One of the London city companies that replaced the medieval craft guilds, so called on account of the distinctive dress worn by their members. The liverymen constituted the freemen of the City of London, indirectly responsible for electing the mayor as well as the aldermen, while several of their companies, such as the Goldsmiths and Merchant Taylors, played an important role in the regulation of their trade and had monopoly powers within London. Since the 17th century there have been nearly 100 London livery companies but few have retained any importance other than as social and charitable institutions.