Brokers Act 1696

From 1st May 1697, no Person to act as Broker in London or Westminster, or Bills of Mortality, without Licence of the Lord Mayor of London, &c.

Whereas for the Conveniency of Trade sworne Brokers have been anciently admitted and allowed of within the Citty of London and Liberties thereof for the making and concluding of Bargains and Contracts between Merchant and Merchant and other Tradesmen concerning their Goods Wares and Merchandizes and Moneys taken upp by Exchange and for negotiating Bills of Exchange between Merchant and Merchant And whereas diverse Brokers and Stock-Jobbers or pretended Brokers have lately sett upp and carried on most unjust Practices and Designes in selling & discounting of Talleys Bank Stock Bank Bills Shares and Interests in Joint Stocks and other Matters and Things and have and do unlawfully combined and confederated themselves together to raise or fall from time to time the Value of such Talleys Bank Stock and Bank Bills as may be most convenient for their owne private Interest & Advantage which is a very greate abuse of the said antient Trade and Imployment and is extreamly prejudicial to the publick Creditt of this Kingdome and to the Trade and Co[m]merce thereof and if not timely prevented may ruine the Creditt of the Nation and endanger the Government it selfe And whereas the Numbers of such Brokers and Stock-Jobbers are very much encreased within these few Yeares and doe daily multiply by reason they are not att present under such Regulations as are necessary to prevent the Mischeifs aforesaid which is a manifest Grievance to the People For remedy whereof and the prevention of the ill Practices of such Brokers and Stock-Jobbers and of the greate Inconveniences that may happen to this Nation thereby for the future be it enacted by the Kings most Excellent Majesty by and with the Advice and Consent of the Lords Spiritual and Temporal and the Co[m]mons in this present Parliament assembled and by Authority of the same That from and after the First Day of May One thousand six hundred ninety seven no Person or Persons whatsoever shall directly or indirectly use or exercise the Office Trade Mystery [X1 Occupac[i]on] or Imployment of a Broker or act or deal as such within the Cities of London or Westminster Borough of Southwark or within the Limitts of the weekly Bills of Mortality in the contriving making or concluding Bargains and Contracts between Merchant & Merchants or between Merchants and Tradesmen or others concerning their Wares and Merchandizes to be bought and sold or contracted for or concerning Moneys to be taken upp by Exchange between such Merchant and Merchants & Tradesmen or concerning any Talleys or Orders Bills of Creditt or Ticketts payable att the Receipt of the Exchequer or att any of the publick Offices or concerning any the Bills or Notes payable by the Governor and Company of the Bank of England or their Successors or for or concerning any Part of the Capital or Joint Stock belonging or to belong to the said Governor and Company or their Successors or to any Members of the said Company or for or concerning any Part or Share of the Capital or Joint Stock belonging or to belong to any Company or Society that is or shall be incorporated by Act of Parliament or Letters Patents until such Person or Persons shall be first admitted licensed approved & allowed of by the Lord Mayor and Court of Aldermen of the said Citty of London for the time being upon such Certificate of their Ability Honesty and good Fame as hath been usual.

Editorial Information

X1 interlined on the Roll.