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The Royal Exchange, London

 

London has always been a trading centre. The city lies on a river estuary opposite the mouth of the Rhine, which places it ideally for trade with Europe. London also occupies what was once the lowest fordable point of the Thames, which made it a natural place for internal trade. When the Romans arrived after their invasion in 43AD, they found a regular market being held roughly on the site of what is now Southwark Market. By the sixteenth century Richard Gresham, supplier of tapestries to Henry the Eighth's palace at Hampton Court decided that London should have a purpose built centre for trade, on the lines of the Bourse in Antwerp. Richard was unable to make his vision a reality, but his son Thomas followed his father into the world of trade. Thomas made his home in Antwerp, and gained royal favour by arranging loans for the English monarch. In 1559, one year after the succession of Elizabeth the First, Thomas was knighted for his services. Then in 1565, remembering his father's vision, Thomas offered to build the City of London its own bourse at his own expense if the City would provide the land. Work started in 1566 and the resulting building consisted of arcades housing small shops, surrounding a central courtyard used for trading. Thomas Gresham used the rental income from these shops to fund a programme of free public lectures given at what become known as Gresham College, based at his house in Bishopsgate. Gresham College is still offering free public lectures today.

The original Exchange survived until the Great Fire of London destroyed it in 1666. Following the Great Fire, the City was rebuilt. Charles the Second laid the foundation stone for the recreated Royal Exchange. Work was finished by 1669, and this building survived until 1838, when it was burnt down by a fire which started in the offices of Lloyds Insurance. Once again the Exchange was rebuilt, this time with Prince Albert laying the foundation stone in 1842 and Queen Victoria opening the building in 1844. In 1892 twenty four large panel paintings were installed depicting the history of trade in Britain. These paintings survive and can be viewed at the Royal Exchange today. The first one shows Phoenicians trading with ancient Britons on the coast of Cornwall, and together the Ambulatory Paintings constitute a colourful history of British trade from its earliest times.

The Royal Exchange survived bombing during the war, and became the home of the London International Financial Futures Exchange. Then following a refurbishment in 2001 the Exchange became a luxurious shopping and restaurant complex, which in many ways returns the building to its original use as planned by Richard and Thomas Gresham in the sixteenth century.

Directions: You will find the Royal Exchange at the junction of Threadneedle Street and Cornhill in the City of London. Click here for an interactive map centred on the Royal Exchange.

Access: adapted toilet facilities are available.

Contact:

web site: http://www.theroyalexchange.co.uk/