text: During the 14th century, Lynn ranked as England's most important port. It was seen to be as vital to England in the Middle Ages as Liverpool was during the Industrial Revolution. Sea trade with Europe was dominated by the Hanseatic League of ports; the transatlantic trade and the rise of England's western ports began only in the 17th century. The Trinity Guildhall was rebuilt in 1421 after a fire. Walls entered by the South Gate and East Gate were erected to protect the town. It retains two former Hanseatic League warehouses: Hanse House of 1475 and Marriott's Warehouse, in use between the 15th and 17th centuries. These are the only remaining buildings of the Hanseatic League in England. The town was designated a Royal Port by King John.
  Modern
  In the first decade of the 16th century, Thoresby College was built in Lynn by Thomas Thoresby to house priests of the Guild of The Holy Trinity. It had been incorporated in 1453 under a petition of its alderman, chaplain, four brethren and four sisters, who were licensed to found a chantry of chaplains for the altar of Holy Trinity in Wisbech. Lands were granted in mortmain. Lynn acquired a mayor and corporation in 1524. In 1537 the king took over the town from the bishop. In the same century the town's two annual fairs were reduced to one. In 1534 a grammar school was founded; four years later Henry VIII closed the Benedictine priory and the three friaries.