The Mirror of Literature, Amusement, and Instruction. Volume 14, No. 395, October 24, 1829. Various
p>The Mirror of Literature, Amusement, and Instruction / Volume 14, No. 395, October 24, 1829
The Original Royal Exchange
Four centuries since the Merchants of London could not boast of a public Exchange. They then assembled to transact business in Lombard-street, among the Lombard Jews, from whom the street derives its name, and who were then the bankers of all Europe. Here too they probably kept their benches or banks, as they were wont to do in the market-places of the continent, for transacting pecuniary matters; and thus drew around them all those of whose various pursuits money is the common medium.
At length, in 1534, Sir R. Gresham, who was agent for Henry the Eighth at Antwerp, and had been struck with the advantages attending the Bourse, or Exchange, of that city, prevailed upon his Royal Master to send a letter to the Mayor and Commonalty of London, recommending them to erect a similar building on their manor of Leadenhall. The Court of Common Council, however, were of opinion that such a removal of the seat of business would be impracticable, and the scheme was therefore dropped; but in the reign of Queen Elizabeth, Sir Thomas Gresham, who succeeded to the Antwerp agency, happily accomplished what had been denied to the hopes of his father. In 1564 Sir Thomas proposed to the Corporation—"That if the City would give him a piece of ground, in a commodious spot, he would erect an Exchange at his own expense, with large and covered walks, wherein the merchants might assemble and transact business at all seasons, without interruption from the weather, or impediments of any kind." The Corporation met the proposal with a spirit of equal liberality; and in 1566 various buildings, houses, tenements, &c. in Cornhill, were purchased for rather more than £3,530, and the materials re-sold for £478, on condition of pulling them down and carrying them away.—The ground plot was then levelled at the charge of the City, and possession given to Sir Thomas, who in the deed is styled, "Agent to the Queen's Highness," and who laid the foundation of the new Exchange on the 7th of June following; and the whole was covered in before November 1567.
The plan adopted by Sir Thomas, in the formation of his building, was similar to the one at Antwerp. An open area was inclosed by a quadrangle of lofty stone-buildings, with a colonnade as at present, supported, by marble columns of the Doric order, over which ran a cornice, with Ionic pilasters above, having niches between, containing statues of the English Sovereigns. The entrances were from Cornhill and Broad-street. Over the first, between two Ionic three-quarter columns, were the Royal Arms, and on either side were those of the City and Sir Thomas; on the north side, but not exactly in the centre, rose a Corinthian pillar to about the same height as the tower in front surmounted with the grasshopper. In every other respect it was similar to the south, of which the previous engraving is a view.
Over the arcade were shops, to which you ascended by two staircases, north and south. Above stairs were about1 one hundred shops, varying from 2-3/4 feet to 20 in breadth and forming a sort of bazaar, then called the Pawne. These shops, for the first two or three years did not answer the expectation of the founder, for such was the force of habit, that the merchants, notwithstanding all the inconveniences attending Lombard-street, could not be prevailed upon to avail themselves of the new mart.
The building had been opened two or three years, when the Queen signified her intention of paying it a visit of inspection; but so many of the shops still remained unoccupied, that Sir Thomas found it necessary to go round to the shopkeepers, and beseech them "to furnish and adorne it with wares and wax lights, in as many shoppes as they either could or woulde, and they should have all those so furnished rent-free for that yeare."—Stowe.
Her Majesty on the day fixed (Jan. 23, 1570), having dined with the founder, at his house in Bishopsgate-street, returned by the way of Cornhill, and entered on the south side; and having viewed it, she expressed herself much pleased; and, with the national spirit which so eminently distinguished her, commanded that, instead of the foreign name Bourse, by which the citizens had begun to call it, it should be styled, in plain English—The Royal Exchange—which was proclaimed by sound of trumpet:—
"Proclaim through every high street of the city,
This place be no longer called a Burse;
But since the building's stately, fair, and strange,
Be it for ever called—The Royal Exchange!"2
The building could not have been very substantial, for by an entry in the Wardbook of Cornhill ward, we find that in 1581, not fourteen years after its completion, some of the arches of the arcade were in an unsafe condition, and the lives of the merchants passing under were in danger. And further—in 1603 another entry states, that the east and north walls were also unsafe; and thus it continued wanting still greater repairs, in which the Mercers' Company expended vast sums of money, till it was entirely destroyed in the Great Fire of 1666.
Sir Thomas Gresham, by his will, bequeathed this building, with his house in Bishopsgate-street, to the Mercers' Company and the Corporation of London, in joint trust: the house as a college, and the produce of the Exchange for the payment, in the first place, of the salaries of the lecturers and the other expenses of the college; and secondly, of certain annual sums to different hospitals, prisons, and almshouses.
Such was the origin of the Royal Exchange. After its destruction, in 1666, the funds in the hands of Sir Thomas Gresham's trustees amounted to no more than £234. 8s. 2d.; but, with a spirit beyond all praise, they contributed from their own resources the necessary sum for rebuilding the Exchange, which was completed and opened September 28, 1669, the total cost being £58,962, which the City Corporation and the Mercers' Company defrayed equally between them. Since that period it has undergone several reparations; but a most complete and substantial one was commenced in 1820, under the direction of Mr. Geo. Smith, architect to the Mercers' Company, the estimated expense of which was nearly £33,000; and staircases on the north, south, and west sides have since been built of stone, at an expense of about £6,000.
The emoluments derived by Lady Gresham from the Royal Exchange are stated to have amounted to £751. 5s. per annum; and these she continued to enjoy till her decease, in the year 1596; but the Mercers' Company, instead of profiting by the donation, had, after the late repairs, expended out of their own fund no less a sum than £200,500.
We are indebted to an active Correspondent for the original of the engraving (a pencil drawing), and the abridgment of the previous description, from a neatly compiled work—the Percy History of London, and from original and authentic sources. We are, however, compelled to omit the "dimensions of the ground on which the original Exchange stood," notwithstanding our Correspondent has been at the pains to copy the items from "an old record in the Chamber of London, never before made public." The document is of considerable value, in illustrating the topography of ancient London; but its interest is hardly popular enough for our pages.
Winton—ere thee I leave in hoary pride,
Thy hallow'd temples, and thine aged towers,
Lifting their heads amid the rural bowers
That grace fair Itchen's ever-rippling tide,
I gaze—and think how many a century
Hath slowly roll'd along, since in their might
The British Chieftain and the Roman Knight
First met in thee in triumph or to die.
But now in peace along thy vale I rove,
Or mark with awe thy venerable pile
Of mitred pomp, and down the lengthen'd aisle
Listen to notes divine, with those I love.
These are the charms that memory must renew,
Till I shall gaze again, with reverence due.
"Justum et tenacem propositi virum"
Nor direful rage, nor bois'trous tumult loud,
Nor
From an old Vestry-book belonging to St. Michael's we also learn the rents of the shops, which were at first only forty shillings, in the course of a few years were raised to four marks; afterwards to four pounds, and after the fire they were let at ten shillings per foot.
Second part of "Queen Elizabeth's Troubles"—a Play, by T. Heywood, 1609.