In 1596 came a return of prosperity in a settled position. The headmaster of St. Paul’s School, which had been founded at the beginning of the century by John Colet, and bequeathed by him to the management of the Silk Mercers’ Guild, had resigned his post, as a result of similar differences with the governing body to those which occurred in the Merchant Taylors’ School, and Mulcaster, whatever misgivings he may have had, had learned enough from his recent experience not to decline the vacant office when it was offered to him. He was already in his sixty-fourth year when he received the appointment, and he continued to hold it till he was seventy-six. The conditions were much the same as those under which he had formerly worked, the statutes of St. Paul’s School having indeed served as a model to the later foundation, but the number of scholars was limited to 153, and the salary of the headmaster was £36 (equal to about £300 now), in addition to a residence in the school. In 1602 the salaries of all the teachers were doubled, in recompense for certain restrictions imposed by a new set of regulations, and when Mulcaster resigned his position in 1608, presumably on account of failing strength, he received a yearly pension of £66 3s. 4d. until his death three years later. There is little to record of his labours during his twelve years’ service at St. Paul’s School, the only outstanding event being in connection with the accession of James I. in 1603. It was the privilege of his scholars to welcome the Sovereign to the capital, and we read that on this occasion a Latin speech, prepared by the headmaster, was delivered by one of the scholars at the door of the School.