[Sidenote: _to preserve peace._] The origin of such commercial unions is lost in the dimness of antiquity. Even in Anglo-Saxon times Dover had its Gildhall, and Canterbury and London are said to have been also possessed of trading associations. They came into being at first probably to preserve peace. At the date of the Conquest the right of jurisdiction almost invariably belonged to whoever held the town, but we cannot conceive that Roger Montgomery's successors would be likely to concern themselves overmuch with internal police. As a fact it would rest with the burghers themselves to protect their goods and persons from mishap. [Sidenote: _A.-S. Frith Gilds._] [Sidenote: _Trade regulations._] [Sidenote: _Royal authorisation: earliest mention._] Frith Gilds, with much the same objects, had been common anterior to the Conquest[22]. In most places where there was a market it was essential that some recognised authority should be in existence to keep the peace, as well as to be witness to sales[23]. The "laws of the city of London" were apparently drawn up with the express design of supplementing defective law[24]. They exhibit to us a complete authority for the supervision of trade, corresponding to the later Merchant Gild in nearly every particular: there is the common stock, the head man, the periodical meetings at which "byt-fylling" plays its usual important part[25]. The "ordinance which King Ethelred and his Witan ordained as 'frith-bot' for the whole nation" imposed the duty of pursuing offenders on the town to which they belonged[26]. There was thus evidently some organisation within the boundaries of the town, and as the chief of the burgesses forming this organisation were also the chief merchants (since trade was the _raison-d'etre_ of the towns) it soon began naturally to frame commercial regulations[27]. So the Town Gild became, when, after the Norman Conquest, trade had assumed important dimensions, the Gilda Mercatoria with exclusive powers and privileges by royal charter. The earliest unmistakable mention of a Merchant Gild is at the end of the eleventh or the beginning of the twelfth century[28]. Under Henry I. grants of Merchant Gilds appear in one or two of the charters granted to towns[29], and under Henry II., Richard and John they become more frequent[30]. Shrewsbury was one of the few which had the Merchant Gild confirmed as early as the reign of Henry II.[31] By these charters what had originally been a voluntary association now became an exclusive body to which trade was restricted. Important as were the advantages gained by the procuring of such royal authorisation, these charters only set the seal to what had existed in effect before. The landed and mercantile interests were practically identical within the towns: the great merchants were also the great landowners; the Gilda Mercatoria could thus frame regulations which it would be extremely difficult for any trader to disregard[32]. [Sidenote: _Functions._]