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The square was named Praça do Comércio, the Square of Commerce, to indicate its new function in the economy of Lisbon. The symmetrical buildings of the square were filled with government bureaux regulating customs and port activities. The centrepiece of the ensemble was the equestrian statue of King José I, inaugurated in 1775 in the centre of the square. This bronze statue, the first monumental statue dedicated to a king in Lisbon, was designed by Joaquim Machado de Castro, Portugal's foremost sculptor of the time.