Early days Edinburgh has a long history as a trading city. Prior to the
Reformation there was a
Guild of
Merchants in the city. There was a great rivalry between the merchants and the craftsmen of the city, the latter forming the
Incorporated Trades in the early 16th century. The Merchants – as many guilds in cities of the time – came to have a significant say in the running of the city. The Trades wanted to share in this power, and "constant bickering" ensued between them and the Merchants, who were unwilling to relinquish any. In 1583,
James IV issued a decree arbitral, sharing places on the town council between the Merchants and the Trades, but giving one more seat to the Merchants. By the late 1670s, the Merchants wished to consolidate their position and petitioned
Charles II. In 1681, the king responded by granting a charter creating the Merchant Company of Edinburgh, By 1691, the company had prospered and purchased a new meeting hall in the
Cowgate in the Old Town by
Magdalen Chapel (the hall was previously the house of
Lord Oxenforde and cost the company £670 sterling).
Carola Young later Macaulay was a milliner trading in Edinburgh who paid an annual fee to the company. When she married in 1710 her husband, Archibald Macaulay, was allowed to join because he had married Carola. Carola continued to trade on her own behalf. Since 1365 the merchants of the city had sold their goods at the
Mercat Cross, but in 1760 a new building called the
Royal Exchange was opened (intended to rival the
Royal Exchange in London), designed to provide a new venue for the Merchants to meet. The Merchants however preferred to meet at the Mercat Cross, and continued to meet at the site even though the original Mercat Cross was demolished in 1756. The Merchant Company was founded in order to protect trading rights in the City of Edinburgh. In keeping with its guild origins, as its members shared many common interests, it took an interest in the running of the city, covering such fields as taxation, postal services and the city's water supply. A further royal charter in 1777 amended provisions for the regulation of the company's affairs, and it was reincorporated by the '''''' (
61 & 62 Vict. c. xxii). In 1788, the company moved to a new purpose built meeting hall at Hunter Square, near the Tron Church. The company was also involved in educational and charitable work. As it grew in importance and repute, charitable trusts were often left to the company to be administered. In this way the company came to operate several hospital schools: the Merchant Maiden Hospital (now the
Mary Erskine School), George Watson's Hospital (now
George Watson's College), Daniel Stewart's Hospital (now part of
Stewart's Melville College)
Reform The 19th century was a time of significant changes for the Merchant Company. The company's trade monopoly was ended – along with those of other guilds – by the Trading Within Burghs Act 1846. Nevertheless the company continued to play an active role in issues affecting the city, and it flourished. At the same time, the hospital school system was falling into disrepute. A royal commission had been established to consider the provision of education for the masses; its report changed the rules pertaining to educational trusts. The company wished to consolidate and preserve its position, and took advantage of this; in fairly short order, the hospitals were transitioned to be principally
day schools in 1870. In 1879, the company moved to its current location on Hanover Street, taking over the former premises of the
City of Glasgow Bank which had failed. The company was granted the title "Royal" by Her Majesty Queen Elizabeth on 11 December 2017, during the Master-ship of Donald S. F. Young. This honour was bestowed upon the company by the
Lord Lyon King of Arms,
The Reverend Canon Dr Joseph John Morrow, at a company meeting in February 2018. ==Today==