ABSTRACT
History: Following the sudden outbreak of war in 1914, this committee was formed by a large group of leading London merchant banks heavily exposed to losses through customers in enemy countries being unable to honour acceptances when they fell due for payment. Its representations to the authorities assisted in the establishment of a moratorium on the settle ment of acceptances for enemy account. After the war, the committee continued as a loose-knit body which met irregularly to discuss matters of mutual concern, in particular the Standstill arrangements concluded with Germany and other countries in the early 1930s. On the outbreak of war in 1939, the committee was reorganised into a body of fourteen ‘recognised’ merchant banks with the remaining members being categorised as ‘con stituents’. After the war, membership stabilised at seventeen first class houses and no constituents. Membership was by invitation, but an essen tial qualification was the Bank of England’s willingness to take members’ bills at the finest discount rate. The committee therefore became the forum and mouthpiece of the City’s most respected merchant banks. It had premises and a small secretariat that was shared with the Issuing Houses Association. In 1988 the committee’s activities were merged with those of the Issuing Houses Association resulting in the formation of the British Merchant Banking and Securities Houses Association, which was later known as the London Investment Banking Association. Records: Guildhall Library, Aldermanbury, London EC2P 2EJ Circulars issued to members and constituents 1914-87; committee min utes 1914-88; annual reports and accounts 1920-80; papers re End of War Treasury Scheme etc 1921; accounts and related papers 1924-80; papers re constitution 1936; papers re future administrative arrangements 1936; meeting notices, agenda and papers 1936-88; general meeting minutes 1939-44; membership files 1939-89; technical sub-committee minutes and papers 1940-74; circulars issued to members 1957-79; standing com mittee of securities managers’ minutes and papers 1970-86; standing
committee on personnel matters papers 1971-80; standing committee of accountants papers 1971-80; files re membership, constitution, etc 197288; standing committee of computer managers’ papers 1973-78; export finance sub-committee papers 1975-82; proposed chief cashiers’ commit tee papers 1976. Note: A thirty-year closure rule is applied. Permission of the London Invest ment Banking Association is required for access to more recent material.
