t must be recommended by three persons, who have been
members of the house for at least two years. Each recommender must
engage to pay the sum of L500 to the candidate's creditors in case any
such candidate should become a defaulter, either in the Stock Exchange
or the Foreign Stock market, within two years from the date of his
admission. A foreigner must have been resident in the United Kingdom for
five years previous, unless he is recommended by five members of the
Stock Exchange, each of whom becomes security for L300. The candidate
must not enter into partnership with any of his recommenders for two
years after his admission, unless additional security be provided, and
one partner cannot recommend another. Bill and discount brokers are
excluded from the Stock Exchange, says the same writer, and no
applicant's wife can be engaged in any sort of business. No applicant
who has been a bankrupt is eligible until two years after he has
obtained his certificate, or fulfilled the conditions of his deed of
composition, or unless he has paid 6s. 8d. in the pound. No one who has
been twice bankrupt is eligible unless on the same very improbable
condition.

If a member makes any bargains before or after the regular business
hours--ten to four--the bargain is not recognised by the committee. No
bonds can be returned as imperfect after three days' detention. If a
member comes to private terms with his creditors, he is put upon the
black board of the Exchange as a defaulter, and expelled. A further
failure can be condoned for, after six months' exile, provided the
member pays at least one-third of any loss that may have occurred on his
speculations. For dishonourable conduct the committee can also chalk up
a member's name.

It is said that a member of the Stock Exchange who fails and gives up
his last farthing to his creditors is never thought as well of as the
man who takes care to keep a reserve, in order to step back again into
business. For instance, a stockbroker once lost on one account L10,000,
and paid the whole without a murmur. Being, however, what is called on
the Stock Exchange "a little man," he never again recovered his credit,
it being suspected that his back was irretrievably broken.

But a still more striking and very interesting illustration of the
estimation in which sterling integrity is held among a large proportion
of the members was afforded (says Mr. Grant) in the case of the late Mr.
L.A. de la Chaumett