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Correct. I think it also came from Shuler. Some german guns have the metric equivalent stamped instead of 404

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I don't know why the 404 was designed with a .423" bullet but I suspect that it was actually developed in Germany and swiftly adopted by Jeffery as their proprietary cartridge much the same as they did with the .500 Jeffery later on.

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At the Kassel gunshow a year or so ago I was shown an apparently very early .404 Jeffery rifle on a standard length M98 Mauser action. That peculiar rifle had a Suhl type, half octagonal,full ribbed barrel. The stock is somewhat British style, with horn foreend tip, but with some Suhl details too. It has "German" side panels and a key through the foreend.
On the outside it shows London proofmarks. The rib is inscribed " W.J.Jeffery & Co., 13 King Street, London". So it was obviously made for and retailed by Jeffery.
On taking it apart we found a typical Schüler magazine extension screwed to the underside of the receiver. The underside of the barrel shows pre-1912 Suhl proofmarks and the inscription "A.Schüler, Suhl".
So at least one early .404 rifle was built for Jeffery by Schüler in Suhl, Germany.

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