The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange AssuranceMason, A. E. W. (Alfred Edward Woodley)
History
The Royal Exchange : $b a note on the occasion of the bicentenary of the Royal Exchange Assurance
Mason, A. E. W. (Alfred Edward Woodley)
Royal Exchange (London, England) -- History; Royal Exchange Assurance (Firm) -- History
London had spread out consequently through Lincoln’s Inn Fields to
Bloomsbury and Soho; Pall Mall was laid out in great mansions; nobles
moved westwards, and a new city of shops, clubs and coffee houses grew
up in the neighbourhood of their new homes. The factor of numbers had
thus become a cause of that gulf between the gentry and the “cit,”
which the next hundred years was more and more to widen. The great
wars of the 18th century dug the trench deeper. Soldiering became an
ill-paid occupation demanding the monopoly of a man’s life. The sons
of the nobles became the officers of Marlborough, and later on of
Wellington; they were transformed into a class apart; they lost their
touch with the business side of London; they even became a trifle
contemptuous.
How great the change was from the days when Sir Thomas Gresham
entertained Queen Elizabeth in Austin Friars any man may see by such
diaries as time has handed down to us. There remain two, still kept by
the descendants of Edward Forster, for many years a Governor of the
Royal Exchange Assurance Corporation. Mr. Forster was a commercial
magnate in the grand style. He was at one time head of three great City
Corporations: The Royal Exchange Assurance; the Russia Company; the
Mercers’ Company; and he added to these duties that of Deputy-Governor
to the London Docks. In a word, he was the very type of citizen, who
two hundred years before would have been hand in glove with the great
statesmen of the Realm. The diaries give us a picture of a gentleman
living quietly at Walthamstow--a man with a love of nature and a taste
for art, and possessed of a queer gift for painting landscapes with
reeds. We read of him being robbed of his purse by a footpad on his way
to the City. We read of certain simple treats to his children: “We all
went to London,” writes one of them, “and after with Papa in a coach to
Drury Lane Playhouse, getting in at half price with the 4th Act”--Oh!
frugal Papa! But perhaps it was just as well, for the play was “Measure
for Measure,” and hardly suitable for young Benjamin and Thomas. On
this occasion, the family saw Mrs. Siddons in the part of Isabella.
At another time, “Mama, Aunt Sukey, Miss Ward and I went to the Royal
Exchange Assurance in a coach. But Pa and Ned were there; uncle came
afterwards. We went into the room which looks into Cornhill, with a
balcony.” This was in October of 1783, and the family went to the
Royal Exchange to see and hear peace proclaimed with France and Spain.
“The Heralds proclaimed it betwixt 1 and 2 o’clock. There was a long
procession of horse soldiers--some men with hatchets on horseback, some
with trumpets, which they sounded. Afterwards came the Lord Mayor in
his coach.” Without a doubt, the period during which the second Royal
Exchange stood was one during which the City merchants lost much of
their high position, and probably something of their broad outlook upon
the world. They became concentrated upon their immediate affairs. They
Public-domain text, read in full here on John Shaqi.
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