Broker

Broker, in commerce, one who acts as an intermediary between buyer and seller, bringing them together, and charging them commission on the value of the goods sold for his trouble. Thus a stockbroker, while not holding stocks or shares for sale himself, knows where to look for such descriptions as his clients may wish to buy. In commerce, brokers usually confine themselves to one special department, such as cotton or iron, and here acquire special knowledge of service to their clients. Furniture brokers and pawnbrokers have obscured the original significance of the name by taking up other branches of business. In the City of London brokers must be formally admitted by the Corporation, and pay a fee of £5 on admission and £5 per annum. A list of such "sworn brokers" is published annually. Brokers who convert to their own use property entrusted to them by clients are liable by statute to penal servitude.