Corporation of London

The Coal, Corn and Rates Finance Committee was established on 21 Mar 1968 by the amalgamation of the Coal, Corn and Finance Committee and the Rates Committee. It was renamed the Finance Committee in 1992.

The Coal, Corn and Finance Committee developed from numerous earlier committees concerned with the finances of the Corporation and the proceeds of the coal and corn duties. The coal duties, apart from the ancient right of metage (the duty paid for the official measuring of dry or liquid goods) were imposed in 1667 for rebuilding the City after the Great Fire, and were continued in order to repay the Corporation's debt to its orphans and other creditors. The duties were also used for various improvements and other purposes under Acts of Parliament. They were then transferred to the Metropolitan Board of Works and finally extinguished on the creation of the London County Council in 1889. The corn duties were surrendered in 1872 on consolidation that a similar duty was continued for thirty years to be applied solely for the preservation of open spaces. In consequence the Coal, Corn and Finance committee still manages certain open spaces such as Burnham Beeches. Its main responsibility, however, is to examine the income and expenditure of the City's Cash and to prepare estimates.

The Rates Committee was concerned with the income and expenditure of the rates and was responsible for preparing estimates.