Royal Exchange

   Between Cornhill South and Threadneedle Street north, in Broad Street and Cornhill Wards (P.O. Directory).

   The first building was erected in 1566 and opened 1570 (S. 202). For the convenience of merchants and bankers.

   Destroyed in the Fire and rebuilt and enlarged (Strype, ed. 1720, I. ii. 149 and 150).

   Destroyed again 1838 and rebuilt 1844. Architect, Sir Wm. Tite.

   When the first building was erected several alleys, viz. Swan Alley, New Alley, St. Christopher's Alley, and Walkeden's Alley, and in all some 80 houses, were purchased by the City and the ground when cleared was given to Sir Thomas Gresham for the erection of the Burse (See Gent. Mag. Lib. XV. 336) and (S. 193-4).

   In the subsequent rebuildings Castle Alley and Bank Street were eventually removed for the enlargement of the building.

   The site on which the Burse was first erected is fully described in the Great Book of Accounts of the parish of St. Michael Cornhill (Overall, pp.213 and 214).

   The length in Cornhill is 161 ft. 6 in. the length in Broad Street 198 ft. 6 in. the breadth at late Swann Alley, from Cornhill to Broad Street, 188 ft.; the breadth at late Newe Alley gate, from Cornhill to Broad Street, 149 ft. 6 in. (ib.).

   The eastern end is occupied by Lloyds.

   The Burse was erected through the exertions of Sir Thomas Gresham, whose father had laboured for many years unsuccessfully in the same cause. It was greatly needed for the meetings of the merchants who had frequently assembled in the open street in Lombard Street to transact business.

   Considerable difficulty was experienced in deciding upon a site, as the merchants were unanimous in their determination to remain in Lombard Street.

   When at length the difficulties were overcome the building was designed and erected on the model of the Burse at Antwerp, and was named the Royal Exchange by Queen Elizabeth upon the occasion of her first visit in 1570-1. Called " Brittaine Burse in 1613 (H. MSS. Com. Ancaster MSS. p.370).

   There is an interesting account of the foundation and erection of the Royal Exchange in Gent. Mag. Lib. XV. pp.333-42.

   The sub-soil here to the depth of 19 ft. was composed of animal and vegetable matter, and at the depth of 19 ft. there was a layer of gravel and a pit excavated 50 ft. by 34 ft. for the supply of the gravel (Arch. XXIX. 267, et seq.). Roman coins were found of Domitian, Vespasian and Severus (R. Smith, 12, 132, 142), and remains of Roman pavements here and in Finch Lane.