The merchants got their Exchange. What did they do in it? They did most wonderful things with it. Greater things were never done in any Exchange. For the first time they were enabled to act together: and it was the most favourable opportunity that ever happened to any trading community. The charters of the foreigners were abolished: the markets of Bruges were depressed in consequence of the civil wars already beginning: that city itself, with Antwerp and Ghent, was on the point of ruin. The way was open, and the spirit of enterprise was awakened. In ordinary times it would have been the love of gain alone that awakened this spirit. But these were not ordinary times. The people of Western Europe took a hundred years to discover that Columbus had doubled the world: that there was a new continent across the ocean. They began to send their ships across: nobody as yet knew the possibilities of that continent with its islands: the Spaniards had the first run, but the French and the English were beginning to claim their share. Then a way to India and the East had been found out: we were no longer going to be dependent on the Venetians for the products of Persia, India, the Moluccas, China. All those turbulent and restless spirits who could not settle down to peaceful crafts or the dull life of the desk, longed to be on board ship sailing Westward Ho. Fortune was waiting for them there: fortune with fighting, privation, endurance—perhaps death by fever or by battle: yet a glorious life. Or they might sail southwards and so round the Cape of Good Hope—called at first the Cape of Storms—and across the Indian Ocean to the port of Calicut, there to trade. There were dangers enough even on that voyage to tempt the most adventurous: Moorish pirates off the coast of Morocco: European pirates—English pirates—coming out of the rivers and ports of Western Africa: storms off the Cape: hurricanes in the Indian Ocean: the rocks and reefs of seas as yet unsurveyed: treachery of natives. Yet there were never wanting men in plenty to volunteer for these long and perilous voyages. At home, then, the spirit of enterprise, joined with the spirit of adventure, achieved mighty things. The merchant adventurers succeeding to some of the trade of the Hanseatic League, established 'courts,' i.e. branches at Antwerp, Hamburg, and Dordrecht: they had also courts at York, Hull, and Newcastle. Many other companies were founded. There was the Eastland Company or merchants of Ebbing. Their trade was with the Baltic. There was the 'Merchant Adventurers for the discovery of Lands, not before known to, or frequented by, the English.' This afterwards became the Russian Company. They sent out Sir Hugh Willoughby with three ships to find a North-East passage to China. He and all his men were frozen to death on the shores of Russian Lapland. The Company afterwards took to whaling. There was also the Turkey Company, which lasted to well into the present century. There was the Royal African Company, which has been revived. There were the Merchants of Spain: the Merchants of France: the Merchants of Virginia: the East India Company: the Hudson's Bay Company: the South Sea Company: the Guinea Company: the Canary Company. Some of these companies were founded later, but they are all sprung from the spirit of enterprise, first called into existence by Gresham when he built his Exchange and brought the merchants together.

By leaps and bounds the prosperity of the City increased, and has still continued to increase, for the three hundred years that have passed since Queen Elizabeth opened the Royal Exchange. Whether this prosperity will still further advance; whether forces, as yet unnoticed, will bring about the decay of London, no one can venture to prophecy. Antwerp may again become her rival: may perhaps surpass her; the port of Antwerp is rising yearly in importance: and that of Hamburg further north, has, like Liverpool, its miles of quays and wharves and its hundreds of vessels. But the trade of London is still far greater than that of any other port in the world, and for its three hundred years of prosperity we must thank, above all men, that wise merchant Sir Thomas Gresham.

He did more than give an Exchange to the City. He gave a college: he gave his own house in Broad Street for a college: he endowed it with professorships: he intended it to become for London what Christ Church was to Oxford, or Trinity to Cambridge. It has been converted into a place for the delivery of lectures, but there are signs that the City will once more have such a college as Gresham intended.