Gresham COLLEGE, or COLLEGE of Philosophy; a college founded by Sir Thomas Gresham, and endowed with the revenue of the Royal Exchange. One moiety of this endowment the founder bequeathed to the mayor and aldermen of London and their successors, in trust, that they should find four able persons to read within the college, divinity, geometry, astronomy, and music; who are chosen by a committee of the common council, consisting of the lord mayor, three aldermen, and eight commoners, and allowed each, besides lodging, 50l. per annum. The other moiety he left to the company of mercers, to find three more able persons, chosen by a committee of that company, consisting of the master and three wardens, during their office, and eight of the court of assistants, to read law, physic, and rhetoric, on the same terms; with this limitation, that the several lecturers should read in term-time, every day in the week, except Sundays; in the morning in Latin, in the afternoon the same in English; but that in music to be read only in English. By 8th Geo. III. cap. 32. the building appropriated to this college was taken down, and the excise office erected in its room. Each of the professors is allowed 50l. per annum, in lieu of the apartments, &c. relinquished by them in the college, and is permitted to marry, notwithstanding the restriction of Sir Thomas Gresham's will. The lectures are now read in a room over the Royal Exchange; and the city and mercer's company are required to provide a proper place for this purpose.
In this college formerly met the Royal Society, that noble academy, instituted by King Charles II. and celebrated throughout the world for their improvements in natural knowledge. See their history and policy under SOCIETY.