MERCHANT

GhomasyGresham is in long legal dispute with Sir (homaspRamisay over a land deal: Gresham outbid Ramsay after contracts were exchanged, bought the land and built on it, so each man now claims ownership. DEINGWEll adjudicates fairly between them and makes them friends. Under the terms of the settlement, Gresham is to pay Ramsay £100, but his nephew John misappropriates the money and contrives ===== PAGE 115 ===== 1604 to get Timothy the factor arrested for debt. Caught out, Timothy admits that he has embezzled £500 from Gresham, and Gresham applauds John’s misbehaviour as an example of good financial management. Gresham sees the need for a dry place in London where merchants can do business; and, inspired by portraits of famous Londoners responsible for important civic buildings and institutions, he gets permission and funding to build it himself. He is unabashed by heavy losses through war and shipwreck (including a change of king in Barbary after the battle of Alcazar, which costs him his trade monopoly in Barbary sugar). Eventually an impressive Burse is built, and opened by Queen Elizabeth: she names it the Royal Exchange, and knights Gresham. Another strand of the action focuses on the comic eccentricities of old M@bSGH, who records an honest pedlar’s account under a nickname, Bawny2@oat, so that the man is unable to pay what he owes when he returns to the shop. “Tawny-Coat’ is ruined by his debts to Hobson and by his own charity, but Hobson takes pity when he finds him honest in poverty, and he eventually becomes a prominent and prosperous citizen. Hobson further shows his good nature by rushing off to save [im6thy, who is to be hanged for theft. Meanwhile, hoping to cure his prodigality, Gresham has sent J@HHi to work for Hobson, who in turn has sent the young man to France. There he cheats his master by taking his instructions literally, and, knowing that the English Channel is between him and Hobson, wastes time and money on prostitutes and riotous living. Hobson eventually hears of this and goes to France; but when he catches John with a courtesan, John turns the tables by pretending that the old man will himself be arrested if he is found in her company. Back in England, John finally seeks to rectify his desperate financial situation by marrying Ramsay's rich widow; she refuses him, but pays his debts. At court, Dr Parry, a convicted criminal whom the Queen has pardoned, has been induced by the Catholic church to assassinate her, but he cannot…