EXCHANGE, a term applied to buildings or places of resort for merchants. The name bourse (purse) is applied in France and Belgium to a resort of this kind; and in Berlin, Hamburg, and other German cities, there is the equivalent word horse. Exchanges have usually comprehended an open quadrangle, surrounded by an arcade, free to all persons; but in some cases large reading-rooms now constitute resorts of this kind, and these are open only to a body of subscribers, and visitors whom they introduce. Of this description are the exchanges of Manchester and Glasgow.
Exchanges originated in the commercial cities of Italy, Germany, and the Nether lands, from which last-named country they were copied by England. The merit of introducing them is due to sir Thomas Gresham, who, having resided as British agent at Antwerp in 1550, chose the bourse of that city as a model for the royal E. of London. Their institution in England is therefore coincident with the rise of commercial pros perity at the middle of the 16th century. The first stone of Gresham's burse, for so it was originally called, was laid June 6, 1566, a site being found for it byremoving eighty houses in Cornhill, ,and it was finished iu Nov., 1567. It consisted of a quadrangle with an arcade; above was a corridor with stalls, for the sale of wares. This corridor was called the pawn—believed to be a corruption of bahn—Ger. for path or walk. Outside were shops. On Jan. 23, 1570-71, the burse was ceremoniously opened by queen Eliz abeth immediately after dining at the house of sir Thomas Gresham in Bishopsgate street. Having viewed the whole burse, the queen, by herald and trumpet, caused it to be proclaimed " the royal exchange." This first E. of London was almost entirely destroyed by the great fire of 1606. A new E. was forthwith erected on the spot, and opened Sept. 28, 1669. This second royal E. had the same fate; it was destroyed by fire, Jan. 10, 1838. The foundation stone of the third E. was laid by. prince Albert,
Jan. 17, 1842. Completed in three years, at a cost of £150,000, from the designs of W. Tite, it was opened Jan. 1, 1845, by her majesty queen Victoria.
The term E. seems to have been naturally adopted from the circumstance that buy ing and exchanging of merchandise, and also exchanging and paying away of money, formed the chief object of concourse. In the present day, early intelligence in matters affecting commerce and public finance forms a principal attraction of this kind of resort. Although open daily, there are usually certain days and hours of meeting when the considerable. The meetinn. is familiarly called "Change." The two great days O'f meeting at the royal E., London, are Tuesdays and Fridays, and the busiest time is from 3 to 4 o'clock. At this time are seen the greatest people on change; some of whom, such as the Rothschilds, occupy a well-known spot.
In London there are several other exchanges, but for special purposes; among these are the corn E. in Mark lane, the coal E. in Lower Thames street, the hop and malt E. in Southwark, the hide and skin E. or market in Bermondsey, and the stock E., near the bank of England. Exeter change, which was a sort of bazaar, with a menagerie of wild beasts, stood in the Strand, upon or near the site of the house of the earl of Exeter; the building, as an interruption to the thoroughfare, was removed iii 1829. Numerous additions have recently been made to the list of exchanges in the large towns of England and Scotland; and among smaller towns, the Plait hall at Luton, opened in 1869, may be regarded as an E. for the straw-plait bonnet and hat trade. Corn exchanges are now numerous. In foreign countries, the bourse at Paris, and the merchants' E. at New York, are noteworthy for architectural elegance.