TRADE has always been the subject of the most careful regard by the English law, this regard being evidenced as well by the actions of the earlier sovereigns and the activities of the mediwval gilds and municipalities as by the legislation effected in the later period of more representative government. Broadly speaking, the older control over trade developed a system which aimed at the creation of monopolies, or restraints of trade, on the one hand, and the prevention of adulteration and cheating on the other. The later control, whilst continuing to prevent—and that on more modern and effective methods—adulteration and cheating discountenances absolutely the principles of monopoly and restraint. So to-day the most important of the special departments of the law in which a trader is interested are found in the doctrines relating to RESTRAINT OF TRADE [and see COMBINATION], and the doctrines and statutes imposing restrictions for the benefit of the Public Health [see NUISANCE ; OFFENSIVE TRADES], and those statutes concerned with CONTRABAND, SMUGGLING, WEIGHTS AND MEASURES [see METRIC SYSTEM], and ADULTERATION. Trade
CUSTOMS and usages are also recognised by the law, and when proved to the satisfaction of a jury may determine—according to the nature of the case before the Court—what special meanings, if any, shall be given in a contract to words denoting time, weights, measures, quantity, quality, &c. Mono polies now find practically their last refuge in the PATENT (q.v.) law, and in those trades which can only be exercised under LICENCE [see EXCISE ; LICENSED VICTUALLERS]. And the general law of CONTRACT finds its most important modifications, from the trader's point of view, in the pro visions of such statutes as those referred to under the articles, for example, on the TRUCK SYSTEM ; MINES ; and HOSIERY MANUFACTURES.