The Common Council then resolved that "Forasmoch as great derth and scarcity of whete hath nowe lately been and more lyke tensue, yf good and politique provision were not shortly made and hade Therfor in avoydyng therof, god grauntyng, yt is nowe by auctorite of the Common Counsell fully agreed and graunted that, in all goodly hast, oon thousand pound of money shalbe levyed and payed by the felishippes of sondry misteres and crafts of this citie, by way of a prest and loone[45]." Each craft was to be assessed for an amount proportionate to its wealth, and the wardens of each were left free to levy the sum upon the craftsmen according to their discretion. The funds so obtained were to be used to purchase corn for the City; this was to be placed in a public granary and used as a public store. [45] _Letter Book of the City of London_, N. fol. 142-3. Quoted in Herbert, _Livery Companies_, I. p. 132. Herbert quotes from the corresponding entry in the _Journals_, 25 September, 12 Hen. VIII. If only a small quantity of grain was brought into London by the ordinary corn dealers, the buyers would bid against one another until the price of corn became very great. There were no rapid means of communication and, for a time therefore, grain might be sold at famine prices and then as suddenly fall in value. In future, whenever this seemed likely to happen, a precept was to be issued by the Lord Mayor, ordering a certain quantity of the public store to be brought into the market. This supply would help to satisfy the more importunate buyers, and so send down the price to something like the ordinary level. The public store of the City of London did not however become a permanent institution until after 1520; on one occasion the authorities misjudged the market and much of the original loan was lost, after which there was some difficulty in persuading the Companies to again advance the necessary capital. However, from this time onwards, corn was generally bought for the Companies' granaries whenever especial scarcity was feared, and during the reign of Elizabeth the Companies' store became a regular institution. So far as the arrangements made in 1520 are concerned, the poor do not appear to have obtained corn at a reduced price, but they were the greatest sufferers when the price of corn was high, and regulations which had the effect of lessening the price benefited them more than the other inhabitants of London and were made chiefly in their interest. [Sidenote: 3. Regulations adopted in London for the repression of vagrants and relief of the impotent poor, 1514-1518.]