Exchange-BROKERS, are a kind of agents, or negotiators, who contrive, propose, and conclude bargains between merchants, and between merchants and tradesmen, in matters of bills of exchange, or merchandise, for which they have so much commission. These, by the statute of 8 and 9 William III. are to be licensed in London by the lord mayor, who gives them an oath, and takes bond for the faithful execution of their offices. If any person shall act as broker without being thus licensed and admitted, he shall forfeit the sum of 500l.; and persons employing him, 5l.; and brokers are to register contracts, &c. under the like penalty: also brokers shall not deal for themselves, on pain of forfeiting 200l. They are to carry about with them a silver medal, having the king's arms and the arms of the city, and pay 40s. a-year to the chamber of the city.—The exchange-brokers make it their business to know the alteration of the course of exchange, to inform merchants how it goes, and to give notice to those who have money to receive or pay beyond sea: they are the proper persons for negotiating the exchange; and when the matter is accomplished, that is, when the money for the bill is paid, and the bill delivered, they have for brokerage 2s. for 100l. sterling.
They reckon at Paris, among the city-officers, who are employed under the jurisdiction of the provost of the merchants, and chevins or aldermen, three sorts of brokers. 1. The brokers of horses for the carriage of merchandise by water: they are established for the navigation; and take care to examine the horses used to draw the boats up the river, to set the horses together, to oblige the carriers to repair their boats, or to break such as are no longer fit to serve. 2. Sworn wine-brokers on the keys, to examine and taste all the wine that arrives there. 3. Brokers of bacon and lard. These are established to examine those sorts of merchandises as they are landed or unloaded, and to answer for their goodness to the buyer, and to the seller for the price of his wares.