The Praça do Comércio (Commerce Square) is located in the city of Lisbon, Portugal. Situated near the Tagus river, the square is still commonly known as Terreiro do Paço (English: Palace Yard), because it was the location of the Paços da Ribeira (Royal Ribeira Palace) until it was destroyed by the great 1755 Lisbon earthquake. After the earthquake, the square was completely remodelled as part of the rebuilding of the Pombaline Downtown, ordered by Sebastião José de Carvalho e Melo, 1st Marquis of Pombal, who was the Minister of the Kingdom of Portugal from 1750 to 1777, during the reign of Dom José I, King of Portugal. The square was named Praça do Comércio, the Square of Commerce, to indicate its new function in the economy of Lisbon. The symmetrical buildings of the square were filled with government bureaux regulating customs and port activities. The centrepiece of the ensemble was the equestrian statue of King José I, inaugurated in 1775 in the centre of the square. Joaquim Machado de Castro, Portugal’s foremost sculptor of the time, designed this bronze statue, the first monumental statue dedicated to a King in Lisbon.