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Authorized form of name
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Description area
Dates of existence
History
The Royal Exchange was built at the expense of Sir Thomas Gresham as a centre of commerce for the City of London. It was opened in January 1571 by Queen Elizabeth I who awarded the building its Royal title. In his will dated 1575 Gresham left equal parts of the Royal Exchange to the Corporation of London and the Mercers' Company upon various trusts. One was that the Corporation should pay £50 a year to lecturers in divinity, astronomy, music and geometry; and the Mercers' Company should make similar payments to lecturers in law, physic and rhetoric. He also left his house in Bishopsgate Street on the understanding that the lecturers would occupy the house and read their lectures there. The house was soon renamed Gresham College and became a centre of learning from which grew the Royal Society, founded in 1662, which met at Gresham College until 1710.
In 1768 the Crown purchased the site of the College for a new Excise Office, and provided that the salaries of the professors should be doubled to compensate them for the loss of their lodgings. A new College was erected at the corner of Gresham Street and Basinghall Street, near Moorgate, in 1842 and was enlarged in 1913. The College moved to Barnard's Inn Hall, Holborn, in 1991 and still runs a programme of free lectures.
In 1596 the Corporation of London and the Mercers' Company appointed committees to control the estates and carry out the directions of the will. These committees sat together as the Joint Grand Gresham Committee.