Along the trailing vertical ( y axis ) rail, slides a smaller carriage holding a tracing point.
2.
According to the memo, this would act as an " additional control / tracing point for the banks in proving their inward cheques that are payable to the BIR or BOC ."
3.
The trailing carriage is connected both with a point in the center of the carriage and the disc on the leading rail by a system of sliding crossheads and wires, such that the tracing point must follow the disc's tangential path.