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cheques and person

CHEQUE, an order on a banker by a person who has money in the bank, direct ing him to pay a certain sum of money to the bearer or to a person named in the cheque, which is signed by the drawer. Cheques are immediately payable on presentment. They are not liable to stamp-duty, and are therefore limited in their functions in order to prevent their circulating as bills of exchange. They must, for example, be payable on demand, without any days of race, and must be drawn on a banker within fifteen miles of the place where they are issued. The place of issue must therefore be named, and they must bear date on the day of issue. A cheque should be presented on the day which it is received, or within a reasonable time. One of the first rules to be observed in writing a cheque is to draw it in a business-like manner, so as to prevent a fraudulent alteration in the amount, for if otherwise the drawer may be liable. A "crossed" cheque is an

ordinary cheque with the name of a par ticular banker written across the face of it for security, or it may be crossed simply " & Co." ; and in this case it will only be paid through that banker. If presented by any other person, it is not paid without further inquiry. The Bankers' Maga zine' for Oct. and Nov. 1844, and Jan. and Feb. 1845, contains some valuable information on the Law of Cheques.

One of the great advantages of a bank ing account is the convenience of draw ing cheques. A person is thus relieved of the necessity of keeping ready money in his hands, and a cheque is some evidence of payment in the absence of a proper receipt. The Bank of England allows cheques to be drawn for sums of 51., but a few years ago it allowed no cheques under 101.