TRADE, BOARD OF

also called Lords Commissioners of Trade and Plantations English governmental advisory body established by William III in May 1696 to replace the Lords of Trade (1675) in the supervision of colonial affairs. The board was to examine colonial legislation and to recommend disallowance of those laws that conflicted with imperial trade policies, to nominate governors and other high officials for royal colonies and to write the instructions for appointed governors, to recommend laws affecting the colonies to Parliament and the Privy Council, and to hear and to make reports on complaints from the colonies regarding imperial administration. These responsibilities were more extensive than those that had been delegated to the Lords of Trade. Memberships in the Board of Trade consisted of two groups: eight permanent salaried commissioners who conducted the regular duties of the board and eight ex-officio unpaid members who were nominally selected from the Privy Council. The board itself lacked executive or legislative powers but it became in effect the primary policy-making and administrative agency of the British government in its mercantilist endeavours to make the American colonies profitable to the mother country. The Board of Trade continued to manage colonial affairs until 1779 and was abolished three years later. the first grain futures exchange in the United States, organized in 1848 in Chicago. The Board of Trade began as a voluntary association of prominent Chicago grain merchants. In 1849 it received a charter from the Illinois legislature, and in 1859 it was incorporated by a special legislative act. At first grain was sold by sample, but soon a system of inspection and grading was introduced to standardize the market and facilitate trading. By 1858 access to the trading floor, known as the pit, was limited to members with seats on the exchange, who traded either for their own account or for their clients. The Board of Trade was eventually to become the largest of the world's futures markets in terms of volume and value of business.