ROYAL EXCHANGE

Floor plan of the Royal Exchange; in the Encyclopdia Britannica, 2nd ed. former financial institution in the City of London. It was a forum for the transactions of London merchants and traders, who had previously conducted their business dealings in the street or in crowded stores and shops. The exchange was closed in 1939, and its premises are now given over to office and exhibition space. The Royal Exchange building is located in the City's central financial district, near the Bank of England and the Stock Exchange. Designed by Sir William Tite and opened in 1844, the structure has a large internal courtyard, where most transactions took place. On the walls of the courtyard are scenes from London's history, and above the massive Corinthian columns of its portico are numerous figures in relief, including the central figure of Commerce. It was the third exchange to be erected in the City. The first exchange, which officially opened in 1570, was burned in the Great Fire of London (1666). The second exchange was opened in 1669. Many of its offices were rented to private companies, and its basement vaults were used for the storage of pepper from the East India Company. In 1838 this building was destroyed by fire. See also Royal Exchange from Encyclopdia Britannica's 2nd edition (177784), which includes a description of interior artwork. The Royal Exchange on Threadneedle Street was bequeathed to the City in exchange for its promise to endow Gresham College. Within this Burse, merchants and traders met every day between twelve at noon and three in the afternoon. The structure is treated in the unsigned article London of the 2nd edition (177784) of Encyclopdia Britannica. It forms part two of the article section on public buildings. The text that follows is presented in modern typography for ease in reading but otherwise retains the original spelling, capitalization, punctuation, and italicsincluding typographical errors. Royal Exchange See also the current Britannica articles Royal Exchange and London. For a collection of similar historical documents, see BTW: London Classics.