Question 373.— Is the right to draw under the ordinary letter of credit, issued by a Canadian bank, transferable by an endorsement on the credit to the following effect: "For value received I hereby transfer this letter of credit and the balance due thereunder to CD " ?

Answer.—We do not think that the assignment of the letter of credit would transfer the right to draw, and there is no amount due under the credit, at any rate by the bank on which it is drawn. We see no difficulty, however, in the party giving a power of attorney, under which a third person might avail himself of the credit, but only in the name and on the behalf of the party accredited.