The Present State of London, Treatise · Chapter 3 · Section 5
SECT. 5.
Of Exchanges and Publick-Halls.
THe Royal Exchange in Cornhil-Ward, was Erected in the Year 1566, juſt one hundred Years before it was Burnt, in this manner.
Certain Houſes upon Cornhil, containing Eighty Houſholds, were purchaſed by the City of London for above 3532 l. which they ſold for 478 l. to ſuch as would take them down and carry them away. Then the Ground or Plot was made plain at the Charges of the City, and Poſſeſſion thereof was given to Sir Thomas Greſham Knight, a Noble Merchant, and Agent to Queen Elizabeth, by certain Aldermen in the name of the whole, for to Build an Exchange thereon for Merchants to Aſſemble. On the 7th of June he laid the firſt Stone in the Foundation, being accompanied with ſome Aldermen, where every one of them laid a piece of Gold, which the Work-men took up; The Work was advanced with ſuch Expedition, that in November, 1567, it was finiſhed, and afterwards in the preſence and by the ſpecial Command of the Queen, it was Proclaimed by a Herald, and with ſound of Trumpet named, The ROYAL EXCHANGE. It was Built moſt of Brick, and yet was the moſt ſplendid Burſe (all things conſidered) that was then in Europe. The Burſe for Merchants was kept before in Lumbard-ſtreet.
In the great and diſmal Conflagration, Anno 1666. the Royal Exchange was conſumed; But it is ſince Rebuilt in a far more ſtately and Magnificent manner, of excellent Portland Stone, almoſt as durable as Marble, with ſuch curious and admirable Architecture, eſpecially for a Front, a Turret, and for Arch-work, that it ſurpaſſeth all other Burſes in Europe.
The Form is Quadrangular, with a large Paved Court where the Merchants Meet, it is Quadratum Oblongum, an Oblong ſquare, and on each ſide are ſtately Galleries or Portico's Checquered with a ſmooth and delicate Stone-Pavement, the Arches ſupported with ſtrong Stone Pillars, where in caſe of Rain or extream Heat, the greateſt part may be ſheltered. The whole Fabrick coſt above 50000 l. whereof one half was disburſed by the Chamber of London, and the other by the Company of Mercers: And to reimburſe them, there are to be let 190 Shops above-ſtairs, at 20 l. per annum, and 30 l. Fine, beſides the ſeveral Shops below on the ſeveral ſides, and the huge Vaulted Cellars under ground, ſo that it muſt needs be the richeſt piece of Ground in the World. For,
The Exact Dimenſions of the Ground whereon this Goodly Fabrick is Erected, is but 171 Foot from North to South, and 203 Foot from Eaſt to Weſt, and little more than three quarters of an Acre of Ground, yet producing above 4000 l. Yearly Rent.
The New Exchange on the Strand was called Durham-Houſe, Built by Thomas Hatfield Biſhop of Durham, who being made Biſhop of that See, Anno 1549. continued ſo 36 Years. It was a very Capacious Edifice, on the North ſide ſtood a row of Thatcht low Stables, which the Right Honourable Robert Earl of Salisbury, then Lord High Treaſurer of England, purchaſed and pulled down, Erecting in the room thereof, at his own Charge, a very goodly and beautiful Building, with Cellars underneath, and a Walk fairly Paved above it, with Rows of Shops, and the like above ſtairs.
The firſt Stone was laid the 10th of June 1608, and it was finiſhed in November following. The Shops above and under were curiouſly adorn'd, and in April following the Earl Invited King James, the Queen, the Prince, the Duke of York, to come thither, who came attended with many of the Nobility, where after a Rich Banquet the King named it Britains Burſe.
There are alſo two Exchanges more, viz. The Middle Exchange, and Exeter Exchange, which laſt was lately built; in both which Goods are ſold, as at the Royal Exchange.
Having done with Exchanges we ſhall proceed to the Publick Halls of Companies.
As for the Great Guild-Hall, for Orders ſake the Reader is referred to the Section in the Chapter of Government that Treats of Courts. And as for the Publick-Halls of Companies, the Reader is alſo Referred to the Third Section of the 5th Chap. that Treats of the Reſpective Corporations.