12 SEPTEMBER 1914, Page 8

L * ** ERRAT1731.—In the article on " The Financial Machinery of

Commerce" in our issue of last week there was an error. Owing to the omission of the words "in default of," the passage stated that acceptors of bills have a right to claim from the endorsers. This, of course, is an obvious inaccuracy. The passage should have read: " In default of payment by the acceptors the Bank has a right to claim from the endorsers."]