THE ROYAL EXCHANGE (1566).
Sir Thomas Gresham, a wealthy and munificent London merchant, offered in 1563 to build, at his own expense, a Bourse or Exchange, if the City would provide the ground. The need for some such building was becoming rather serious; the commerce of the country was growing very rapidly, and Lombard Street had long been too small for the business of London. Men were exposed there to all weathers, and had to crowd into small shops. For twenty or thirty years there had been talk of making a new place of resort for the merchants, and the example of Antwerp, London's great rival in trade, inspired Gresham to make his magnificent gift to his fellow-citizens.
Gresham's building was destroyed in the Fire of 1666, and its successor was burned down in 1838.
Then next is the Royal Exchange, erected in the year 1566, after this order, viz., certain houses upon Cornhill, and the like upon the back thereof, in the ward of Broad street, with three alleys, the first called Swan Alley, opening into Cornhill, the second New Alley, passing throughout of Cornhill into Broad-street ward, over against Saint Bartholomew lane, the third Saint Christophers Alley, opening into Broad street ward, and into Saint Christophers parish, containing in all fourscore households: were first purchased by the Citizens of London, for more than £3532, and were sold for £478, to such persons as should take them down and carry them thence, also the ground or plot was made plain at the charges of the City, and then possession thereof was by certain Aldermen, in name of the whole Citizens, given to Sir Thomas Gresham, Knight, Agent to the Queen's Highness, thereupon to build a Bourse, or place for merchants to assemble in, at his own proper charges: and he on the seventh of June laying the first stone of the foundation, being brick, accompanied with some Aldermen,everyone of them laid a piece of gold, which the workmen took up, and forthwith followed upon the same with such diligence, that by the month of November, in the year 1567, the same was covered with slate, and shortly after fully finished.
In the year 1570, on the 23. of January, the Queen's Majesty, attended with her nobility, came from her house at the Strand called Somerset house, and entered the City by Temple Bar, through Fleet Street, Cheap, and so by the north side of the Bourse through Threadneedle Street, to Sir Thomas Gresham's in Bishopsgate Street, where she dined. After dinner her Majesty returning through Cornhill, entered the Bourse 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 same Bourse by an herald and a trumpet, to be proclaimed the Royal Exchange, and so to be called from thenceforth, and not otherwise.