At the onset of Elizabeth's reign Chester, now a very wealthy man, with various others participated in a loan of £30,000 to the Crown and was granted rights to receive interest at ten per cent. With them he received grants of reversions and rents in 1560. He transferred to the ward of
Bassishaw in 1559, vacant by the death of alderman John Machell, and embarked upon his third term as Master of the Drapers' Company. He was appointed a royal commissioner (1559 and 1562) to implement
Acts of Parliament for uniformity of prayer, to regulate the grievances of prisoners in the
Ludgate, and to restore the ecclesiastical supremacy of the Crown. For the City he was made a commissioner for purchasing the site of Gresham's
Royal Exchange, and contributed £10 towards the fund. In June 1560, with Sir William Garrard and
Thomas Lodge (then Sheriff), he was among the principal mourners at the public funeral of Anthony Hussey. Hussey's will (in which he further endowed Edmund Campion) shows his closeness to Chester, before whom his final codicil was declared in 1560, but his executors were Thomas Lodge and
Benjamin Gonson.
Mayoralty On 23 July 1560 occurred the funeral of his first wife, Dame Elizabeth Chester, daughter of Thomas Lovett of
Astwell Castle, Northamptonshire. By her he had six sons and eight daughters, three of whom died in infancy. It was a very grand ceremony, with a procession of 100 men in new gowns and women likewise, aldermen and heralds with pennons, and singing clerks to St Edmund, Lombard Street, the street and church hung with black cloth and armorials.
Thomas Becon gave her funeral sermon. For her monument Chester composed Latin verses of valediction. Amid these solemnities he was elected
Lord Mayor (in succession to Sir
William Hewett), assuming office towards the close of that year, and on 3 October his sons Thomas and John were admitted to freedom of the Drapers' Company by patrimony. In April 1561 obsequies were resumed when Dame Alice Hewett died and was buried at
St Martin Orgar with an immense procession of mourners, heralds, the livery of the Clothworkers, and the aldermen with Chester the Lord Mayor in their midst. Sir William Chester, Sir Thomas Offley and Sir
Thomas Leigh head the list of those incorporated as Merchants of the Staple of England in Elizabeth's Charter of 1561, and John Marshe, Emanuel Lucar, Leigh, Garrard and Chester lead those newly reincorporated to the freedom of the Merchant Adventurers of England in July 1564. The commission upon uniformity of prayer, and for right religious observance and the reinstatement of deprived ministers, was renewed, and Chester was appointed to another to investigate the counterfeiting of currency. In Elizabeth's second parliament, which met on 11 January 1562/3, he sat as one of the representatives of the City of London. His fourth term as Master Draper was in 1563-64.
Mercantile activities He was an investor in the 1562–63 and 1563 trading adventures to
Guinea, led by the factor
Robert Baker, and also in the 1564–65 expedition, all of which were for mercantile trade returning to England. His son, John Chester, took part in this expedition. In these ventures he was associated with Sir William Garrard, Sir Thomas Lodge, Anthony Hickman,
Lionel Duckett and others, but he is not named by
Richard Hakluyt as being among the promoters of the voyages involving human trafficking from Guinea to the
West Indies in the same years. The Guinea mercantile trading voyages met with various misfortunes. With Martin Bowes and William Garrard Chester led a royal commission to inquire into the petition of Sir Thomas Lodge, Lord Mayor, at the time of his bankruptcy.
Anthony Jenkinson obtained for Garrard, Lodge, Chester and others safe conduct and privileges for trading by Obdowlocan of
Tabaristan in 1563. Their names recur in the grant of privileges by the
Shah of Persia, communicated by Arthur Edwards from
Astrakhan in 1566 and 1567 to Garrard and Chester as Governors of the Muscovy Company, then receiving its new Charter. Queen Elizabeth spoke of Chester in a dispatch of 27 September 1571 as one of her greatest and best merchants trading with the Shah.
Last years His last move as alderman, from 1566 to 1573, was to the
Langbourn ward, On 2 May 1567 the Senate of the University of Cambridge awarded him an honorary M.A. degree. In 1567 he served out the incomplete term of Draper Mastership for William Beswick (who died in that year), He then served his own fifth full term as Master of the Drapers in 1567–68, and lastly in 1568–69 completed the term of Richard Champion, who died in November 1568. Dame Joan died in 1572 and was buried on 23 December in St Lawrence's church beside her first husband. Chester became a Fellow-commoner of his college, and subscribed to a petition to amend the university statutes on 6 May 1572. Soon afterwards he retired from business and resigned from the aldermanry. He devoted his last years to the pursuit of classical and theological learning at the University of Cambridge.
Departure The date of his death is not exactly known, and was formerly thought to have been during the 1590s, but is now known to have been before 1574. A litigation noted in the
King's Remembrancer, Barons' depositions, dated in the
Hilary term of 16 Elizabeth (1574) refers to 'the goods of Sir William Chester deceased, late alderman of the city of London.' (Nicholas Mewes, who became free in 1576, had served William Chester
junior: William Wilmer, who had served with one William Chester, completed his term that year with Ambrose Saunders, brother of the martyr Lawrence.) His mansion in Lombard Street, which he had leased to Richard Offley, was later sold to
Sir George Barne (who died in 1593) by William Chester, his son and heir. In 1595 a grant of Administration of Sir William's estate was made to his son John Chester. Sir William Chester died at Cambridge, but was buried in London in his vault in St. Edmund's, Lombard Street. == Family ==