ROYAL EXCHANGE. 



though it was impossible the merchants 

 and traders of the city, and the foreigners 

 who vibittd it, should not perceive the 

 advantages it offered them, in the expe- 

 diting their business, yet, that they might 

 be more firmly impressed on their minds, 

 he had recourse to a stratagem which it 

 W;.'-; triply ill his power to apply. 



During the reigns of Edward VI. and 

 Q'k-c!, Mary, this enterprising merchant 

 had been employed as their agent in pro- 

 curing loans on the Continent, and had 

 COIV.MK ' d Uimselfwith so much prudence 

 and Miccess, that Queen Elizabeth en- 

 trut-d him with similar commissions,- 

 particularly at Antwerp, where he procu- 

 red her large sums. This method of pro- 

 ceeding did not, however, accord with 

 the patriotic views of our great trader, 

 who contrived to prevail upon the sove- 

 reign to apply to her own subjects for as- 

 sistance, which he more than once afford- 

 ed her himself, with much profitable ad 

 vice on financial matters. The stratagem 

 alluded to was the prevailing on the 

 Queen to go in solemn procession to the 

 new Exchange, and there proclaim it 

 such, under the additional sanction of her 

 royal protection and recommendation. 

 Had this monarch been less attached to 

 splendid exhibitions of regal state, the 

 claims of Sir Thomas on her gratitude 

 were sufficiently powerful to demand a 

 still greater favour. It is not, therefore, 

 to be wondered, that she readily con- 

 sented to perform brr part, particularly 

 as it was intimately connected with the 

 future welfare of her good city of Lon- 

 don. Accordingly, after due preparation, 

 her Majesty departed from Somerset 

 House, in the Strand, on the twtnty-thiid 

 of January, 1570, attended by the officers 

 of her court and a train of nobility, to the 

 magnificent residence of Sir Thomas, who, 

 at a very great expense, provided a most 

 superb entertainment for his royal guest, 

 her attendants, and the principal citizens; 

 after which the whole party went to the 

 new edifice, where every possible display 

 of rich goods was made in the shops, the 

 occupiers of which, delighted with the 

 condescension of theii Queen,endeavoured 

 to exceed each other in gratifying her cu- 

 riosity, and expressing their loyalty and 

 gratitude. The moment, at length, arriv- 

 ed for the accomplishment of this well- 

 concerted plan; and Sir Thomas and the 

 citizens had the satisfaction of hearing a 

 herald proclaim the place a Royal Ex- 

 change by the sound of trumpet, at the 

 express command of her majesty. 



It appeared sufficiently plain, after the 



decease of Sir Thomas Gresham, that he 

 had not erred in his calculations on the 

 probable profits of the Exchange, as it 

 was known that his lady received 751 /. 5n, 

 per annum in rents from it. And this re- 

 suit is precisely what a generous citizen 

 would wish, that public advantage should 

 be attended with private benefit to the 

 successors of a public benefactor. The 

 difficulty attending procuring the perusal 

 of the archives of the different institutions 

 of London has hitherto prevented the 

 historian from giving a sketch of the ex- 

 isting connection between the estate of 

 Sir Thomas Gresham, held by the Com- 

 pany of Mercers and the City of London; 

 but it is certain that, after the year 1596, 

 all the affairs of Sir Thomas Gresham's 

 trust were managed by a committee of 

 four aldermen and eight commoners on 

 the part of the Corporation ; and by the 

 master, wardens, and eight of the court 

 of assistants of the Mercer's Company. 



The dreadful calamity of 1666 destroy- 

 ed the old Royal Exchange, when only 

 234/. 8s. 2d belonging to the Gresham 

 trust remained in the cotters of the Com- 

 pany ; and yet the persons composing it 

 contrived to employ labourers to remove 

 the ruins within six months after the con- 

 flagration occurred, in order to prepare 

 the ground for the present structure ; and 

 on the twenty -fifth of February the King 

 was petitioned for a supply of Portland 

 stone. In September, 1667, the commit- 

 tee appointed to superintend the rebuild- 

 ing oi'the Exchange submitted their plans 

 and elevations to the inspection of Charles 

 II. at the same time requesting permission 

 to project the south portico intoCornhiJl. 

 They had soon the satisfaction of hearing 

 that the first were highly approved of, 

 ! iat their request was granted. On 

 ' uiy-third of October in the above 

 }<..;., the monarch went to the scite, and 

 placed the base of the pillar on the west 

 side of the north entrance, after which he 

 accepted of a handsome entertainment, 

 provid -.,.! at the joint expense of the City 

 and C -nipany of Mercers, and served un- 

 der a temporary building erected on the 

 Scotch walk. In return for this hospitali- 

 ty, the King knighted the Sheriffs Gan- 

 den apd Davis, and gave 20/. in gold to 

 the workmen. James, Duke of York, 

 laid the first stone of the eastern pillar, 

 on the thirty-first of October ; and on the 

 eighteenth of the following month Prince 

 Rupert placed that on the east side of the 

 south entrance, each being entertained in 

 a sumptuous manner. 



The Committee, inspecting the plan 



4 K 



