[Footnote 6: Stow's _Chronicle_, p. 975.]

This mansion was bestowed on the princess Elizabeth, during the term of
her life, by her brother Edward VI., when it became the residence of the
Earl of Northumberland, and the scene of those important transactions we
have just endeavoured to relate. On the death of Elizabeth, Sir Walter
Raleigh, to whom the mansion had been given by that queen, was obliged
to surrender it to Toby Matthew, the then Bishop of Durham, in
consequence of the reversion having been granted to that see by queen
Mary, whose bigoted and narrow mind regarded the previous exchange as a
sacrilege.

In 1608, the stables of Durham House, which fronted the Strand, and
which, says Strype,[7] "were old, ruinous, and ready to fall, and very
unsightly in so public a passage to the Court of Westminster," were
pulled down and a building called the New Exchange erected on their
site, by the Earl of Salisbury. It was built partly on the plan of the
Royal Exchange; the shops or stalls being principally occupied by
miliners and sempstresses. It was opened with great state by James I.,
and his queen, who named it the "Bursse of Britain."[8]

[Footnote 7: Strype's _Stow_, vol. ii. p. 576.]

[Footnote 8: Howel's _Londinopolis_, p. 349.]

In 1640, the estate of Durham House was purchased of the see, by Philip,
Earl of Pembroke and Montgomery, for the annual sum of 200_l_., when the
mansion was pulled down, and numerous houses erected on its site; and
in 1737, the New Exchange was also demolished to make room for further