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 lease of the building: "Mr. Mayor and other of the brethren went to speak for St. Peter's church." This lease was carried out in 1563, the rent being five shillings a year. Part of the old structure was repaired, and made use of as a school-house, the school-master being accommodated at the townhall. The bells were weighed, and found to contain 32 cwt. 13 lbs. of lead and brass; and, in the year after the lease was made, it was agreed at a common hall that one of them should be sold "to repair the school-house." The big bell was then sold for about £16; and, shortly afterwards, the rest were also sold to Leicester bellfounders, producing altogether more than £48. The churchyard continued to be kept in repair, and the ash-trees were lopped. In 1571 it was resolved at a common hall that the timber of the church should be taken down, and kept in safety with the lead "until further order be taken therein.;" and in the following year the Town Chamberlains were paying men "to watch the lead certain nights at St. Peter's church." It amounted to as much as four fothers and five hundred pounds, about four tons. However, steps were being taken to enable the old materials to be converted to a worthy use, and, on April 7th, 1573, a deed was executed by which the Queen assigned to the "Mayor and co-burgenses of the town of Leicester," all the lead, stone and timber belonging to the decayed church of St. Peter, for the purpose of erecting "in some convenient and meet place within the town of Leicester one substantial school-house meet and fit for children to be taught in, made with windows and doors necessary, and covered with slate." The consideration was £35, paid to the Duchy of Lancaster. The schoolhouse was built on land belonging to the town, at the corner of the old High Street and Free School Lane.

And now we come to the last scene in St. Peter's history. The church bells had been taken away, and the church had been demolished, but there was still a vicar, William Rudyard, a descendant of the Rudyards of Rudyard in the County of Stafford. His living was but a poor one. Its value was given on Wolsey's taxation of the Diocese of Lincoln in 1526 as 43s. 4d., and in 1561 it was estimated to be worth 45s. a year and the tithe 4s. 6d. 74