Part 14

This edifice was called the Bourse, but it soon after changed its name; for on the 23d of January 1570, Queen Elizabeth, attended by a great number of the nobility, came from Somerset house, her palace in the Strand, and passing through Threadneedle street, dined with Sir Thomas Gresham at his house in Bishopsgate street, and after dinner returning through Cornhill, entered the Bourse on the south side, where having viewed every part except the vaults, especially the gallery above stairs, which extended round the whole building, and was furnished with shops, in which were sold all sorts of the finest wares in the city, her Majesty caused this edifice to be proclaimed in her presence, by a herald and trumpet, _The Royal Exchange_.

Sir Thomas Gresham, at his death, left the building to his Lady, and after her decease to the Lord Mayor and citizens, and to the Mercers company, directing the rents to support, under their inspection, lectures on the sciences, at his dwelling house, now Gresham College, and some charities to the prisons.

The original building stood till the fire of London in 1666, when it perished amidst the general havoc: but it soon arose with greater splendor than before. The model of the present structure was first shewn to King Charles II. who was well pleased with it, it was however debated whether they should build after that model or not; for fear of launching out into too great an expence: but the majority desiring to have it a magnificent structure, and imagining, that the shops above and below stairs would in time reimburse them, had the present edifice erected at the expence of 80,000_l._

The ground plat of this building is 203 feet in length; 171 feet in breadth, and the area in the middle is 61 square perches. This area is surrounded with a substantial and regular stone building, wrought in rustic. In each of the principal fronts is a piazza, and in the center are the grand entrances into the area, under an arch which is extremely lofty and noble; on each side that of the principal front which is in Cornhill, are Corinthian demi-columns supporting a compass pediment; and in the intercolumniation on each side, in the front next the street, is a niche with the figures of King Charles I. and his son Charles II. in Roman habits, and well executed. Over the aperture on the cornice between the two pediments are the King’s arms in relievo. On each side of this entrance is a range of windows placed between demi-columns and pilasters of the Composite order, above which runs a balustrade. The height of the building is fifty-six feet, and from the center of this side rises a lantern and turret, 178 feet high, on the top of which is a fane in the form of a grasshopper of polished brass, esteemed a very fine piece of workmanship: a grasshopper being the crest of Sir Thomas Gresham’s arms.

The north front of the Royal Exchange is adorned with pilasters of the Composite order, but has neither columns nor statues on the outside, and instead of the two compass pediments has a triangular one.

Within the piazzas of these two fronts are two spacious stair cases with iron rails, and black marble steps; these lead into a kind of gallery that extends round the four sides of the building, and in which were about two hundred shops, that have been let from 20_l._ to 60_l._ a year each; and a very considerable trade was carried on here; but it has long declined, and all the shops are deserted.

One side of this gallery is employed as auction rooms for furniture, and in other apartments above stairs are the Royal Exchange Assurance office, &c. and in the vaults are the pepper warehouse of the East India company.

The inside of the area is surrounded with piazzas like those of the south and north fronts; forming ambulatories for the merchants to shelter themselves from the weather. Above the arches of these piazzas is an entablature with curious enrichments; and on the cornice a range of pilasters with an entablature extending round, and a compass pediment in the middle of the cornice of each of the four sides. Under that on the north are the King’s arms; on the south those of the city; on the east those of Sir Thomas Gresham; and under the pediment on the west side the arms of the company of Mercers, with their respective enrichments.

In these intercolumns are twenty-four niches, nineteen of which are filled with the statues of the Kings and Queens of England, standing erect, drafted in their robes and with their regalia, except the statues of Charles II. and George II. which are dressed like the Cæsars.

These statues are, on the south side; Edward I. Edward III. Henry V. Henry VI. On the west side, Edward IV. Edward V. with the crown hanging over his head; Henry VII. and Henry VIII. On the north side, Edward VI. Mary, Elizabeth, James I. Charles I. Charles II. and James II. And on the east side are William and Mary in one niche, Queen Anne, George I. and George II. All these statues were painted and gilt, by a voluntary subscription, in the year 1754.

The four niches that are vacant, are those where Edward II. Richard II. Henry IV. and Richard III. should have been: upon which Maitland says, that hence it seems that the city had no mind to shew any respect to the said Kings, two of whom took away their charters, and the other two were usurpers. But why Henry IV. should be excluded as an usurper, and his brave son Henry V. and Henry VI. be placed there, who only enjoyed the crown in consequence of his usurpation, is not easily accounted for. Richard III. was indeed a monster of cruelty: but Mary was no less cruel, and yet a statue is here erected to her honour. Though Edward II. and Richard II. took away the charter of the city, King Charles II. did so too, and yet has three statues at the Royal Exchange; and his brother James II. who has also a statue, followed his brother’s steps, and not only humbled the city, but caused an Alderman to be hanged at his own door, without being allowed on his trial the time necessary to send for his witnesses.

Under the piazzas within the Exchange are twenty-eight niches, all vacant except two; one in the north west angle, where is the statue of Sir Thomas Gresham, and another at the south west, of Sir John Barnard, who is perhaps the only citizen of London, that has had the honour of having his statue erected in his life-time merely on account of his merit.

In short, in the center of the area is erected, on a marble pedestal about eight feet high, another statue of King Charles II. in a Roman habit, executed by Mr. Gibbon, and encompassed with iron rails. On the south side of the pedestal, under an imperial crown, a scepter, sword, palm branches, and other decorations, is the following inscription:

Carolo II. Cæsari Britannico, Patriæ Patri, Regum Optimo, Clementissimo, Augustissimo, Generis Humani Deliciis, Utriusque Fortunæ Victori, Pacis Europæ Arbitro, Marium Domino ac Vindici, Societas Mercatorum Adventur. Angliæ, Quæ per CCCC jam prope Annos Regia benignitate floret, Fidei intemeratæ & Gratitudinis æternæ, Hoc Testimonium Venerabunda posuit, Anno Salutis Humanæ M. DC. LXXXIV.

On the west side of this pedestal, is cut in relievo, a Cupid resting his right hand on a shield, containing the arms of France and England quartered, and holding in his left a rose.

On the north side are the arms of Ireland on a shield, supported by a Cupid.

On the south side is the following inscription on the base of the pedestal:

‘This statue was repaired and beautified by the company of Merchant Adventurers of England, _anno_ 1730; John Hanbury, Esq; Governor.’

On the east side are the arms of Scotland, with a Cupid holding a thistle. All done in relievo.

In the area on the inside of the Royal Exchange, merchants meet every day at twelve at noon, and a prodigious concourse of those of all nations continue there till two, in order to transact business; but soon after that hour the gates are shut up, and not opened again till four. For the readier dispatch of business, and that every particular merchant may be easily found, they are disposed in separated classes, each of which have their particular station, called their walk, as may be seen at one view by the following plan, by attending to which any merchant may easily be found.

The Royal Exchange, without critical examination, has something grand in it, and the entrance would certainly appear to more advantage if it were not incumbered with a parcel of little shops. The arcade or walks within the quadrangle have something noble, but the upper part is in a very bad taste. The statue of King Charles II. in the middle of the area is a good one. The other statues in the several niches have been lately new painted and gilt in parts. The painting is no doubt very necessary for their preservation, but it were to be wished the gilding of them had been omitted, as it must give foreigners of judgment (and such sometimes frequent this place) a contemptible opinion of our taste. The two statues, one on each side the gate, of King Charles I. and II. are particularly good. The clock tower or steeple with Gothic windows is unpardonable, and the cornices at their angles are so broke, as to appear very disgustful to an architect.

ROYAL EXCHANGE ASSURANCE OFFICE, for assuring houses and other buildings, goods, wares and merchandize from fire. This corporation was established by act of Parliament, at the same time with that of the London Assurance, when it was enacted, that such as should be admitted members of these corporations, should be each a distinct and separate body politic, for the assurance of goods, ships and merchandize at sea, or for lending money upon bottomry.

That no other society should insure ships, or lend money on bottomry for the future; though any private person might do it as usual.

And that each of these corporations, in consideration of the many benefits that might accrue to them by their charters, should pay the sum of 300,000_l._ into his Majesty’s Exchequer, for discharging the debts of the civil list.

These corporations however met with so little encouragement at first, that Maitland says, the crown was obliged to remit most part of the money.

By a second charter granted to this corporation, they are impowered not only to insure ships, but houses, goods and lives. _Maitland._

This society therefore, by this last mentioned charter, assure all buildings, household furniture, wearing apparel by special agreement, and goods, wares, and merchandize, the property of the assured, except glass and china ware not in trade, and all manner of writings, books of accompts, notes, bills, bonds, tallies, ready money, jewels, plate, pictures, gunpowder, hay, straw, and corn unthreshed, from loss or damage by fire, upon the following conditions.

I. All manner of stone and brick buildings, covered with slate, tile, or lead, wherein no hazardous trades are carried on, nor any hazardous goods deposited, are considered as Common Assurances, and are assured upon these terms: any sum above 100_l._ and not exceeding 1000_l._ at 2_s._ _per cent. per annum_; any sum above 1000_l._ and not exceeding 3000_l._ at 2_s._ 6_d._ _per cent. per annum_.

II. To accommodate those who are desirous of being assured for a term of years, this corporation will assure on such buildings or goods, any sum not exceeding 1000_l._ at the rate of 12_s._ _per cent._ for seven years, and as far as 2000_l._ at the rate of 14_s._ _per cent._ without subjecting the assured to any calls or contributions to make good losses.

III. Assurances on buildings and goods, are deemed distinct and separate adventures; so that the premium on goods is not advanced by reason of any assurance on the building wherein the goods are kept, nor the premium on the building by reason of any assurance on the goods.

IV. Plaister or timber buildings covered with lead, tile, or slate, wherein no hazardous trades are carried on, nor any hazardous goods deposited; and goods or merchandize not hazardous in such buildings, are termed Hazardous Assurances, and insured upon the following terms: any sum above 100_l._ and not exceeding 1000_l._ at 3_s._ _per cent. per annum_: any sum above 1000_l._ and not exceeding 2000_l._ at 4_s._ _per cent. per annum_: and any sum above 2000_l._ and not exceeding 3000_l._ at 5_s._ _per cent. per annum_.

V. Hazardous trades, such as apothecaries, colourmen, bread and bisket bakers, ship and tallow chandlers, innholders and stable-keepers, carried on in brick or stone buildings, covered with slate, tile, or lead; and hazardous goods, such as hemp, flax, pitch, tar, tallow, and turpentine, deposited in such buildings, may be assured at the annual premiums, set down under the head of Hazardous Assurances, in the above article.

VI. Any of the above hazardous trades carried on, or hazardous goods deposited in timber or plaister buildings; earthen, glass, or china ware in trade, and thatched buildings, or goods therein, are termed Doubly Hazardous Assurances, and may be assured on the following premiums: any sum above 100_l._ and not exceeding 1000_l._ at 5_s._ _per cent. per annum_: and any sum above 1000_l._ and not exceeding 3000_l._ at 7_s._ 6_d._ _per cent. per annum_.

VII. Assurances of mills, wearing apparel, and assurances to chemists, distillers, and sugar-bakers, or any other assurances more than ordinarily hazardous, by reason of the trade, nature of the goods, narrowness of the place, or other dangerous circumstances, may be made by special agreement.

VIII. Two dwelling houses, or any one dwelling house, and the out-houses thereunto belonging, or any one dwelling house, and goods therein, may be included in the sum of 100_l._ But when several buildings, or buildings and goods are assured in the same policy, the sum assured on each is to be particularly mentioned.

IX. To prevent frauds, if any buildings or goods assured by this corporation, are, or shall be assured with any other corporation or society, the policy granted by this corporation is to be null and void, unless such other assurance is allowed by endorsement on the policy.

X. Every person upon application to be assured with this company, is to deposite 8_s._ 6_d._ for the policy and mark, which 8_s._ 6_d._ is to be returned, if the assurance proposed is not agreed to. No policy is to be of any force, till the premium for one year is paid. And for all subsequent annual payments made at the office, the assured are to take receipts, stamped with the seal of the corporation, no other being allowed of.

XI. No policy is to be extended, or construed to extend to the assurance of any hazardous buildings or goods, unless they are expressly mentioned in the policy, and the respective premium for such assurances be paid for the same.

XII. No loss or damage by fire happening by any invasion, foreign enemy, or any military or usurped power whatsoever, is to be made good.

XIII. All persons assured by this corporation, are, upon any loss or damage by fire, forthwith to give notice thereof by letter or otherwise, to the Directors or Secretary, at their office in the Royal Exchange, London; and within fifteen days after such fire, deliver in as particular an account of their loss or damage, as the nature of the case will admit of, and make proof of the same, by the oath or affirmation of themselves, and their domestics, or servants, and by their books of accompts, or other proper vouchers, as shall be required; and also to procure a certificate under the hands of the Minister and Church-wardens, together with some other reputable inhabitants of the parish, not concerned in such loss, importing, that they are well acquainted with the character and circumstances of the sufferer or sufferers; and do know, or verily believe, that he, she, or they, have really and by misfortune, sustained by such fire, the loss and damage therein mentioned. And in case any difference shall arise between the corporation and the assured, touching any loss or damage, such difference shall be submitted to the judgment and determination of arbitrators indifferently chosen, whose award in writing shall be conclusive and binding to all parties. And when any loss or damage is settled and adjusted, the sufferer or sufferers are to receive immediate satisfaction for the same.

In adjusting losses on houses, no wainscot, painting, sculpture, or carved work, is to be valued at more than three shillings _per_ yard.

Any larger sum, and some of the goods excepted in the preamble, may be assured by special agreement.

For the timely assistance of such as are assured, this corporation has several engines and men, with proper instruments to extinguish fires, and also porters for removing goods, each of whom has a badge, upon which is the figure of the Royal Exchange, and the badges are all numbered; of which all persons are desired to take notice who intrust them with goods, or have any complaint to make. The same figure is fixed on buildings assured by this corporation.

The Royal Exchange Assurance office is under the management of a Governor, Sub-Governor, Deputy-Governor, and twenty-four Directors; besides whom there are a Treasurer, a Secretary, an Accomptant, and several Clerks.

ROYAL MEWS. See the article MEWS.

ROYAL OAK _alley_, 1. Barnaby street. 2. Ratcliff.

ROYAL OAK _court_, 1. Kent street, Southwark.* 2. Parker’s lane, Drury lane.* 3. Peak street, Swallow street.*

ROYAL OAK _yard_, 1. Barnaby street, Southwark.* 2. Hockley in the Hole.* 3. Whitecross street, Cripplegate.*

ROYAL _row_, 1. Lambeth marsh. 2. Near Windmill hill.

ROYAL’S _court_, Horselydown lane, Southwark.

ROYAL SOCIETY, in Crane court, Fleet street. This society, which took its rise from a private society of learned and ingenious men, was founded for the improvement of natural knowledge. The honourable Robert Boyle, Sir William Petty, Dr. Seth Ward, Dr. Wilkins, Dr. Wallis, Dr. Goddard, Dr. Willis, Dr. Bathurst, and Dr. Wren, together with Mr. Matthew Wren and Mr. Rook, frequently met in the apartments of Dr. Wilkins, in Wadham College, at Oxford, to discourse on philosophical subjects; and there the learned productions of these gentlemen, not only eminently distinguished that society at home, but also rendered it highly revered by the _literati_ abroad.

The meetings of these _literati_, which began about the year 1650, continued at Oxford till 1658, when the members being called to different parts of the kingdom, on account of their respective functions; and the majority coming to this city, they constantly attended the astronomical and geometrical lectures at Gresham college, where, being joined by several persons of the greatest learning and distinction, they continued to meet there once or twice a week, till the death of Oliver Cromwell: when anarchy succeeding, they were obliged to quit their place of meeting, on account of its being converted into military quarters for the reception of soldiers.

However, the storm being soon after allayed by the restoration of King Charles II. the society began to resume their meetings, and for the more effectually carrying them on, entered into an obligation to pay each one shilling a week, towards the defraying of occasional charges.

From these small beginnings, this society soon arose to be one of the most celebrated in all Europe: for their design being favoured by some ingenious men who had followed the King in his exile, his Majesty granted them a charter, dated the 15th of July 1662, and then a second charter, dated the 22d of April 1663, whereby they were denominated, _The Royal Society_, and made a corporation, to consist of a President, Council, and Fellows, for promoting natural knowledge and useful arts, by experiments; in this charter his Majesty declared himself their founder and patron, giving them power to make laws for the government of themselves; to purchase lands and houses; to have a common seal, and a coat of arms.

No sooner was this Royal Society thus incorporated by King Charles II. than that Prince made them a present of a fine silver mace gilt, to be carried before the President; and as a farther mark of favour, their royal patron, by his letters patent of the 8th of April 1667, gave them Chelsea college with its appurtenances, and twenty-six or twenty-seven acres of land surrounding it. But afterwards the society neglecting to convert a part of it into a physic garden, as was intended, and the King being resolved to erect an hospital for old and maimed soldiers, thought no place more proper for such a design than this college; he therefore purchased it again of them for a considerable sum.

A little before the society received these letters patent from his Majesty, the honourable Henry Howard, afterwards Duke of Norfolk, made them a present of a very valuable library, on the 2d of January 1666.

This collection was part of the royal library belonging to the Kings of Hungary, originally kept at the city of Buda. Upon the decease of Matthias Corvinus, the last King of the Hungarian race, it was disposed of, and about two thirds of the books were bought by the Emperor, and are now in the imperial library at Vienna: the remaining part coming to Bilibaldus Perkeymherus of Nuremberg, it was purchased of him by the Earl of Arundel, on his return from his embassy to the imperial court.

This fine collection consists of 3287 printed books in most languages and faculties; chiefly the first editions soon after the invention of printing; and a valuable collection of manuscripts in Hebrew, Greek, Latin, and Turkish, amounting to 554 volumes, which, together with the former, are thought to be of such value as not to be parallelled, for the smallness of their number.

The noble benefactor, at the time of his donation, desired that the inscription of, _Ex dono Henrici Howard Norfolkciensis_, might be put in each book: and that in case the society should happen to fail, the library should revert to his family. This the society not only readily complied with, but some years after caused the following inscription to be set up in the library:

Bibliotheca Norfolciana.

Excellentissimus Princeps Henricus Howard, Angliæ, Comes Arundeliæ, Suriæ, Norfolciæ, & Norwici, &c. Heros, propter familiæ antiquitatem, animi dotes, corporis dignitatem, pene incomparabilis, bibliothecam hanc instructissimam (quæ hactenus Arundeliana appellabatur) Regiæ Societati dono dedit, & perpetuo sacram esse voluit. Huic, Pro eximia erga se liberalitate, Societas Regia tabulam hanc, devotæ Mentis testem, fixit; Præside Josepho Williamson, Equite Aurato. A. D. M.DC.LXXIX.