(from the Saxon guildane, to pay), signifies a fraternity or company, because every one was gildare, that is, to pay something towards the charge and support of the company. As to the original of these guilds or Guild companies, it was a law amongst the Saxons, that every freeman of fourteen years of age should find sureties to keep the peace, or be committed. Upon this certain neighbours, consisting of ten families, entered into an association, and became bound for one another, either to produce him who committed an offence, or to make satisfaction to the injured party; and that they might the better do this, they raised a sum of money amongst themselves, which they put into a common stock, and when one of their pledges had committed an offence, and fled, then the other nine made satisfaction out of this stock, by payment of money, according to the offence. Because this association consisted of ten families, it was called a decenary; and hence arose other kinds of fraternities. But as to the precise time when these guilds had their origin in England, there is nothing certain to be found; since they were in use long before any formal license was granted to them for such meetings. It seems to have been about the close of the eleventh century, according to Anderson (History of Commerce, vol. i. p. 70), that merchant-guilds, or fraternities, which were afterwards styled corporations, came first into general use in many parts of Europe. Madox (Firma Burgi, chap. i. sect. 9) thinks they were hardly known to our Saxon progenitors, and that they might probably have been brought into England by the Normans, although they do not seem to have been very numerous in those days. The French and Normans might perhaps have borrowed them from the free cities of Italy, where trade and manufactures were much more early propagated, and where such communities appear to have been first in use. These guilds are now companies or associations, having laws and orders made by themselves, in virtue of authority from the prince to that effect.

the royal burghs of Scotland, is still used for a company of merchants, who are freemen of the burgh. Every royal burgh has a dean of guild, who is the next magistrate below the provost.

Guild, Gild, or Geld, is also used amongst our ancient writers to signify a compensation or mulct, for a fault committed.

Guild-Hall, or Gild-Hall, the great court of judicature for the city of London.