WHEREAS by antient Custom of this City of London , and by divers Charters of several Kings of this Realm , confirmed in Parliament , no Person or Persons ought to use or exercise Brokage within the said City and Liberties thereof , unless he or they were thereunto admitted , and were likewise sworn faithfully and honestly to use and exercise the same , before the Lord Maior and Aldermen of the same City : Yet notwithstanding of late times very many Persons contrary to the said Custom and Charters confirmed as aforesaid , have taken upon themselves , and do daily take upon themselves , the Vse and Exercise of the said Office and Imployment , without any lawful Authority , not being first admitted and sworn as aforesaid , whereby ●anifold Evils and Inconveniences have ensued , and do daily happen , both to the Brokers duly admitted and sworn , and also to Merchants , Traders , Owners of Shipping and Mariners , between whom such Brokers not admitted have negotiated and do deal ; whilest they remain free and loose from that Oath and Obligation for their faithful and honest demeanor in the said Imployment , which is taken and entred into by the lawful Brokers , at their Admittance into the said Office . For remedy whereof , and for the better eschewing and preventing all usurious Contracts and Bargains , false Chevesance and other corrupt Devices and crafty Deceits which have been invented , devised and practised by the great Num●er and Multitude of such common Brokers both English and Aliens , not admitted , sworn o●●on●● as aforesaid ; Be it Enacted , Ordained and Established by the Right Honourable the Lord Maior , the Aldermen and Commons in this Common Council assembled , and by the Authority of the same , That no Person or Persons English or Alien , free of the City of London or Foreiner from the Liberties thereof , after the five and twentieth day of the Mouth of March now next coming , shall take upon him or them the Vse and Exercise of the Office of a Broker or Brokage between any manner of Persons within the said City of London or Liberties thereof , nor shall presume as a Broker or Solicitor to make any manner of Bargain or Bargains , Contract or Contracts , in or relating to the Art or Trade of Merchandizing by Exchange , or for letting of Ships to Freight or Hire , or otherwise howsoever , between any manner of Persons within the said City or Liberties thereof , unless he or they be or shall be first admitted and sworn before the Maior and Aldermen of this City of London for the time being , or before the said Maior and the more part of the said Aldermen for the time being , a common Broker to exercise Brokage within the said City and Liberties thereof , and there become bound to the Chamberlain of the said City for the time being , with good and sufficient Sureties for him or them , in the penal Sum of one Hundred Pounds , conditioned for the due Execution of the same Office , upon pain of forfeiting the Sum of Twenty Pounds of lawful money of England for every time that such Persons or Persons shall offend , commit or do contrary to the purport , true intent and effect of this present Act.

And be it further Enacted by the Authority aforesaid , That no Person or Persons whatsoever shall , after the said five and twentieth day of March now next coming willingly and knowingly employ or set on work any Person or Persons as a Broker to make any Bargain with any Person or Persons within this City of London or the Liberties thereof , unless such Person or Persons so employed or to be employed as a Broker , be or shall be first admitted and sworn before the Maior and Aldermen of the said City for the time being , a common Broker , and be bound as aforesaid , upon pain of forfeiting the Sum of Five Pounds of lawful money of England , for every time that such person or persons shall offend therein .

And further to prevent all pretence that the Persons are not known who are duly admitted and sworn Brokers , and that it may appear to the Merchants or others who shall use or employ any Brokers , that the same Brokers are duly admitted and sworn to exercise the same Office , Be it Enacted by the Authority aforesaid , That the Names and Surnames of all such Persons who are and shall be duly admitted and sworn Brokers as aforesaid , be speedily Printed or fairly Written in a Table , and published by being hung up at the Entrance of the Royal Exchange , and from time to time there be continued , and that the same Brokers , who are and shall be so duly admitted and sworn , do bear about with them a Medal of Silver with the City Arms to hang before their Breasts , as also do from time to time carry along with them Authentick Copies under the Seal of the Maioralty of this City , of their several Admittances into the said Offices or Imployments , for the better satisfaction of all persons who are or shall be concerned to know the same .

And be it further Enacted by the Authority aforesaid , That all and every the Pains , Penalties and Forfeitures in and by this Act of Common Council limited and appointed , the Charge of the Suit for the recovery thereof being first deducted , shall be divided into two equal moieties or half parts , whereof one equal moiety or half part shall be to the use of the Hospitals and Prisons belonging to this City , to be distributed as the Lord Maior and Court of Aldermen for the time being shall direct and appoint ; and the other equal moiety or half part thereof shall be to the use of such Person or Persons who shall prosecute such Offence : And that all 〈◇〉 every such Peins , and Penalties , and Forfeitures shall be recovered by Action of Debt , Bill , Plaint or Information , to be commenced and prosecuted in the name of the Chamberlain of this City for the time being , in the Kings Majesty's Court holden before the Maior and Aldermen of the City of London in the Chamber of Guild-Hall of the same City , in all which Actions and Suits to be commenced and prosecuted by virtue of this present Act against the Offender or Offenders , the said Chamberlain in case he shall recover by Verdict or otherwise , shall be allowed his reasonable Costs of Suit to be expended in and about the Prosecution thereof , in all which Actions , and Suits , and Prosecutions so to be commenced and prosecuted , no Essoign or Wager of Law shall be admitted or allowed for the Defendant .

And it is further Enacted by the Authority aforesaid , That the Number of the said Brokers to be so admitted shall not exceed the Number of One Hundred Persons born within this Kingdom , and the Number of Twelve Aliens born , being Members of the Dutch and French Congregations , and Six others being Aliens born , as by the Court held before the Lord Maior and Aldermen from time to time shall be thought meet and convenient .

And be it further Enacted by the Authority aforesaid , That every Person and Persons that from and after the five and twentieth day of March next ensuing , shall use and exercise the said Office and Imployment of a Broker in the cases before-mentioned , during such time as he or they shall use or exercise that Office or Imployment , shall not at any time contract for or buy any Wares or Merchandizes within the said City or Liberties thereof , for the Vse or upon the Account of any other Person or Persons , but that he shall first b●ing the Buyer and Seller thereof , or their sufficient Deputy or Deputies or Servant together , or shall have a sufficient Warrant or Authority in Writing from such Buyer and Seller , authorizing him to make such Bargain or Sale , or shall otherwise make a just and rightful Bargain between them , upon pein that for every time that he or they shall offend therein , shall for every such Offence forfeit the Sum of Five Pounds to be recovered and distributed as aforesaid .

And for the preventing and avoiding of any Differences or Controversies that may hereafter arise between Buyers and Sellers , by reason of any Contract or Bargain that shall be made by such that do or shall use the said Office or Imployment of a Broker , Be it Enacted and Ordained by the Authority aforesaid , That every Person and Persons that from and after the five and twentieth day of March next ensuing , shall use or exercise the Office or Imployment of a common Broker , for any of the purposes in this Act mentioned shall cause all such Contracts and Bargains , as he or they , at any time during his or their Exercise of the said Office , shall make between Party and Party , to be truly written in a Book ready to be shewed to the Lord Maior and Aldermen of this City , as oft as it shall be required , for the testimony and declaration of the truth of such Contract or Bargain , upon pein that for every time that he or they shall offend therein , shall forfeit the Sum of Five Pounds , to be recovered and distributed as aforesaid .