, and of the part each one
played in the drama of the life of London, it will be gathered that most
of these guilds showed strong and vigorous growth in the fifteenth
century, and were thoroughly established. Then came the period of the
Reformation, which proved a time of storm and stress to the companies.
They held much property bequeathed to them for the endowment of
chantries, for the celebration of masses for the dead, and for other
purposes which were deemed to be connected with "superstition." The
companies were rich. Greed and spoliation were rampant, and many
powerful courtiers were eager enough to prove "superstitious uses" as an
excuse for confiscation. Hence a very large amount of the property of
the companies, as well as of plate and other valuables, was seized by
these robbers, and the guilds were compelled to redeem their lands and
wealth by paying down hard cash to the plunderers. It was a grievous
time, but the companies weathered the storm, and regained by much
sacrifice their possessions. The system of forced loans instituted by
the Tudor and Stuart monarchs also pressed hard upon the companies.
Henry VIII. required of them L21,000--an enormous sum in those days--for
his war with Scotland. Philip and Mary demanded L100,000 for the war
with France. The Mercers alone supplied Queen Elizabeth with L4,000
after the defeat of the Spanish Armada. Before the Petition of Rights
put an end to these forced loans, Charles I. extracted a loan of
L120,000 from the city, and the Civil War made further demands on the
funds of the companies, both contending parties pressing them for money.
It need not be added that little of this enormous wealth was ever
returned to the guilds, and they were much impoverished. Many of them
were compelled to sell their plate and other valuables, and some were
almost reduced to the verge of bankruptcy.

Another drain upon the resources of the companies was the scheme of
James I. to establish the Ulster Plantation upon land forfeited to the
Crown through a recent rebellion there. The King offered the land to the
City Companies for a colony, pointing out the very great advantages
which the land afforded. These were painted in very glowing colours,
but scarcely answered the expectations of the colonists. The active
citizens of London at once formed the Irish Society, raised L60,000 for
the purchase of the land from the sagacious King, and each company took
an equal share. The old county of