Pater noster is latin for “our Father” and is a reminder of
the religious influence in this area.
A number of publishers were located here until World War Two
when this area was devastated by German bombs in December 1940 and millions of
books were destroyed. The Blitzed area
was extensive but Londoners took great pride that even though St Paul’s did
take two direct hits (1840 and 1841) it remained intact. In the
1960s rather bland offices were built, but were mostly vacant within a decade,
and finally this more sympathetic office development arose after 1995.
Today the financial heartbeat of the city can be felt here
since companies like the London Stock Exchange Group, and Merrrill Lynch have
all relocated here.
Stocks were originally bought and sold in the City’s coffee
houses and the Royal Exchange (1571), but the first regulated exchange did not
appear until 1801. In 1923 the
Exchange was honoured with its own coat of arms with the motto: “My word is my
Bond” (Dictum Meum Pactum). Digital trading has seen the demise of the
open outcry system where traders shouted and gestured in a pandemonium of
bewildering, organised chaos. Less
space was needed and in 2004 the decision was made to move here.
Today some of the world’s largest companies have their
stocks regulated from here – there are 2,938 companies from over 60
countries. Their total market value is
£3.9 trillion. Every day over 600,000
stocks are traded which equates to about £4.4 billion daily.
The Paternoster Column is made from Portland stone, Cornish
granite and a gilded copper urn. It was
made to look like columns made by Inigo Jones for the old St Paul’s which
Christopher Wren also copied in the new St Paul’s.
The column cleverly conceals the fact that this is actually
part of a ventilation system for the underground car park. At night time fibre optic cables running up
the column bring a flash of light to the square. The urn on top is a historical reminder that
this area has been destroyed by fire twice – in 1666 and 1940.
This is an excerpt from the FREE tour St Paul's Precincts found on www.obelisktours.co.uk
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