VOL. XIV, No. 395.] SATURDAY, OCTOBER 24, 1829. [PRICE 2d.
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[Illustration]
The Original Royal Exchange.
(_From a Correspondent_.)
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 about[1] 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.
[1] 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.
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]
[2] Second part of "Queen Elizabeth's Troubles"--a Play, by
T. Heywood, 1609.
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. 5_s_. 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.
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