THE SOUTH SEA BUBBLE AND THE BIRTH OF THE ROYAL EXCHANGE ASSURANCE CORPORATION 51 On the afternoon of January 23rd, in the year 1571, Queen Elizabeth went from her Palace of Somerset House to dine with Sir Thomas Gresham at his fine mansion in Austin Friars. She went in state with her Trumpeters and Halberdiers, but the visit was no such great mark of distinction as in these days it would be. For one thing, Sir Thomas was a person of much importance in the Realm. He was a member of the Mercers’ Company which was established as long ago as 1172; he was the Royal Agent in the Low Countries, and by other important services had Her Majesty in his debt. There was another reason not to be lost si…
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