The Sun.
London, England, 1844-10-28 00:00:00

THY: SUN, LONDON, MONDAY EVENING, OCTOBER 28 1844.

the Duchess of Buccleuch, and the Earl
of Jersey, were in the carriage with
her Majesty. The Queen left the Exchange
at half-past two o'clock, and immediately proceeded
to Buckingham Palace. In this notice of the Queen's
going to the City we must not forget to mention the
courtesy we received from the Commissioner of Police,
and from Superintendents Walker and M‘Lean. It is
impossible to say too much of the effect of the whole
line—it was one scene of grandeur and beauty.

After the presentation of the address, her Majesty,
accompanied by his Royal Highness Prince Albert
and suite, proceeded to the banqueting-room.
The following is the bill of fare of the dejeuner,
which was provided by Messrs. Staples of the Albion
.'•
Tavern :

Roast chickens
Path.; of game
Westphalia hams
Beef A la George IV.
Roast partridges
Larded capons
House lamb
Roast pheasants
Tongues
Barons of beef
Galantines de poulardes
Cotelettes aux concombres
Magnonnaises de 'foulard
Salades de Volatile
Petit petes a la Rein°
Ris de veau it is Romano
Balotincs d'Agneau

Filets do soless-a la Proven

gale.
Crevettes
Grouse sallads
Gateaux a la Frangaise
Nougats d'Abricots
Jellies
Meringues a la Chantilly
Compotes de fruits
Conserves de porntnes
Rhubarbe a la Re,;ence
Gelees aux fruits
Patisserie aux amandes
Pine apples
Hothouse grapes.
Pears
Dried fruits
Ice creams.

After the dejeuner the members of the Gresham
Committee went round the room and gave to each
guest a commemorative medal. On one side was a
representation of her Majesty with the inscription
Royal Exchange, opened by her Majesty Queen
Victoria, 28th Oct., 1844, and on the reverse the
arms of the City, the Mercers' Company, and of Sir
T. Gresham, with the inscription, First Stone laid by
his Royal Highness Prince Albert, January 17,
1842.

During the course of the ddertner the band sta-
stioned in the vestibule performed several popular airs.
The following gentle men were present at the ban-
quet, as the representatives of the subscribers to
Lloyd's :—Chairman, E. A. Robinson. Committee—
John Robinson, John Pryor, Wm. Wilson Saunders,
John Simpson, John Poole, W. C. Harnett, T. 0
Powles, C. R. Henford. Thomas Chapman, A,
Jansen, and N. Lea.

The attendants were all attired in the royal house-
hold livery.
The arrangements for the dejeuner reflect the
highest credit on the Messrs. Staples, of the Albion,
by whom it was provided. There was an abundance
of every delicacy of the season, and the wines were
excellent.

The whole of the Aldermen did not join the civic
procession which went to Temple-bar to meet her
Majesty. Among the Aldermen who remained at
the Exchange was Mr. Alderman llumphery, to whose
judicious care the visitors to the royal banquetting-
room were much indebted. The worthy Alderman
was attired in a court suit of velvet, and wore his
chain of office. He looked remarkably well.

Shortly after half-past one o'clock the company
in Lloyd's Commercial-room began to take their
departure, and long before the banquet in the Royal
banquetting-room was over the greater portion of the
company in the other rooms had left.
At two o'clock, a flourish of trumpets announced
the conclusion of the banquet at the royal table, and
that the first toast " The Queen," was about to be
proposed. The toast was proposed, as we under-
stood, by the Lord Mayor, and drank with every
demonstration of the most devoted loyalty, the band
in the vestibule performing the National Anthem.
The toasts of "Prince Albert and the Royal Family,"
and "Prosperity to the City of London," followed.
We understand that this last toast was proposed by
his Royal Highness Prince Albert, but the room
and the approaches to it were so crowded that
we were unable to ascertain exactly by whom the
several toasts were proposed.
Shortly after half-past two o'clock her Majesty rose
from the table, and leaning on the arm of Prince
Albert, left the banquetting-room with her suite, pre-
ceded by the Lord Mayor, and followed by the
Cabinet Ministers. The procession proceeded down
the grand staircase, and towards the merchants'
area. On arriving there the heralds advanced
to the centre and made proclamation. Sir
James Graham than handed her Majesty a docu-
ment, when her Majesty declared it to be her royal
will and pleasure that the building should henceforth
bear the name of the Royal Exchange. This
gracious announcement was received with
loud cheers, and her Majesty having taken
leave of the Lord Mayor, immediately proceeded to

her carriage.
In addition to the Lloyd's Commercial-room and
Subscribers'-room, a banquet was likewise spread in
the ambulatory, around the merchants' area, and in
most of the ante-rooms. The interior of the Ex
change was guarded by the Honourable Artillery
Company.

MEMOIR OF SIR T. GRESHAM.
The Gresham family were of considerable importance
in the fourteenth century. They are supposed to have
taken their name from the village of Gresham in Norfolk.
John Gresham is mentioned as residing there, and his
son James appears to have been clerk to Sir William
Pesten, the judge. James Gresham Ind a son named
John, who married Alice Blyth, daughter of Alexander
Blyth, Esq., of Stratton. She brought him a large for-
tune, and became the mother of four sons, William,
Thomas, Richard, and John. The two younger received
the honour of knighthood from King Henry the Eighth,
and Sir Richard was the father of Sir Thomas Gresham.
Of the four brothers, three devoted themselves to com-
mercial pusuits; the fourth, Thomas, became Prebendary
of Winchester, and in 1535 was collated to the chan-
cellorship of the cathedral of Lichfield.
The G reshams acted a conspicuous part in the days of
Henry VIII. and Edward VI. To his uncle, Sir John,
Thomas Gresham, founder of the Royal Exchange, was
apprenticed, as he writes, " for viii. yeres." His uncle
and master was frequently employed as the agent of
King Henry in Flanders; he made a considerable fortune,
and died of a malignant fever in 1556, leaving to the
Mercers Company by his will 13/. 6s. ed. for a feast, and
desiring them, after dinner, to " have his soul in remem-
brance with their prayers." Sir Richard, his brother,
the father of Sir Thomas, became an eminent merchant,
and in 1537 was elected Lord Mayor of London. He
was evidently in favour with the King, from whom he re-
ceived five grants of church-lands. Ho closed his life
at Bethnal-green, Feb. 21, 1548-9.
His son Thomas was sent to Cambridge, but at an early
period of his career was engaged in important commer-
cial negotiations. We find, in 1543, a license granted
by the Regent of the Low Countries, Margaret, Queen
of Hungary, for the exportation of gunpowder, was de-
livered to " yonge Thomas Gresham, solycitor," to the
Kin.. of England.
Ife married, about the year 1544, Anne, the daughter
oanfdlNwrilildiaomw of Ferneley,William Read, Esq., of
of West Creting, in Suffolk,
delfeianrlhyis
in
wn illls‘4‘4c—ititzheen and
emeyrceaerr
a gentleman of good family,
o'%‘‘'.fihiTio'cohinssdsaotwynl'e'h'diswbwhyoidhoidinwies become the wife of Gresham. By
her he had several children, all of whom, with the excep-
tion of a son named Richard, who lived to approach ma-
turity, died in their infancy.
In connexion with his uncle's affairs, ho had become
intimately acquainted with the money market of Flan-
ders, and in consequence was appointed agent, or "King's
factor with the trading interest," or " King's merchant,"
a situation of importance and trust, which had formerly
been granted to William de la Pole, father of Michael
Earl of Suffolk. It was on occasion of the disgrace of
Sir William Dansell, who filled the same post in the time
of Edward VI., that Gresham was sent for, about the
close of 1551, and interrogated by the Council as to the
best manner of getting the King out of debt. This
caused him to remove with his wife to Antwerp, where
he took up his abode with the family of the Schetz.
During the two first years of his being engaged in the
public service, he posted from Antwerp no fewer than
forty times. Between the Ist of March, 1552, and the
27th of July, his payments amounted to 106,3011. 4s. 4d.;
his travelling expenses for riding in and out eight times
102/. 10s. including a supper and a banquet to the
Schetz and the Fuggers, with whom he had to transact
business-261. being equal, Mr. Burgon calculates, ts
2501. at the present day. The feast must have been one
of great magnificence, as the guests appear to have beer
not more than twenty. On such occasions Gresham
deemed it policy " to make as good chore as he could."
Intwood Hall, near Norwich, built by Sir Richard
Gresham, was his country seat in England, which was
oftentlescewnaesoifn
L oinbaelegantrtpitality. His London es-
tablishmenttreet, then the handsomest
street in London, where he had a shop, over the door of
which his crest, a grasshopper, appeared by way of sign,
the common usage of the merchants and bankers of that
time. The site of Sir Thomas Gresham's place of busi-
ness is now occupied by the banking-house of Messrs.
Stone, Martins, and Stone. From the nature of his
engagements, he was compelled, for the greater part of
his time, to reside with his family at Antwerp. llib
exertions met with the distinct approbation of his royal
master. He bestowed on Gresham a gift of lands of the
value of one hundred ponds per annum, accompanyin
it with the remark, " yob shall know that you haw
served a king."
When Queen Mary succeeded her brother, Gresham
found himself superseded. This he thought he owed to
the hostility of the Bishop of Winchester. He memo
rialised Mary, and set forth the valuable services he hae
rendered to her brother, which bad been requited in tht
manner already described. His representations, or thi
inefficiency of his successor, led to his being speedily re-
instated. From the correspondence preserved in the
State Paper-office, of which Mr. Burgon has large].)
availed himself, it is clear that he used great activity as
well as much skill and prudence, in raising money for
the Queen. It was customary to pay a rate of interest
that would now be regarded as enormous on a loan.
Great difficulty was found in obtaining money; and when
12, or 14 peg
parties wore willing to lend, to claimlo,
t at all opt of the we)
cent. per anniini was not thougo _
felt
that, in
After negotiating several loans, GreshTn., would be a
stead of sending such largo sums abroad, it

desirable thing to secure them for the capitalist at home.
With the eye of a statesman he saw that it would be
inure convenient for the borrower. The still more
profitable system of " repudiation," which borrows and
refuses all payment, never. occurred to him.
It isnot unworthy of remark, that in all monetary
tr:,asa,ctions Sir Thomas seems to have been in advance
of the age in which he lived. To serve King Edward
while at Antwerp, he devised a scheme for operating on
the currency, so as to render the exchanges favourable
to English purposes. Hallowed to take his own course,
he promised in two years to relieve his Sovereign from
all difficulties. His plan for effecting this was thus laid
down :

"My request shall be to his Majesty and you, to
apoyntc me out weekly xii or xiii c [1,2001.] pounder,
to be secretly resevyed at one man's handes ; so that it
maye be kept secret, and that I may thereunto trust,
and that I may make my reconning thereof assewredly.
I shall so use this matter here in this towne of Andwerpe,
that every day I will be sure to take up ii or iii c
[2OOl. or 3001.] sterlinge by exchange. And thus doing,
it shall not be persevyed, nor it shall not be no occasyone
to make the exchange fall. For that it shall be takynno
up in my name. And so by these means, in working by
d9lyberacione and tyme, the merchaunts' turn also shall
be silwyed. As allso this shuld bring all merchants
owght of suspicione, who do nothing to [wards] pay-
ments of the king's detts ; and will not sticke to saye
that ere the payment of the King's dett be made, yt will
bringe down the exchange to xiiis. iiicl., wyclie I trust
never to see that daye. So that by this you may perseve.
yf that I doo take up every daye but ii c li. [2001.]
sterling, it will amownt in one yere to lxii its h. [72,000/.] :
and the king's majesty oweth here at this present i c
viii 3t li. [108,0004] with the interest monny that was
prolorigyd afore this tyme. So that by these means, in
two yeses, things will be compassed accordingly to my
purpose set forth."
"How correct Gresham was in the results he antici-
pated fro:n these and similar measures, appeared ix the
sequel by the success which attended them. He found
means in a short space to raise the exchange from six-
ti_en shillings Flemish for the .pound sterling, to twenty-
two shillings, at which rate he discharged al the king's
debts ; and by this means money was rendered plentiful
and trade prosperous, while the credit of the crown be-
came established on a firmer basis abroad than it had
ever been before."

Living general:y at Antwerp, he was in that city when
the rejoicings took place for the birth of a son to Queen
Mary, which birth never took place. That a false report
:if such a character obtained credence abroad should
harldfy surprise, when even so near the Court as Al-
dersgate, not only the accouchement of the Queen, but
the admirable proportions of the prince were announced to
his congregation by the minister of St. Ann's Church.
Gresham was present at the abdication of the Emperor
Charles the Fifth. The Christmas of 1555 he passed in
England, and in the following month the Priory of
Austin Canons, at Massingham Magno, in Norfolk, and
several benefices, were conferred upon him as a mark of
the Queen's favour. What he received from her Ma-
jesty altogether, he states to have been of the annual
value of 2001.

Queen Mary died on the 17th of November, 1558.
Gresham is believed to have been out of England when
that event took place; but if so, he deemed it prudent to
lose no time in paying his duty to the new Sovereign.
On the 20th we find him at Hatfield, in Hertfordshire,
where Queen Elizabeth was then staying, and there he
met with a singularly gracious reception. Her Majesty
promised that if he only served her as he had served her
brother and sister, she would grant him as much land as
he had received from both of them. She then gave him
her hand to kiss, and promised if anything unfavourable
should be reported to his prejudice during his absence,
she would always reserve one ear to listen to his vindi-
cation on his return. Of this gracious assurance he had
occasion to remind the Ministers of Queen Elizabeth
when the Marquis of Whinchester attempted to injure
him with his Royal mistress. He, however, triumphed
over all the malice of his enemies, and his powerful as-
,:istance and advice continued to be in much request, not
only when a loan was to be raised, but in reference to
matters of commerce generally, as welt as in various
questions of great political importance.

After he had received the honour of knighthood,
Lombard-street was not considered to be sufficintly dig-
nified for his residence, and he purchased or built a man-
sion in Bishopsgate-street which received the name of
Gresham House. He enjoyed great familiarity with
many of the most distinguished persons of his time ;
both officially and personally he was very intimate with
Sir William Cecil, afterwards Lord Burleigh. On one
,ccasion, we learn from a passage in his correspondence,
he sent a present of silk stockings to the secretary for
himself, and, as he• expressed it, for "my lady your
wiffe." His ingenuity and address were often exercised
in procuring munitions of war to be sent to England
from the Netherlands. A thousand pounds weight of
gunpowder, it was arranged, should be indicated in his
letters by the words " one piece of velvet." In spite of
such precaution, a discovery had nearly taken place. It
was turned aside by his skill, and the influence he had
gained from the high reputation he had established, or
by the presents he had made. He showed that he pos-
sessed no mean talent for intrigue, and the art of bribing
in the cause of his sovereign was not unknown to
Gresham. In various matters the information obtained
through him was of the highest importance.
Mr. Burgon has laboriously followed him through all
the negotiations with which he was concerned, both at
home and abroad. They prove that the utmost confi-
dence was reposed in him, and it is hardly creditable to
the liberality or the prudence of Elizabeth's Govern-
ment, that so valuable an agent should have been obliged
to importune them very frequently to bear in mind, after
the services he had rendered, the promise made to him
st Hatfield on the accession of the Queen. He did not
rail to do so very plainly, and on such occasions he set
forth the magnitude of the labours he had accomplished
without reserve. He might do this boldly, as sometimes
more was owing to him than the Government was pre-
pared to pay.
Through many years he continued in the habit of
frequently passing from England to Antwerp, the Lords
of which, in 1543-4, sent him a present of wine of the
value of 101., to dispose him to give them the benefit of
his good offices with the Queen of England.
His dignity as a British merchant was offended at
seeing a noble Burse in Antwerp, while London could
boast no such accommodation for those whose lives were
devoted to commerce. About the year 1565 he applied
himself in earnest to correct this evil—how successful
will hereafter [appear. While at home and furthering
this great work, he was actively engaged in raising or
Disbursing money for the Treasury.
Among the guests at Gresham House we find, self-
invited, the Duke of Norfolk, who lost his life on the
scaffold some years afterwards, for connecting himself
with the affairs of Mary Queen of Scots. In the eyes of
foreigners Gresham was a person of so much import-
ance, that when, in 1567, the heads of the reformed
church in Antwerp thought it expedient to send an ad-
dress to the Secretary of State, Cecil, praying his in-
fluence with the Queen on their behalf, a similar address
was, by the same body, voted to him. In the following
month he again proceeded to Antwerp, where he inte-
rested himself for the Protestants of that city. This
was his last appearance there. He witnessed the
troubles which then broke out in the Netherlands, and
wrote home an exact account of them. Shortly after-
wards he returned to England. In the following year
he was u suitor to the Queen for the purchase of certain
lands. He, indeed, seems constantly to have had an eye
to the accumulation of wealth, though not with a sordid
view, as was proved in the sequel. His company was
courted by persons of the greatest consideration ; and
when foreigners of high rank came to England, Sir
Thomas was frequently appointed to receive them, and
to attend them in their visits to the principal objects of
interest in London, while, on any extraordinary emer-
gency, Sir William Cecil did not disdain to seek advice
from the merchant. It was by his counsel, as already
mentioned, that Elizabeth was brought, when a loan was
necessary, " not to use any strangers, but her own sub-
jects, that it might be seen what a prince of power she
was." Having suggested the idea, by his active exertions
in the city, it was eventually carried out.

The Lady Mary Grey, sister to the unfortunate Lady
Jane, who had offended the Queen by her marriage, was
in 1659 committed to the custody, or at all events to the
care, of Sir Thomas Gresham. Of this honour he soon
became weary, and made pressing representations to
obtain her removal. He did not succeed till after the
Noble or Royal guest had been under his roof more than
three years. Ultimately she gained some degree of favour
•t. Court.

He had purchased, at an early period of his life, a seat
at Mayfield, in Sussex. Thither, with his wife and
household, he retreated in 1570, when the plague broke
'nit in London ; and there, in 1573, he received a visit
from the Queen. In the year preceding, on her setting
nut on a summer progress, he had been named, with the
Archbishop of Canterbury and others, as one of the
persons of " great trust, wisdom and experience," from
whom the Lord Mayor of London might seek advice for
the better government of the metropolis during her ab-
sence ; and he continued a member of that commission
till within a year of his death.
This distinguished citizen remained on the most inti-
mate footing with the principal statesmen of his day.
Besides building and endowing alms-houses near his
own mansion, he founded what has been called the
"epitome of a university," which was named "Gresham
College." In 1770 he purchased the manor of Heston,
and shortly afterwards took up his: residence in Osterley
Park (which was part of that manor), where, in 1576, he
received a visit from Queen Elizabeth, on which occasion she
was entertained with extraordinary festivity. It is re-
lated that she objected the court-yard was too large, and
would have been more handsome if divided in the middle.
Upon this Sir Thomas forthwith sent for workmen from
London, who laboured in the night silently, but with
such diligence, that when the Queen rose in the morning
a wall had been raised, and the fault which she had
noticed corrected.

Gresham did not long survive this honour. He was
now sixty years of age, when on Saturday, the 21st of
November, 1579, between six and seven in the evening,
!laving just come from the Royal Exchange to his house
in Bishopsgate-street, he was suddenly attacked, it is
supposed, by apoplexy. Ho was found speechless on the
door of his kitchen, and in a short time breathed his
ast. His remains were committed to the earth on the
15th of the following month, in St. Helen's Church,
Bishopsgate-street, where they still repose. The funeral
was one of extraordinary splendour, as it cost no less
than 8004
His only son, Richard, had died in 1E64. Sir Thomas
had a natural daughter named Anne, whom he carefully
educated and provided with an ample dower, and who
eventually became the sister-in-law of Lord Bacon.
Lady Gresham survived her husband seventeen years,
xnd died at Osterley House, November 21, 1516. She
was buried in St. ii9leres with great ponali. dn'the 15th
of December, in the same grave with her Imsband,
by a curious coincidence, on the anniversary of his funeral

HISTORICAL NOTICE OF THE
RQYAL, EXCHANGE.
A 'n'eVelittle volume, under the above title, has just
been published by Effingham Wilson, which appears very
opportunely to gratify public curiosity respecting the an-
nals of the palace of London merchants. It contains not
only ample descriptions of the three buildings which
have succeeded one another on the site purchased by the
munificence of Sir T. Gresham, but accounts of the vari-
ous institutions which time and circumstances have asso-
ciated with it, memoirs and anecdotes of Sir T. Gresham,
and the other distinguished men who took part in found-
ing them, and all such subsidiary information as can be
interesting. From this we have extracted the following
passages, which will furnish our readers with the mate-
rials of a comparison of the three buildings, which have
advanced in grandeur and magnificence pang passe with
the metropolis they have severally adorned. As the
second Temple was more glorious than the first, even so
has it been with the Exchanges of London :
" THE FIRST EXCHANGE.
" The first stone of the projected Burse was laid by its
projector, Sir T. Gresham. On this occasion there does
not appear to have been much ceremony. He was accom-
panied by some aldermen, and, says Stowe, every one of
them laid a piece of gold, which the workmen took up.'
The building was carried on with such rapidity that by
the month of November in the following year it was
covered in with slate, and shortly after that date com-
pletely finished. The cost of the ground has been already
mentioned, and 715 citizens contributed to the subscrip-
tion set on foot to meet it, and which opened in March,
1565, and closed in October, 1566. The timber used in
the construction of the Burse is believed to have been
conveyed to London from Battisford, in Suffilk, in which
neighbourhood, on the destruction of the monasteries,
the manor of St. John of Jerusalem had been granted
to Sir Richard Gresham, which comprehended a con-
siderable portion of the parish of Ringshell. On
Battisford 'rye, a spacious common between the two
places just named, five or six saw-pits may still be
traced, which were used to prepare the frame of the
first Royal Exchange. From Battisford the timber
was conveyed to London by water. The wainscoting
and the glass, or at least a portion of them, were
purchased for him by his indefatigable apprentice ser-
vant, factor, and friend, Richard Clough, at Amsterdam.
The slates were sent from Dort, and other portions of
the materials required were imported from Flanders,
whence many manufactured articles of comfort and
luxury seem to have been obtained at that period. When
finished, it was thought to resemble in an extraordinary
degree the Burse of Antwerp ; there is, however,
reason to believe, that the designer had more studiously
copied the Burse of Venice, which had served for
the model of that of Antwerp. A Flemish architect,
named Henryke, was employed by Gresham, who
seems to have laboured in his vocation with much
diligence, and to have given satisfaction to his em-
ployers ; but, unfortunately for his reputation,
it was found, before the close of the century, that the
structure was more showy than substantial, and great
repairs became necessary.
* * * * * * *
" The Burse, like the New River, though of vast im-
portance to a most opulent and important body, did not
at first answer to the sanguine expectations of its pro-
jector. From the lettings he had expected to derive
a considerable income ; but he was severely disap-
pointed, as for several years the shops remained com-
paratively empty. Gresham had triumphed over too
many difficulties to give himself up to dismay at
this mortifying failure, and the skill of the tacti-
ci in was admirably displayed on an intimation being
given, some two years after the completion of the
structure, that the Queen intended to honour it with
a visit and give it a name.' Aware of the importance
of the incident, we read in Stowe that on this occasion
Sir Thomas, in his own person, went twice in one day
round about the Upper Pawne,' and besought those few
shopkeepers then present, that they would furnish and
adorne with wares and wax-lights as many shoppes as
they either coulde or would ; and they should have all
those shoppes so furnished rent free that yeare.'
" It was a great day for the city and for him, when
the royal Elizabeth fulfilled her promise. That due im-
portance and eclat might be given to her progress even
from its commencement, we learn from the accounts of
the churchwardens of St. Margaret's, Westminster,
that 4d. was paid to the bell-ringers for ringing
when the Queen's Majesty went to the Burse and
back again.' Other parishes, this being regarded as
no every-day occurrence, were no doubt equally regard-
less of expense, and the whole of her progress was, in
all probability, rendered as triumphant as its commence •
meat. The trusty historian just named thus describes
it:—' The Queen's Majesty, attended with her nobility,
came from her house in the Strand, called Somerset-
house, and entered the City by Temple-bar, through
Fleet-street, Cheap, and so by the north side of the
Burse to Sir Thomas Gresham's house in Bishopsgate-
gate, where she dined. After dinner her Majesty, re-
turning through Cornhill, entered the Burse on the south
side, and after that she had viewed every part thereof
above the ground, especially the Pawn, which was richly
furnished with all sorts of the finest wares in the city,
she caused the Burse, by a herald and trumpet, to be
proclaimed the Royal Exchange,' and so to be called
from thenceforth, and not otherwise.' * * *
" Some of the rules which were then adopted to keep
the Exchange free from annoyance appear rather sin-
gular to a reader of the present day. We find that no
fruit other than oranges and lemons might be sold in the
passages leading to it. 'Boys and young rogues' found it
as convenient for their play as grave citizens did for the
transacting of business, and on Sundays and holidays
the former created such an uproar that their seniors
could not hear themselves speak.' Rat-catchers, dog-
sellers, and apple-venders, were attracted to the spot,
and the cursing and swearing of the women, maidens,
and others in the green-grocery line, caused great
annoyance and grief to the passers by ;' while bears,
dogs, and bulls were paraded there in the morning, to an-
nounce with more effect the amusemements which
might be enjoyed at Bankside, perhaps at the very mo-
ment that Shakespeare, within the Globe Theatre, was
acting in one of his own plays, towards the close of the
afternoon.
" From this period the Royal Exchange continued to
increase in wealth and importance. Thither the nobi-
lity repaired to purchase the most costly articles, and the
treasures of merchandise thus collected were great
in value and superb' in appearance. It is des-
cribed in the most glowing terms by the writers
of the time. Its area constantly presented an ani-
mated and varied scene. The merchants from fo
reign parts, whose attire least resembled that of the
English, usually attended in their national costume.
While the English merchant appeared with his puffed-out
inexpressibles, long vest, short cloak and ruffs, and pyra-
midic head covering, the Flemish trader came with his
fur-trimmed hat and coat and close-fitting pantaloons,
and the Venetian sported long robes and an elegant
bonnet, to represent the dignity of the proud republic to
which he belonged.
"On the death-of Sir Thomas Gresham, in accor-
dance with the promise he had made, the whole of the
Royal Exchange was left to come jointly to the City of
London and the Mercers' Company after the decease of
his lady. It was provided that the City, out of their
moiety, should pay salaries of 501. yearly to four pro-
fessors, who were to give lectures gratuitously on
divinity, astronomy, geometry, and music, at his late
residence. They were also to pay annually 101. to
Newgate, Ludgate, Wood-street Compter, and the
King's Bench prison. The Mercers' Company were
to pay three annual salaries of 501. each to professors,
who were to lecture on civil law, physic, and rhetoric.
Besides this, 100/. was to be yearly appropriated to four
quarterly dinners in their hall, for the entertainment of
the company; as also 101. in every year to Christ's
Hospital, and the like sum to the hospitals of St.
Thomas's, Bartholomew, Bethlehem, and the Spital and
the Poultry Compter.
THE SECOND EXCHANGE.
"Provision being made for the day by converting
Gresham College into a temporary Exchange, little time
was lost in preparing to erect a new one on the site of
that which had been so unexpectedly destroyed. Estimates
were called for, and the other preliminary steps neces-
sary before proceeding with a work of such magnitude
were duly taken ; and that the citizens were in good
earnest may be concluded from the following naive reso-
lution, which is given as adopted ' at a Sub-Committee,
the 11th February, 1666,' (1666-1667 must of course
be understood) :
"‘ Ordered, That the Right Hon. the Lord Mayor bee
desired forthwith to call the Grand Committee together,
to resolve what is to bee done for speedy raising of
muney, the only engine that can give vigorous motion
to that great and needful worke' (the rebuilding of the
Royal Exchange).
" For the sake of comparison and future reference, an
accurate description of the late Exchange may not be un-
acceptable. The ground plan, we read in Britton and
" In spite of every obstacle the structure rapidly ad-
vanced to completion, and on the 28th of September,
1669, the second Royal Exchange was opened in due
form. It was expected that on this interesting occasion
the King would be present ; but he was prevented from
attending, and in his absence the Lord Mayor, Sir Wil-
liam Turner, went through a planned ceremonial, walk-
ing twice round the building, and congratulating the
merchants and his fellow citizens on seeing them again
in an Exchange of their own. The cost of this edifice to
the City and the Mercers' Company is stated by Strype,
on the authority of Mr. Thomas Blackmoor, according
to him a judicious citizen and mercer,' to have been
80,0001. Mr. Burgon, however, estimates the expenses
at no more than 69,9791. 11s. Over the southern en-
trance a Latin inscription was placed, briefly recording
the destruction of the former Exchange in 1666, and the
erection of its more splendid successor in 1669.
"Pugin's Public Buildings,' presented nearly a regular
quadrangle, including a spacious open court with porti-
coes round it, and also on the north and south sides of
f
the building. The front towards Cornhill wa2lot;ee
lofty
in extent. The central part was composed
f a h
four Corinthian
qt
ui
rte
e
bold entablature, over the centre of which were th
r middle
columns, intere°
ium
supportingnati° of
mounted by statues emblematical of the four quarters
lateral • lumniations
royal arms, and on each side a balustrade, &c., sur-
mountedwere niches
co
oosterthetheghicbses'er leVnitthrainneetheto the arcade,nitei
icno n
ittoi ntni nagn theha b
isttsa, t übt.ys oßfu
sh Kingnel C hTahr lee s
tower,
rose from the centre of the portico, consisted of
three stories. In front of the lower story was a
niche, containing a statute of Sir Thomas Gresham ;
and over the cornice, facing each of the cardinal
points, a bust of Queen Elizabeth at the angles were
arms,
colossal griffins, bearing shields of the City
Within the second story, which was of an octagon fora, with trusses at the angles, was an excellent clock with
four dials ; there were also four wind dials. The upper
story (which contained the hell) was circular, with eight
Corinthian columus supportill an entablature, sur-
rteadsg,bsyti4eddomlike, on e
gilt h was a lofty vane of
tgwiasischopper, the crest of the
Gresham family. The attic over the columnar in a hue

with the basement of the tower, was sculptured with two
alto-relievos, in panels, one representing Qaeen Eliza-
eth, with attendant figures and heralds, proclaiming
the original building ; and the other Britannia, seated
amidst the emblems of commerce, accompanied by the
poite arts, manufac.ures, and agriculture. The height
from the basement line to the top of the dome, was 128
feet and six inches.
66
Within the quadrangle there was a spacious area,
measuring 144 feet by 117 feet, surrounded by a wide
arcade, which, as well as the area itself, Was, for the
general accommodation, arranged into several distinct
parts, called walks, where foreign and domestic merchants,
and other persons engaged in commercial pursuits, daily
met. The area was paved with reel Turkey stones, of a
small size, the gift, as tradition reports, of a merchant
who traded to that country.
" In the centre, on a pedestal surrounded with an iron
railing, was a statue of Charles 11., in a Roman habit,
by Spiller. At the intersections of the groining was a
large ornamented shield, displaying either the City arms;
the arms of the Mercers' Company, viz. a maiden's head,
crowned, with dishevelled hair ; or those of Gresham,
namely, a chevron, ermine, between three mullets.
" On the centre of each cross-rib, also, in alternate
succession, was a maiden's-head, a grasshopper, and a
dragon. The piazza was formed by a series of semi-
circular arches, springing from columns. In the span-
drels were tablets, &c., surrounded by festoons, scrools,
and other enrichments. In the wall at the back of the
arcade were twenty. eight niches, only two of which
were occupied by statues, viz. that towards tho north-
west, in which was Sir Thomas Gresham, by Cibber;
and that towards the south-west, in which was Sir John
Barnard, whose figure was placed here, whilst he was
yet living, at the expense of his fellow-citizens, in tea.
timony of his merit am a merchant, a magistrate, anti a
faithful representative of the City i•t Parliament.
66 Over the arches of the portico of the piazza were
twenty-five large niches with enrichments, in which were
the statues of our sovereigns; many of these statues were
tOrmerly gilt, but the whole were latterly of a plain stone
colour. Walpole says that the major part were sculp-
tured by Cibber.

" Such was the Royal Exchange, erected in the seven.
teenth century, on the site of the Burse of Sir Thomas
Gresham—the increase of the metropolis, and the grow-
ing importance of the merchants of London, demanding
that a more magnificent structure than that which rose
in the time of Elizabeth should grace the reign of Charles
11. In this, as in the former instance, the expectations
of the projectors were not immediately made good, and
great loss and embarrassment was the consequence."

NEW ROYAL EXCHANGE.
"From the dates which have been given, it will be
seen that the new Royal Exchange has been completed
in less than three years; and being all of stone, is justly
considered the most extraordinary instance of dispatch
that these railroad times have witnessed. It stands
nearly due east and west ; the extreme length, from the
portico on the west to the columns on the east, is 30S
feet. The plan is much broader at the east end than
the west, the width of the portico being 96 feet, the ex-
treme width of the west end 119 feet, and of the east
end 175 feet. The dimensions of that pat t appropriated
for the meeting of the merchants, is an area of no less
than 170 feet by 112 feet, of which 111 feet by 53 are
uncovered and open to the sky.
" The diameter of the columns is 4 feet 2 ; their
height, including the base and capital, 41 feet ; the ex-
treme height to the apex of the pediment at the west-
end is 74 feet ; and the height of the tower at the east
to the top of the vane, 177 feet.
" The general disposition of the plan is as follows :
At the west-end is a portico of eight Corinthian co-
lumns, with two intereolumniations in actual projection,
and the centre part deeply recessed in addition. The
principal western entrance is under this portico, which
is ascended by thirteen granite steps from the level of
the street. The whole west end is appropriated to the
offices of "rhe Royal Exchange Assurance for assuring
Shipping, Fire, and Lives,' the entrance to their offices
being on the right and left of the great western entrance.
" The great eastern entrance is under the tower. After
passing through it, there is a small area for giving light
and air to the inner mass of that part of the building,
and at the north end of this area is the entrance to the
important establishment of Lloyd's. At the centre of
the building, on the north and south, there are also en-
trances to the merchants' area.

" The south front is one unbroken line of pilasters,
with rusticated arches on the ground-floor for shops and
entrances, the three middle spaces being deeply recessed;
over these are richly decorated windows, and above the
cornice there are a balustrade and attic. The north side
differs considerably from the south ; for in this ease the,
centre projects, and the pilasters are omitted at the end
spaces. The arches of the ground-floor are rusticated,
and the same windows occur above as on the south side,
but with two exceptions, which are formed into niches.
In one of them will be a statue of Sir Hugh Myddelton,
by Joseph ; and in the other one of Sir Richard Whit-
tington, by Carew. The former worthy citizen is cele-
brated for having brought the New River to London,
and the latter, a merchant and a mercer, founded and
en lowed some of the noblest charities of the City.
" The east front is marked in the centre by four Co..
rinthian columns, from which rises the tower. The first
tury of the tower is square, with ornamental pilasters
at the angles ; on the east front is a niche, in which
will be placed a statue of Sir Thomas Gresham, by
Behues ; above this is an attic for the clock faces. The
next story of the tower is circular, decorated with Co-
rinthian columns, and crowned by a dome carved with
leaves. The vane is the famous grasshopper that was
on the old Exchange ; it was not much injured by file
tire, and has been restored. It is of copper gilt, and
is eleven feet long. In the tower is a peal of fifteen
bells for the chimes, cast by Mears ; and the clock was
constructed by Mr. Dent, the eminent clock-maker of
the Strand, under the direction of Professor Airey, the
Astronomer Royal, and the first stroke of each hour
is true to a second of time. The citizens will thus be
enabled, by this exertion of mechanical skill, to obtain
the exact time in London with as much accuracy as
could be obtained by a visit to the Observatory at
Greenwich.
" The one-pair, or principal floor, is eccupied by four
suites of apartments ; the principal of these, it has been
seen, is appropriated to the underwriters' establishment
of Lloyd's. Lloyd's occupies all the cast end, and a
principal part of the north side. The greater part of the
west end is appropriated to the Royal Exchange Assur-
ance offices. The south ride is principally occupied by
the ancient corporation of the London Assurance, having
an entrance and offices on the same side on the ground-
floor ; and on the remaining part of the south and west
are a suite of offices originally intended for the lecture-
rooms and offices of Gresham College, but at present
unappropriated.

"The offices of the Royal Exchange and London As-
surance consist of board-rooms, secretaries' offices, and
all the usual arrangements for such establishments on
the most liberal and extensive scale ; having, in addition,
a series of apartments in the mezzanine, or entresol. In
many cases the rooms on the second floor are lighted
from the roof ; and strong-rooms, vaults, and other apart-
ments are provided in the basement story.
" Lloyd's contains several magnificent apartments :
the staircase is very convenient, and even grand in its
arrangements, the steps being fourteen feet wide each,
of Cragleith stone, in one length. The subscribers'
room for the business of underwriting is 100 feet long
by 48 feet wide, This noble apartment runs from north
to south on the east side of the quadrangle, or mer-
chants' area ; attached to this is a library or reading-
room, with a gallery round, furnished with maps and
charts. Tho captains' room, the board room, and the
clerks' offices, occupy the eastern end. Along the north
front is another spacious chamber, called the commer-
cial room, 80 feet long, which is intended as a sort of
commercial club room for all strangers visiting London
for the purposes of business. These large apartments
are lighted from the ceilings, and also from windows
opening into the merchants' area. They are highly de-
cor ated , consistently with their purposes, well warmed
and ventilated, and are certainly the finest rooms of'
their kind in the City of London.
" The ground-floor of the Exchange, like Sir Thomas
Gresham's Exchange, and the one last destroyed, is ap-
propriated mainly to shops and offices. Each tenement
or shop is complete in itself; having, in addition to the
ground-floor, a room over, and a basement beneath, sepa-
rated by party walls and brick arches of great strength,
from their neighbours, and from such apartments as may
happen to be over them. The same arragements for
preventing the spread of fire apply to the other divisions
of the building, so that it seems impossible that acalamity
similar to that which has twice destroyed the Royal Ex-
change can again occur. A single shop, or even one of
the larger divisions of the building, may be burnt, but
the fire must be limited and confined to that portion of
the structure where it happens; and in this sense the
present building is fire-proof.
" There is on the frieze or the portico the following
inscription, recording the foundation of the original
building in the 13th year of Queen Elizabeth, and its re-
storation in the Bth of her present gracious Majesty:--
` ANN() XIII. ELIZABETH/R R. CONDITIJM. ANNO VIII.
VICTORIA R. RESTALTRATIIM.'

" Occupying the key-storie7OftCetitre; great arches,
there are in the centre the merchants' mark of Gresham;
and on the key-stones of the side arches the arms of tho
merchant adventurers of his day, and the staple of
Calais. North and south of the portico, and in the attic,
are the emblems of the City—the sword and mace, with
containing
Victoria,
the several dates of Queen 'lizabeth'sl reign and the pre-
tshe ne t yi
initials
is a nodf in
Queenthe MET
respectively. lower
a b at
hand Queen ne,
mantels
Over the three centre arches, on the south
side, are the arms of Gresham, the City, and the Mer-
cers' Company, and the same are repeated at the east
end on the entablature. Over the three centre arches
of the north front are the following mottos, viz., in the
centre that of Sir Thomas Gresham, in old French
Fortin a my ; on the dexter side, the city motto, Dontine
dirige nos, and on the sinister, the motto of the lUercnre
Company, Honor Deo.

" SCULPTURE OVER THE PEDIMENT.
"At the west cod the tympanum of the pediment is
adorned with sculpture by Mr. Richard Westmacott, con-
sisting of allegorical representations of commerce, ex-
hibiting the English merchant in some few of the nume-
rous interesting positions which it is his high destiny to
occupy, in transacting, it would scarcely be too much to
say, the business of all the earth ; for to what strange
land, to what remote clime, has not his enterprise ex-
tended ? Without a figure, he may proudly ask, with
/Eneas, Que regio in terris nostri plena laborisr and
the world, it may be remarked, is now known to be
nearly twice as large as it was supposed to be in the days
of the old Trojan. The figures are seventeen in num-
ber, They fill the tympanum, or highest compartment,
of the western front, and are carved in compact
stone, the admirable chiselling of which ir_ great
measure atones for the non-employment 01' marble.
They are not merely in alto ;diem, as Westmacott's
engagement with the City stipulat.'ea ; but, with tvso ex-
ceptions, they are modello.'a as entire and detachedtlie
figures ,• that in thr centre is ten feet high, and a
ap
standard of oilier figures is seven feet. This t
highly
illlPP:',7eraent upon the original compac honour.