Foreign bills are the same in form as inland bills, but they will sometimes be drawn at longer dates, according to the distance of the countries from one another between which they are to operate; the tenor, however, depends upon a variety of circumstances, and may be extended to almost any period, provided the parties thereto are agreed. It will stand to reason that the longer a bill has to run the less will its value be, and the more difficult its negociation.

A note drawn payable by instalments is held good, and the holder is protected by the statute 3 & 4 Queen Anne; three days of grace may be demanded for every instalment. The term 'usance,' in connection with foreign bills, denotes the customary tenor at which bills are drawn, depending upon the distance between countries; where ' usance ' is half a month, the time is fifteen days.

A ' sola' bill of exchange is a single bill, as distinguished from bills drawn in 'sets.' In drawing a bill of exchange, care should be taken in the description of the payee, that he be not confounded with another of similar name. When a bill is drawn by procuration, the authority to draw is admitted, but not to indorse. If a bill miscarry - unless payable to 'bearer' - the unlawful possessor can neither acquire nor convey any title thereto.

The power given to another person to draw, accept, or indorse, by the term 'per procuration,' is recognised by the law only to a limited extent. It is held that any person giving value for a bill drawn, indorsed, or accepted 'per procuration,' without inquiring as to what extent such authority has been given, does so at his own risk, and will lose the amount if the authority be unauthorised. With cheques, however, the contrary has been maintained, and we are of opinion with justice. In the despatch of business it is quite impossible for a banker to ascertain the genuineness of a 'per procuration' indorsement upon a cheque, without causing unreasonable delay; in addition to which, the banker should not be made to suffer for the negligence of others, or be compelled to take the responsibility of the risk which other people must run, of engaging dishonest and untrustworthy persons to assist them with their business. In all such cases great care should be taken to define the extent of the authority given, as, permission having occasionally been given to indorse, a jury might consider themselves justified in inferring that the authority was general. A bill drawn to the order of one person and indorsed by another of similar name, is held to be a forgery. In drawing a bill, it is better, although not absolutely necessary, to state the amount in figures as well as in writing. If the body and figures differ, the body will be taken to be the amount for which the bill is made payable. A bill may be drawn at any tenor without objection. Drawing a bill after so many days' sight, literally means after legal acceptance, and must not be taken to mean a mere exhibition of the document to the drawee. When a bill is drawn at so many months' sight or date, the month must be understood to be calendar. A bill drawn at so many days' sight, must be computed exclusively of the day on which it is sighted and exclusively of the day it falls due. A bill drawn, indorsed, or accepted in blank by an infant, does not bind him, if it be filled up after he is of age.

The legal days of grace at London are three, and also for commercial bills drawn at date at New York. United States sight bills or bills on a bank do not carry grace. At St. Petersburg the days of grace for accepted date paper are ten; not accepted paper carries no grace. In Russia sight bills are payable on the third day after acceptance. The banks and large foreign houses do not avail themselves of this privilege. At Stockholm there are no days of grace, but it is customary not to protest until the day after the due date.

Whether or not the drawee of bills drawn at sight could legally claim days of grace was for a long time a disputed point, but the question was settled by 34 & 35 Vict., c. 74, ss. 2, 4, which says that bills and notes drawn after August 14th, 1871, payable at sight or on presentation, are payable on demand, and therefore no days of grace are allowed.

Bills or notes on demand carry no grace; an instrument made payable on demand is rightly termed a draft. It must be remembered that in computing bills drawn in Russia or Turkey, in consequence of their adherence to the old style, twelve days must be allowed. It is held that a bill or note, neither payable to order nor bearer, is not a negotiable instrument, though it remains valid as a security between the original parties.

When a bill falls due on a Bank holiday it is presentable, payable, protestable, etc, on the morrow.

In drawing a bill the words ' value received' are not-as supposed by many - essential parts of a bill, as made between drawer and acceptor, or between drawer and payee. Without the drawer's signature, a bill, even if it be accepted, is useless. Although custom demands it, the law does not compel the drawer to sign in any particular part of the document. A person unable to write may sign by his mark properly witnessed. If the drawer of a bill attach his signature to a blank form, he is responsible and liable for anything that may be filled in after, within the amount carried by the stamp. In case of a bill of exchange being dishonoured, and an action brought against the drawer, he cannot be proceeded against if he can prove that the document was not presented at the place where the drawee had originally accepted it payable. Direction as to where payable may be made in any part of the bill, provided the acceptance be appended. In the case of a promissory note, this is not applicable, for if the place of payment be noticed merely in a disconnected part of the document, in the form of a memorandum, it has been held to be a fatal misdescription; it should be stated in the body, and thereby become part of the contract. Where an instrument is drawn in a careless way, in the form of a promissory note, and accepted, and indorsed as a bill of exchange, the holder may treat it as either, at his option. A bill made payable to the order of the drawee, it is hardly necessary to state, is not a bill of exchange. An instrument instructing the drawee to pay without accepting, is a legal bill of exchange.