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. Additionally, the Chamberlain was the Accountant General of the Court of Orphans (see CLA/002) and held all money belonging to the orphans on which he allowed interest. For this purpose the Chamberlain held a Common Seal, first mentioned in 1396. He was also the occasional collector of taxes for the London area, particularly those granted to the City by the monarchy in return for loans. The Coal Duty for reconstruction of public buildings after the Great Fire was paid into the Chamber, as was any money borrowed by the City. The Chamberlain was also treasurer of any charitable funds organised by the City.

Bridge House Estates was established by Royal Charter in 1282 with responsibility for the maintenance of London Bridge, and subsequently built Blackfriars Bridge and Tower Bridge and bought Southwark Bridge and the pedestrian-only Millennium Bridge. Bridge House Estates was originally funded by tolls on London Bridge as well as rents and leases of the buildings along the bridge. It soon acquired extensive property which made it financially self-sufficient. These funds are used to maintain the City bridges, while surplus monies are used to make charitable grants under the City Bridge Trust, established in 1995.