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In the late 1670s the merchants
felt it necessary to consolidate their position. The King was petitioned, and
by a Charter granted by King Charles II in 1681 the Company of Merchants of the
City of Edinburgh came into corporate being. Gratitude was shown to King Charles
II; his
equestrian
statue in Parliament Square was largely the gift of Sir George Drummond, the
first Master.
In its early days the Company concerned itself with such matters
as the city water supply, and expressed regret that too many trading premises
were being
turned into 'brandy shops' or 'tippling places'. As a result of the growing
importance of the Company, charitable trusts were left to them to be administered,
so that over the years the Company assumed many responsibilities, relating
mainly to the young, the poor and the elderly.
One of the Master's responsibilities
until recently was that of the Chairman of the Trustees of the Harbour of Peterhead,
and Chairman of the Managers of
the Feuars of Peterhead.
In 1788 the Company built its first Hall in Hunter
Square but in the 1870s this was found to be too small. When the offices of
the City of the Glasgow
Bank came on the market due to the failure of the Bank, the Company purchased
these, and it is these premises which are the headquarters of the company today.
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