Sir William Garrard

William Garrard was a wealthy London merchant and financier.

Born in 1518 into the family of John Garrard, a grocer, William became a prominent businessman of London involved in various business activities and investments.

Early in his career, William was active in public service as a Surveyor of the Poor (1545-1549) charged to find ways to combat and suppress poverty, and the Treasurer of St. Bartholomew’s Hospital (1548-1549). In 1552 he was named Sheriff of London, in 1555 Lord Mayor of London and in 1557 Member of Parliament for City of London. In the meantime, he was made a knight in 1555.

His mercantile career was intense and fruitful, and he was considered as one of the great merchants of London. Apart from being master of the Haberdashers Company in 1557, Garrard was also a member of the Company of Merchant Adventurers to New Lands, consul (1555-1556) and governor of the Russia Company (1561-1571) and governor of the Company of Mineral and Battery Works (in 1568).

Part of the wealth acquired Garrard employed in different enterprises starting from lending money to royalty to financing various expeditions and voyages. In 1561, Garrard and Sir William Chester loaned £30,000 to Queen Elizabeth I, in which she personally exempted them from usury laws, allowing them to receive 10% interest on their loan.

Garrard was one of the original developers of the Moroccan trade, and in 1567 he was granted exclusive rights to trade with Russia by Tsar Ivan IV. He was also a financier of Sir Hugh Willoughby’s and John Hawkins’ voyages, and one of the most prominent investors in Sir Thomas Gresham's first Royal Exchange.