Corporation of London

Guilds or companies controlled much of the industry and trade of London from the twelfth to the eighteenth centuries. Their economic power waned in the Industrial Revolution and they transformed themselves into fraternal and charitable institutions. The guilds regulated the production of their product, promoted the quality of goods, ensured honesty in weights and measures, and trained future practitioners of their craft or trade. The principal goal of any guild was to create a monopoly over their branch of London's trade and to prevent the incursion of foreign merchants (that is, not from London). The guild was also a social and religious organisation, usually dedicated to a patron saint; members attended mass together, dined together and provided for their aged, poor or disabled brethren. The status of each London guild was confirmed by grant of royal charter, conferring on the guilds a corporate structure and giving them the privilege to regulate apprenticeship, prices, wages and the quality of production. Members of the guilds could progress through various ranks. The lowest was Freeman - for many years it was not possible to become a Freeman of the City of London without first becoming a Freeman of a livery company. After Freeman was the intermediate stage of Yeoman, then Warden and finally Master.

In the 14th century the right of the companies to have a share in the government of the City was recognised, reflecting their wealth, power and influence as well as the wish of the City of London to have civic regulation of the freedom, apprenticeship and trade. In 1467 the assembly of Freemen at Common Hall, where the mayor and other officials were elected, was reinforced by the addition of the masters and wardens of the Livery Companies. This was the first step in the direction of organising the assembly on the basis of the guilds. Wearing of a livery became of great importance when in 1475 attendance at Common Hall was restricted to liverymen, that is, men wearing a livery or uniform. This had the effect that in course of time more and more companies or guilds were allowed the privilege of a livery, hence their title of Livery Companies. Thus the original right of all freemen to attend came to be limited to those freemen who were sufficiently substantial to assume, or later to be elected upon, the livery of their companies. This privilege of the liverymen was confirmed by Statute in 1725 which requires that electors shall be freemen and liverymen of at least one year's standing.