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The first major public building in the city's drive for improvement under Lord Provost George Drummond in the 18th century. Built in 1759 as an exchange for the town's merchants to conduct their business, it seems to have gone unappreciated and became the council chambers.

"The exchange is a handsome modern building, in which is the custom-house: the first is of no use, in its proper character; for the merchants always choose standing in the open street, exposed to all kinds of weather." -- Thomas Pennant, A Tour Of Scotland In 1769