Speculation in the tallow markets saw prices rocket and led to the formation of the London Average Market Letter Committee. Its weekly “Letter” guided merchants on the averages prices obtained by tallow. In modern terms this might be called an Index. At a general meeting held on 22 April 1823 at the Baltic Coffee House, it was decided that a committee of 23 would be formed to consider how best to exclude speculators from the market and strict membership rules were established.
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