Ruskin argued that good architecture could only emerge from a pious, paternalistic society and that the Exchange represented the worst form of exploitative capitalism.
[2] There was a competition to design the building: entries included one from Norman Shaw, but it was won by the local architects Lockwood and Mawson.
He had expressed similar displeasure after the construction of the Oxford University Museum of Natural History in a Gothic revivalist style in 1861.
[citation needed] The accompanying photograph shows the architectural detail of the tower and arcading well, but the light is not strong enough for the contrasting stone colours to emerge.
The hall is surrounded by tall polished granite columns with foliate capitals and there is an outer south aisle arcade with good naturalistic foliage carving.
[4] The trading on the Exchange was by verbal contract only, each party keeping a separate note of the price, quantity and delivery date.
Almost as socially important as the Exchange itself was Spinks' restaurant (with its trademark Egyptian sphinx embossed on all the cutlery), which was in a semi-basement below the building.
[5][6] As well as Waterstones and Café W, the building currently hosts a newsagent, pizza restaurant, panini shop, employment agency and the Exchange Ale House.