Tiverton was famed in early days for its trade in wool. It is supposed that woollen goods were first manufactured here towards the end of the fourteenth century, and at the beginning of the sixteenth several merchants of the town were making ventures far and wide. Baizes, plain cloths, and kerseys were the most important of the manufactures, and there was some commerce in these with Spain. Traffic in woollen goods was now very brisk in different parts of the country, and during the reign of Henry VIII special statutes were enacted 'affecting cloths called white straits of Devon, and Devonshire kerseys called dozens.' In Elizabeth's reign trade prospered here as elsewhere; but later friction arose on the question of imports. The manufacturers on more than one occasion tried to introduce Irish worsted to weave into cloth, and this was met by the most violent opposition from the wool-combers, who believed that it would take away their work, although it was explained that their work depended on making serge for Dutch markets, for which the Irish worsted could not be used. The wool-combers had at different times various causes for complaint, and these they vented in riots so serious that (about 1749) the authorities asked for the protection of some troops, who were accordingly sent to Tiverton, and, on a fresh uproar not long after their arrival, were called out to quell the mob. Towards the latter half of the eighteenth century the woollen trade languished; but in the first quarter of the nineteenth century a new business sprang up--that of producing machine-made lace and tulle.
Tiverton's merchants marked their prosperity in an admirable manner, for over ninety gifts in land, money, and almshouses have been made. The gifts and bequests were usually intended to benefit the poor, but in a few cases they were for the general good. In addition there remains the memory of about twenty 'benefactions,' many of which were 'absorbed in the tumult of the Civil War or generally dissipated by neglect or mismanagement.' Greenway founded almshouses, as well as the aisle in the church, and although these dwellings have been altered to some extent, the tiny chapel still attached to them is very picturesque. A cornice contains twelve circles, within each a pierced quatrefoil, and in the centre of every quatrefoil a shield, bearing a coat of arms, a merchant's mark, or other design. The cornice is supported by several rather grotesque animals, and below, in stone letters, this legend: