence to noting in the case of inland bills, except by making it a necessary preliminary to an acceptance for honour, or to presenting the bill to a case of need. Sec. 72 lays down the following rules for determining the rights of parties to a bill regarding which there may be a conflict of laws: "Where a bill drawn in one country is negotiated, accepted, or payable in another, the rights, duties, and liabilities of the parties thereto are determined as follows; "1. The validity of a bill as regards requisites in form is determined by the law of the place of issue, and the validity as regards requisites in form of the supervening contracts, such as acceptance, or indorsement, or acceptance suprà protest, is determined by the law of the place where such contract was made. Provided that "(a.) Where a bill is issued out of the United Kingdom it is not invalid by reason only that it is not stamped in accordance with the law of the place of issue. "(b.) Where a bill, issued out of the United Kingdom, conforms, as regards requisites in form, to the law of the United Kingdom, it may, for the purpose of enforcing payment thereof, be treated as valid as between all persons who negotiate, hold, or become parties to it in the United Kingdom. "2. Subject to the provisions of this Act, the interpretation of the drawing, indorsement, acceptance, or acceptance suprà protest of a bill, shall be determined by the law of the place where such contract is made. "Provided that where an inland bill is indorsed in a foreign country the indorsement shall as regards the payer be interpreted according to the law of the United Kingdom. "3. The duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured. "4. Where a bill is drawn in one country and payable in another, and the sum payable is not expressed in the currency of the latter, the amount shall, in the absence of some express stipulation, be calculated according to the rate for sight drafts at the place of payment on the day the bill is payable. "5. Where a bill is drawn in one country and is payable in another, the due date thereof is determined according to the law of the place where it is payable." By Sec. 64, bills in Scotland falling due on Christmas Day and Good Friday will henceforth be payable the day before, as in England; but by Sec. 53 the Scotch rule that "Where the drawee of a bill has in his hands funds available for the payment thereof, the bill operates as an assignment of the sum for which it is drawn in favour of the holder from the time when the bill is presented to the drawee," is maintained as regards Scotland alone. This is one of the points on which the laws of Scotland and England have not been assimilated, and the other is that in Scotland the law sanctions the part payment for a bill. Of the law as to cheques, and the general provisions of the Act, the Economist writes:-" Sec. 74, which was introduced by Lord Bramwell, removes the injustice of the common law rule, according to which the drawer of a cheque was discharged if the bank on which the cheque was drawn failed before the cheque was presented, even though he got a dividend of 19s. in the pound. Under the present section the drawer will be discharged, but the holder will be entitled to stand in his shoes and prove against the bank. "Subject to certain specified exceptions, the Act treats a cheque as a bill of exchange. One result of this is that the drawer of a cheque which is dishonoured is entitled to notice of dishonour, unless it is dishonoured for want of effects, or some other reason which would excuse notice in the case of a bill. "Sec. 93 allows a protest to be extended at any time if the bill has been duly noted; and Sec. 94 provides for protest where the services of a notary are not available. "Finally, it is to be observed that the Act expressly saves and preserves the operation of the Bankruptcy Laws, the Stamp Acts, the Companies Acts, and the Acts relating to or confirming the privileges of the Bank of England or Bank of Ireland. As regards questions relating to bills or notes which are not covered by the Act, the rules of the common law (which includes the law merchant) are still to apply.” THE HARVESTS OF EUROPE. We are always distrustful of early estimates with regard to the harvest. Even those authorities connected with the grain trade who have lately published statistics collected from hundreds of different sources, entertain very different views respecting the result of the current year's grain crops, and all of them qualify their estimates with the all-important provisoes that the grain shall be secured in good condition. But where allowances have to be made for different localities being subjected to different influences, and where it is admitted that even the growers themselves are very liable to err as to the yield of their own crops, there is room enough for material differences of 66 We shall, however, afford some insight into the relative value of crops in this and other leading countries if we endeavour to illustrate what is the meaning of the term "an average harvest." Current opinion points at the present time to our own harvest yielding an "average." France has, for the past month and more, been engaged in securing a "full average" harvest; Austrian crops, including Bohemia, are taken at an average," the southern provinces being below, the northern above, that point; Hungary has the "finest crops of any country in Europe"; Italy and Spain are understood to have little to complain of in this respect; while in Germany, though grave fears were entertained for the quality of the grain during the rain of July, a yield "approaching an average" is now counted upon. The United States and Canadian crops are expected to make a large return; and, though we have as yet no information in respect to the Indian wheat crop, it must not be forgotten that India was largely instrumental last winter in saving us from famine prices for wheat. In fact, the Indian wheat harvest rivals that of Russia, and nearly rivals that of the United States. Altogether 1882 is expected to in some measure recoup Europe for the deficiencies in recent years, and we sincerely trust that such expectations may be realised. The following may be said to represent the present average areas placed under wheat, barley, oats, rye, and maize in the leading countries: The hectare is equal to nearly 2 acres, and the tondeland is about half a hectare, or 14 acres. It is here strikingly shown VOL. XLII. 52 1,100,000 1,900,000 1,500,000 nil. 700,000 700,000 nil. 500,000 27,000,000 5,000,000 (P) (?) (?) (?) |