The second royal exchange

Did you know that the first English mall was opened in 1571? Merchant Thomas Gresham, who lived in Antwerp, followed the Bourse shopping exchange in Antwerp as his model. The idea was an arcaded building housing small shops, surrounding a small courtyard for trading. With royal approval from Elizabeth 1, the mall soon became a magnet for merchants and shoppers. Idlers, too, much like the malls of today.

In the Inquest Book of Cornhill Ward, 1574 (says Mr. Burgon), there is a presentment against the Exchange, because on Sundays and holidays great numbers of boys, children, and “young rogues,” meet there, and shout and holloa, so that honest citizens cannot quietly walk there for their recreation, and the parishioners of St. Bartholomew could not hear the sermon. In 1590 we find certain women prosecuted for selling apples and oranges at the Exchange gate in Cornhill, and “amusing themselves in cursing and swearing, to the great annoyance and grief of the inhabitants and passers-by.” In 1592 a tavern-keeper, who had vaults under the Exchange, was fined for allowing tippling, and for broiling herrings, sprats, and bacon, to the vexation of worshipful merchants resorting to the Exchange. In 1602 we find that oranges and lemons were allowed to be sold at the gates and passages of the Exchange. In 1622 complaint was made of the rat-catchers, and sellers of dogs, birds, plants, &c., who hung about the south gate of the Bourse, especially at exchange time. It was also seriously complained of that the bear-wards, Shakespeare’s noisy neighbours in Southwark, before special bull or bear baitings, used to parade before the Exchange, generally in business hours, and there make proclamation of their entertainments, which caused tumult, and drew together mobs. It was usual on these occasions to have a monkey riding on the bear’s back, and several discordant minstrels fiddling, to give additional publicity to the coming festival. (https://www.british-history.ac.uk/old-new-london/vol1/pp494-513)

The Royal Exchange is still on the same site today, though the buildings have twice been destroyed by fire and rebuilt.

After the Great Fire of London, the place was built in nearly a rectangular quadrangle. The philosopher Joseph Addison says:

“There is no place in the town,” says that rambling philosopher, Addison, “which I so much love to frequent as the Royal Exchange. It gives me a secret satisfaction, and in some measure gratifies my vanity, as I am an Englishman, to see so rich an assembly of countrymen and foreigners consulting together upon the private business of mankind, and making this metropolis a kind of emporium for the whole earth. I must confess I look upon High ‘Change to be a great council in which all considerable nations have their representatives. Factors in the trading world are what ambassadors are in the politic world; they negociate affairs, conclude treaties, and maintain a good correspondence between those wealthy societies of men that are divided from one another by seas and oceans, or live on the different extremities of a continent. I have often been pleased to hear disputes adjusted between an inhabitant of Japan and an alderman of London; or to see a subject of the great Mogul entering into a league with one of the Czar of Muscovy. I am infinitely delighted in mixing with these several ministers of commerce, as they are distinguished by their different walks and different languages. Sometimes I am jostled among a body of Armenians; sometimes I am lost in a crowd of Jews; and sometimes make one in a group of Dutchmen. I am a Dane, Swede, or Frenchman at different times; or rather, fancy myself like the old philosopher, who, upon being asked what countryman he was, replied that he was a citizen of the world.”

This was the Royal Exchange of the Regency. The outside shops were lottery offices, newspaper offices, watchmakers, notaries, stock-brokers, and so on. The shops in the galleries were superseded by the Royal Exchange Assurance Offices, Lloyd’s Coffee-house, the Merchant Seamen’s Offices, the Gresham Lecture Room, and the Lord Mayor’s Court Offic, with its row of offices, divided by glazed partitions, the name of each attorney on a projecting board. The vaults were let to bankers, and to the East India Company. They stored pepper there.

This building burned down in 1838. Today’s building has the layout of the original — a trapezoid-shaped building , with rooms all around the outside on the ground floor that let on to a wide internal corridor open to a central courtyard. The upper level is also given over to rooms and corridors.

The Royal Exchange today