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On the accession of Queen Mary in 1553, Gresham fell out of favour at Court for a short time with Alderman William Dauntsey displacing him. But Dauntsey's financial operations proved unsuccessful and Gresham was soon reinstated; and as he professed his zealous desire to serve the Queen, and manifested great adroitness both in negotiating loans and in smuggling money, arms and foreign goods, not only were his services retained

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