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 The expense involved in obtaining the two sixteenth century fairs was defrayed by subscription. "The King having; granted to the town two fairs (Midsummer Fair, and the Conception of Our Lady before Christmas), over and besides two fairs anciently granted by the King's progenitors; Towards the charges of the charter under the great seal the Masters, Wardens and Stewards of the Guilds of Corpus Christi and St. Margaret's in the name of the brotherhood, gave £20; viz., each of the Guilds; £10. And it was agreed that this should be registered in the Town Book, to remain for ever. Received of the Master and Stewards of Corpus Christi Guild towards the charges of labouring the King's Charter for two new fairs for the town of Leicester, £10; of the Guild of St. Margaret's, for the same, £10; of the Occupation of Bakers, 6s. 8d.; of the Butchers, 26s. 8d.; of the Smiths, 13s. 4d.; in all, £22 6s. 8d. The Chamberlains paid to Mr. Barton, for riding to London and Waldyng, and for sealing the charter, £10 2s. 11d.; to Robert Cotton, for like charges, £9 14s. 10d.; to Mr. Gyllot, for the town's business, 6s. 8d.; to Mr. Wood, for the like, 6s. 8d.; to Mr. Bolte, for riding to London, 40s.; in all £22 11s. 1d. So that the town was at no more charge than 4s. 5d."

The four fairs used to be formally proclaimed at the High Cross. The Mayor, Corporation and Town Officials, followed by the Waits playing music, and by some of the poor men of the Trinity Hospital, "having rusty helmets on their heads, and breastplates fastened on their black taberdes," walked in procession through the main streets, and at the Cross the Town Clerk read the charter creating the Fair. This armed perambulation of fairs is a custom of very high antiquity. The Leicester ceremony is referred to by Nichols, and continued into the 19th century.

William Burton, writing in 1622, enumerates five fairs held at Leicester; the two great fairs of May and Michaelmas, the two 16th century fairs of Midsummer and Christmas, and one other fair held upon Palm Sunday even. This Palm-Fair is also mentioned by Cox and Throsby ; and, according to the latter writer, there was then a considerable show of cattle. 116