In the course of administering this code of honour the duties of the
Committee become exceedingly varied. It holds an ordinary meeting every
Monday, but special meetings may be called at an hour's notice, only
seven members out of the thirty being required to form a quorum in the
ordinary way. Its fiat may go forth censuring, suspending, or expelling
a member--expulsion, of course, meaning the loss of his profession,
practically the end of his career, and probably ruin. Or its fiat may go
forth in mild protest against smoking in the House a few minutes before
the regulation time, or, as the temptations of the 5th of November
approach, appealing to members to desist from firework displays in the
House. With the Committee, of course, rest the admission and re-election
of members. It decides whether the House shall be closed on any day
except the usual holidays--there is always the excuse of structural
alterations, and, as everyone knows, building operations can be carried
on much more readily on a fine summer Saturday than during the dark
frosts of winter. It decides all disputes between members; arbitration
amongst the members themselves is encouraged, but they frequently refer
to the Committee as a last resort. From its decision there is no appeal.
To have recourse to the law courts without the permission of the
Committee--which is, of course, granted in special cases--probably means
the loss of membership by the member, who at the very outset undertakes
to submit absolutely to the Committee and its rules. The Committee may
summon any member before it and demand information; its power is
inquisitorial. It fixes the days of settlement of the various
transactions which take place in the market, and it decides what stocks
or shares shall or shall not be quoted in the Official Price List, which
emanates daily from the Stock Exchange under the Committee's
superintendence. The principal officers of the Stock Exchange
responsible to the Committee are its Secretary, the Secretary of the
Share and Loan Department, the Official Assignee, the Deputy Official
Assignee, the Manager of the Settlement Department, and the Manager of
the Buying-In and Selling-Out Department. The nature of their duties
will become clear as we proceed.
Public-domain text, read in full here on John Shaqi.
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