City Chamberlain , Corporation of London

The Chamber of a city is the place where the funds of the corporation are kept and where moneys due are received - a kind of treasury. The Chamber is run by the Chamberlain, an officer who receives the rents and revenues owed to the corporation. The origin of the Chamber of London is obscure, but as soon as the citizens were sufficiently united to hold lands and tenements in common an officer must have been appointed to collect rents and disburse income for public welfare. The Chamber is first mentioned in 1275 and in the following year Stephen de Mundene is named as City Chamberlain. At first the Chamberlain was chosen by the Mayor and Aldermen, but by 1319 elections were introduced and the officer was chosen by the liverymen in Common Hall. The Chamberlain's duties combined municipal finance with public banking. His main duty was as treasurer or banker of the City of London with custody of the monies of the Corporation, called the City's Cash, and other funds. Former Chamberlains were able to keep for themselves profits derived from interest on the cash! The Chamberlain also collects the rents of all Corporation properties and makes payments on behalf of the Corporation including salaries and pensions. He also invests money, is responsible for insurance, the preparation of tax returns and production of reports and statistics.