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Board of Trade (UK)

Updated: Aug 20, 2021

Founded in 1786, the Board was a committee of the Privy Council; the last recorded full meeting of the Committe took place on 23 December 1850. The functions of the Committee were taken over by the President of the Board of Trade – a political appointment with a parliamentary secretary responsible for the textile industry, and three ministers of state, one for home industry and commerce, one for overseas trade and the third for shipping, the shipbuilding industry and tourism. The main functions of the Board concerned: (1) commercial relations with other countries including the promotion of exports and dealing with the General Agreement on Tariffs and Trade; (2) providing a link between home industry and the government and supervising regional development and redistribution of employment: (3) supervising all aspects of the shipping industry; (4) collecting, evaluating and publishing statistics relating to trade and industry regarding the United Kingdom and the Commonwealth, and also preparing censuses of production and distribution; (5) administrating long-term legislation on, for instance, patents, trade marks, copyrights, insurance companies, bankruptcy, and weights and measures: (6) various other activities with reference to new or temporary legislation concerning the country’s commerce. In 1972 the Board of Trade ceased to exist under that name though its function were taken oer by the newly created Department of Trade and Industry.

Reference: The Penguin Business Dictionary, 3rd edt.

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James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.