GRESIVAM, Sir THOMAS ( 1519-79 ) . An English merchant and financier. He was edu cated at Gonville Hall, Cambridge, was appren ticed to his uncle, Sir John Gresham, merchant, and was admitted to membership in the Mercers Company (1543). In 1551 he became King's fac tor at Antwerp, in which office it was his busi ness to negotiate royal loans with Flemish mer chants, to buy arms and military stores, and to divert to England as much bullion as possible. As a result of his skillful management of the finances, the rate of exchange, which had been very unfavorable to England, was much im proved. Since he was a Protestant, he was dismissed upon Mary's accession to the throne; but he had proved himself indispensable, and was quickly reinstated. Elizabeth's successful finan cial policy owed much to his shrewd advice. At his suggestion the debased currency was restored, and later, when the troubles in Antwerp curtailed foreign resources, he persuaded her to secure a forced loan from the merchant adventurers and staplers, by the detention of their fleets. In 1554
he was sent to Spain to procure bullion, and in 1559 he was employed as Ambassador to the Duchess of Parma, Regent of the Netherlands. On this occasion he was knighted. He also car ried on an extensive private business as banker, goldsmith, and mercer, and was held to be the wealthiest merchant of his time. He possessed much landed property, and established the ear liest paper-mills in England. He applied his wealth to public uses, after the death of his only son, in 1564. He founded a bourse in Lon don, in imitation of the one at Antwerp, and named it the Royal Exchange. He also founded Gresham College and eight almshouses. Con sult Burgon, Life and Times of Sir Thomas Gresham (London, 1839). See GRESHAM'S LAW.