<P> The Board of Trade is a British government department concerned with commerce and industry, currently within the Department for International Trade . Its full title is The Lords of the Committee of the Privy Council appointed for the consideration of all matters relating to Trade and Foreign Plantations, but is commonly known as the Board of Trade, and formerly known as the Lords of Trade and Plantations or Lords of Trade, is a committee of the Privy Council of the United Kingdom . It was first established as a temporary committee of England's Privy Council to advise on colonial (plantation) questions in the early 17th century, when these settlements were initially forming . The Board would evolve gradually into a government department with considerable power and a diverse range of functions, including regulation of domestic and foreign commerce, the development, implementation and interpretation of the Acts of Trade and Navigation, and the review and acceptance of legislation passed in the colonies . Between 1696 and 1782 the Board of Trade, in partnership with the various secretaries of state over that time, held responsible for colonial affairs, particularly in British America . The Home Secretary held colonial responsibility until 1801 when the Secretary of State for War and the Colonies was established . </P> <P> Between 1768 and 1782 while with the Secretary of State for the Colonies, whose secretaryship was held jointly with the presidency of the Board of Trade, the latter position remained largely vacant; this led to a diminished status of the board and it became an adjunct to the new Department and Ministry concerns . Following the loss of the American War of Independence, both the board and the short - lived secretaryship were dismissed by the king on 2 May 1782 and the board was abolished later by the Civil List and Secret Service Money Act 1782 (22 Geo . III, c 82). </P>

Why did parliament create the board of trade in 1696