First published in 1878, Sir Mackenzie Chalmers’ treatise on bills of exchange has remained a highly respected and authoritative work. However, the last edition was published in 1964 and has long been overdue for a thorough overhaul. Professor Guest has done this in dramatic fashion by rewriting the text as a completely new work. The significance of this considerable achievement is acknowledged by the inclusion of his name in the title of the book.

The new edition remains a section-by-section commentary on the Bills of Exchange Act 1882 and the Cheques Act 1957. This format, together with a comprehensive index and extensive cross-referencing, makes it a very user-friendly text. Discussion of specific problems can be easily, and speedily, located in the commentary. The sense of time-consuming frustration which this reviewer has often felt when trying to locate an answer to a specific problem in Byles never arose when using Chalmers and Guest. For this reason alone, Chalmers and Guest is recommended to the busy practitioner as the first point of reference when faced with a problem concerning negotiable instruments.

Professor Guest’s commentary is thorough and up to date. It includes numerous references to the recommendations contained in the Report of the Review Committee on Banking Services Law and Practice (the Jack Report) and the Government’s subsequent White