The counter at London, first called the Steelyard in a parliamentary petition of 142 2, claimed jurisdiction over the other factories in England.
Under Elizabeth, however, the English Merchant Adventurers could finally rejoice at the withdrawal of privileges from the Hanseatics and their concession to England, in return for the retention of the Steelyard, of a factory in Hamburg.
It consists of a steelyard mounted on a fulcrum; one arm carries at its extremity a heavy bob and pointer, the latter moving along a scale affixed to the stand and serving to indicate when the beam is in its standard position.
Before the end of the 16th century the privileges of the London Steelyard were suppressed by Elizabeth.
In 1853 they sold their common property, the London Steelyard; until 1866 they enlisted by special contract their military contingents for the German Confederation, and down to 1879 they had their own court of appeal at Lubeck.
The Hanseatic League, particularly, had numerous settlements of this kind, the earliest being the Steelyard at London, established in the 13th century.