World Economy

Financial Contracts in Medieval Europe, and The Renaissance. April 23 2009 Jeff Brouwer | jbrouwer.semba2009@london.edu

Professors: Andrew Scott Hélène Rey Richard Portes Lucrezia Reichlin

World Economy – Assignment 2

Jeff Brouwer

“and this round gold is but the image of the rounder globe, which, like a magician's glass, to each and every man in turn but mirrors back his own mysterious self.” Herman Melville – Moby Dick

“To see a World in a Grain of Sand And a Heaven in a Wild Flower, Hold Infinity in the palm of your hand And Eternity in an hour.” William Blake – Auguries of Innocence

Front page coin image: FRANCE, Royal. Philippe IV le Bel (the Fair). 1285–1314. AR Gros tournois à l'O rond (24mm, 3.94 g, 9h). Struck 12851290. + BNDICTV SIT NOmЄ DNI nRI DЄI IhV XPI/ + PhILIPPVS REX, cross pattée within beaded circle; triple pellet stops / + TVRONVS CIVIS, châtel tournois; border of twelve lis. Van Hengel 604.02; Duplessy 213; Ciani 201; Roberts 2461. VF, toned.

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for the study on The Medici Bank – Its Organization. Operations. New York University. and Thomas C. Wells College. 3 . Professor of Crusading History. I would like to thank Professor Andrew Scott for allowing me to incorporate my passion for history in this paper. and Decline.). I would like to thank my partner for presenting me with it last Christmas. I would like to thank Associate Professor Raymond De Roover. I would like to thank Professor Jonathan Phillips. and author of several books on the Crusades for helping me with information on Banking at the time of the Crusades. Last but not least I would like to thank my family and partner for their outstanding support not only during this project but throughout my entire studies. Firstly. University of London. Royal Holloway.World Economy – Assignment 2 Jeff Brouwer Acknowledgements I would like to express my profound gratitude to the following people who each in their own way have contributed towards the development of this study. New York. Management. Cochran (ed. Graduate School Of Business Administration.

World Economy – Assignment 2 Jeff Brouwer Executive summary This paper attempts to compare and contrast the types of international finance extant in the middle ages. We will even see conditions imposed by authorities of the day. and its modern day counterparts. around the times of the Crusades. being the catalyst for innovative products and services devised to be compliant. 4 . As we will see. some issues encountered in today’s financial institutions would be quite familiar to suppliers of finance in medieval times and during the Renaissance. the Renaissance. around the time of the Medici.

and made them answerable only to the Pope. Although Jerusalem itself was secure. 2002) The main mission of the order was military.World Economy – Assignment 2 Jeff Brouwer 1 The Crusades and the emergence of a trading giant In an effort to redirect the efforts of the warring nobles of Europe and to aid the Byzantine Emperor Alexius I of Constantinople with the Seljuk threat to Anatolia (Eastern Turkey) and to end the Seljuk occupation (later the Fatimid occupation) of Jerusalem. to which property and land could be given by those eager to fight in the holy land. in 1119. the rest of the region of Outremer (the land ‘overseas’) was subject to brigands and bandits and pilgrims were under frequent attack as they made their journey from the coast at Jaffa. exempted them from any taxes. supported by senior figures in the church. Pope Urban II launched the First Crusade in 1095. (Spufford. to Jerusalem. veterans of the first Crusade. Twenty years later. The council of Troyes in 1129 gave the order the status of a charity. In 1139 Pope Innocent’s Bull (decree) Omne Datum Optimum allowed the order to operate above the local law of whichever land they happened to pass through. The Crusaders captured Jerusalem in 1099 and after that many pilgrims traveled to the holy places. The order was named “Poor Knights of Christ and the Temple of Solomon”. and the king of Jerusalem. the majority of the members of the order however were non-combatants and provided the support and the physical and financial infrastructure required to maintain operations across various countries. 5 . created a monastic order to protect pilgrims making their way to the holy places.

a type of letters of credit for pilgrims travelling to the Holy Land. A noble participating in the Crusades would often place all his assets under Templar management while he was away. owned and operated their own fleet of ships. 2005) With a mix of donations and business dealing as a source of capital. (Martin. the Templars established financial networks across the territories of Christendom. as a type of instrument or contract. It will have significantly improved the safety of pilgrims by making them less attractive targets for thieves. received a document indicating the value of their deposit. and at one point even owned the entire island of Cyprus. and also contributed to the Templar coffers. both in Europe and the Middle East. the Order in 1150 started issuing a prêt. They acquired large tracts of land. bought and managed farms and vineyards. Having accumulated wealth in this manner throughout the territories of Christendom and the Outremer. 6 . import and export. The pilgrims who deposited their valuables with a local Templar preceptory before embarking.World Economy – Assignment 2 Jeff Brouwer Although members of the Templar Order were sworn to individual poverty. and then were able to use that document upon arrival in the Holy Land to retrieve their funds. is analogous to a Bill Of Exchange or a Banker’s Draft and may have been an early system to support the use of cheques. were involved in manufacturing. the order itself was given control of wealth beyond direct donations. This prêt. built churches and castles.

World Economy – Assignment 2 Jeff Brouwer Long before the joint-stock descendents of this type of enterprise. rents and incomes from the monopoly rights on mills. They were prominent landlords of estates with vines. 2007) (Benson. The Order of the Knights Templar arguably qualified as one of the world's first multinational corporations. They drew tithes. In the case of Provins furthermore the Templars exploited mills (factories) for milling flour. If trade was executed on Templar preceptories or estates. The Templars were better equipped than individual monastic houses to provide these services. and wine presses. since their web of preceptories made them convenient for crusaders from many regions and their possessions of the equivalent branch offices at both ends of the Mediterranean. dyes. In the Templar preceptory in Provins fairs were held where wool and hides were traded there. meant that they could make specie available where and when it was needed and in the form which was locally acceptable (local 7 . then taxes were levied. and timber. (Ralls. The development of banking and financial services arose quite naturally from the structure of the Templar preceptories. The taxes levied on these trades all went into what was effectively the coffers of the Templar bank. ovens. were often called upon to provode loans and to hold mortgage pledges. They leased a tile factory which they owned to a tenant. They were heavily involved in money-lending against the security of real estate. with the growth of pilgrimage and crusade. the East India Trading Companies of England and were founded. was used for a variety of profit making enterprises. and fishing rights on the river Varenne. as well as large complexes in northern Europe in Paris and London.Monastic houses (monasteries) had traditionally acted as depositories for precious objects and documents and. mustard and the like. 2005) The network of preceptories or propertiesw.

the Templars often acted as executors of the provisions set out in the wills or testaments. Henry was to later use these as collateral for a loan to finance his battle with Simon De Montfort. all of concern to royals and nobles. the guarding of funds and precious objects. Services ranging from the most basic. 1994) The Templars' experience in financial administration meant they had quickly acquired a vast body of expertise of value to secular rulers and the papacy. Once these wills or testaments had been deposited. Financial services. all of whom desired to improve their governmental systems to maximize taxation. charters. The Paris Temple had become one of the key financial centres on north-west Europe. to donations to the order. In 1261 John's son Henry III moved these to a Templar fortress in Paris. (Barber. and wills). In 1281 for example the Preceptory of the Temple at La Rochelle. funding for fifty knights loaned to the Patriarch by various French Lords. soon developed as activities in their own right. When in the 1260's the Mamluk Turks led by Baybars campaigned in Syria and Acre. the Patriarch of Jerusalem turned to the Paris Temple to finance the following: Crossbowmen for the defense of Acre. and even to wills and testaments. Lord of Cognac. Documents related to forthcoming crusades ranged from. John Sans Terre (King John of England. formerly a side line of Crusading.World Economy – Assignment 2 Jeff Brouwer currency). and several other purposes. and King-Consort of Jerusalem by way 8 . was one of the executors of the will of Guy of Lusignan. and also of particular concern to the pilgrim or crusader who would be away for several years. the use of Templar properties for the safekeeping of important documents (including treaties. papers indicating collateral for loans secured on the. successor to his brother Richard the Lionheart) had used the Temple in London (later known as Temple Church) to house the crown jewels.

World Economy – Assignment 2 Jeff Brouwer of Marriage to Sybilla Queen of Jerusalem. Joinville escalated the matter and four days later the money was found. The transaction summary was a detailed record of all the incomings and outgoings. Ascension and All Saints. The will stated annual payment of 250 livres to the Templars in outremer (overseas territory) from a capital sum of 1. An example of how crusaders were able to use the Templar bank was the case of Jean de Joinville a noble from Champagne and a chronicler who joined King Louis IX expeditions to the holy land. about whom we shall hear more later. claimed to have no knowledge of any money or any Joinville for that matter. Clients served fell into five categories: Officers of the Temple. Copies of Joinville’s accounts of the events of Louis IX had survived and had passed from the French royal library to Philip the Good. Duke of Burgundy.500 livres. He kept 40 livres for immediate expenses and deposited the remainder in the Templar bank. Blanche of Castile. When later he sent one of his men to withdraw another 40 livres the Templar commander on duty. 9 . In 1250 while the army in which he served was at Acre. received a summary of movements within her account. three times a year at the beginning of accounting terms of Candlemas. in his dealings with the financial super institution of his time. Joinville had received the 400 livres owed to him in pay. credited and debited to the account. and important nobles and bourgeois. other members of the royal family. one of the Order's most eminent clients. and the commander who claimed to have no knowledge of Joinville's deposit was transferred or otherwise removed from duty. the predecessor of Charles the Bold. preceded by a balance brought forward from the previous accounting term. church dignitaries. the king.

300 marks to two merchats from the society of the Mozi of Florence. but the latter. driven by a secret FrancoScottish pact of mutual assistance against Edward I.World Economy – Assignment 2 Jeff Brouwer In 1304 the Templars in London lent 1. It would have been easy to conceal the loan interest in the currency change. Philip summoned Edward to the French court. No mention was made of crusading activity and it is likely that there was no link. This is a practice we will see in a successor institution to the Templar bank. Following the Fall of Acre in 1291. the London Temple asked the royal courts for a distraining order (to allow it to sell the goods the Mozi had in London. who was Philip's brother-in-law. since it was common in such transactions to set a low valuation on the foreign currency and thereby profit from the repayment. was a vassal to Philip IV King of France and Navarre. defaulted on the loan. repayable at the Paris Temple a few months later. to cover the losses). Hammer of the Scots) as Duke of Aquitaine. In 1293. When the Paris representatives of the Mozi. The London Temple also feared the Mozi would default on 700 marks owed for wool supplied to them by the Temple. 8d. (Barber. following a naval incident between the Normans and the English. 1994) Edward I King of England (also known as: Edward The Longshanks. and forced into being by manipulation. The outbreak of hostilities between The Capetians of France and Navarre led by Philip IV and England led by Edward I in 1294 was the result of expansionism. busy harassing Scotland. 10 . alliances were reassessed. In 1305 the Templars provided the societies of the Galerani of Siena and Frescobaldi of Florence with financing of 879 marks 6s.

that was to have a ripple effect throughout history was the marriage of Philip's daughter Isabella to the Prince of Wales. Philip was hugely in debt to the Knights Templar. 1307. Philip used this pretext to strip Edward of all his possessions in France and increase tension culminating in hostilities. so as to free himself from his debts. Another unfortunate event stemming from Philip IV’s reign. to disband the Order. hundreds of Knights Templar in France were simultaneously arrested by agents of Philip the Fair. over whom Philip had great power. Something that was meant to seal peace would instead produce an eventual English claimant to the French throne itself. so he conjured up an excuse to disband the entire organization. This event has given Friday the 13th new meaning ever since. October 13. and form the start of the Hundred Years War. Had one lived in the 1200's one would have thought only one institution worthy of the title "The world's local bank". or rather coerced the Pope. The search for income to cover military expenditures set its stamp on Philip's reign and his contemporary reputation.World Economy – Assignment 2 Jeff Brouwer refused to appear. 11 . On Friday. to be later tortured into admitting heresy in the Order.

transfers orders were given verbally and were written immediately in the bankers’s books. the Florentine Banking System in general and the Medici Bank in particular. and banchi grossi. with a journal and a ‘tasca’ (money pouch). there were three or four different credit institutions called banks in Italian: banchi di pegno. banchi a minute. were accepted by the bank offices. Banchi di pegno were akin to pawn shops. Their ledgers do not contain any entries for deposits “payable on demand”. The owners of these banks were designated ‘cambiatori’ (money-changers) or ‘tavolieri’ as they did their business from behind a ‘tavola’ or table. Banchi in mercato did business in the public market places of Florence. Only time deposits on which the interest was repaid at 9 or 10 per cent. banchi in mercato. In Florence in the fifteenth century.World Economy – Assignment 2 Jeff Brouwer 2 Financing the Renaissance – The Medici Bank We examine finance in the Renaissane by examining. Banchi a minute were like retail banks. 12 . Banchi a minute sold jewellery on credit. covered by a ‘tappeto’ (carpet). issued loans secured by jewellery. and also dealt in bullion and money changing. By statute money-changers were required to make transfers in their books in the presence of their customers. although a different kind of retail than we would be used to today. As cheques were yet unknown. Guild regulations suggest that the banchi in mercato were the transfer and deposit banks of Florence.

177). failed on December 29.World Economy – Assignment 2 Jeff Brouwer As elsewhere bank failures were not infrequent in Florence. One of them. 1520. della moneta e della mercatura dei Fiorentini fino al secolo XVI (LisbonLucca. wherever there were exchanges or traffic in money. Da Panzano bank. but trade in bills of exchange (‘cambium per literas’). In any case. there were thirty-three of these banks in 1469 and they dealt in merchandise and exchange in all parts of the world. The Medici were neither really money-changers nor goldsmiths. Consequently the Florentine bankers were traders as well as bankers. Six years later as Imperial troops besieged Florence. coins became so scarce that banks suspended specie payments. one of the Medici branch 13 . emphasized trade rather than banking.” . la ove choronno e chambi e danaro.Giovanni Francesco Pagnini. Their bank was one of those banchi grossi or ‘great banks’ which did business ‘inside’ (dentro). II. “E chambiano e fanno merchantia per tutti I luoghi del mondo. the most prominent firm of merchant bankers in Florence. In 1516 there were only three banchi in mercato left. Tommaso Portinari. In 1464. Even the Medici. They combined foreign trade and dealings in exchange – not petty exchange of foreign for domestic coins. To most bankers it was less important than the trade in commodities. 275 f. According to fifteenth-century scholar Benedetto Dei. Della decimal e di varie alter gravezze imposte dal Comune di Firenze. It is thought the bank had been forced to create credit against government loans. The office or ‘scrittorio’ of the bank was in the Medici palace. the bank money began to depreciate and the agio (exchange rate spread) on the specie (currency) soon rose from 1 percent to 6 percent.

Wherever they had no branch of their own. A large capital and intensive connections were needed in order to engage successfully in foreign banking.World Economy – Assignment 2 Jeff Brouwer managers. All bankers or tavolieri. 1913) The origins of the family could be traced back further back in the records of the Calimala an Cambio guilds. by Nicolaio d’Ameleto and Antonio Bonafe in Bologna. who specialized in local banking.1909) (Ceccherelli. made the statement that “the foundations of the firm’s business rests on trade in which most of the capital is employed. and so on. who were considered as ‘manifest usurers’’. Not all Medieval merchants were merchant bankers. Milan. whose business interests were international in scope. However. by Piero del Fede and Co. Geneva (moved to Lyons in 1466). the Medici banking house was already a prospering concern with branches in Venice and in ‘corte di papa’. and London. On the other hand. and the less important cambiatori or money-changers. at the papal court. Bruges. in Naples. Avignon. When in 1429 Cosimo succeded his father Giovanni di Bicci. the period of rapid expansion came uring the lifetime of Cosimo. they had correspondents or agents who would accept or collect the bills of exchange drawn or remitted by their principals. So the Medici were represented by the firm of Filippo Strozzi and Co. 14 . were required to be members of the Arte del Cambio. by Filippo and Federigo Centurioni in Genoa. in Valencia. (Gruenzweig. the pawn brokers. by Gherardo Bueri – a relative of Cosimo – in Luebeck. were ipso facto excluded from membership in the guild. 1931) In Florence. as in other Medieval centers – Bruges for example – there was a sharp distinction between the merchant bankers. (Sieveking. great or small. New branches were opened in Pisa.

Parties: (1) Piero and Giovanni de’ Medici.World Economy – Assignment 2 Jeff Brouwer All those business firms were Italian and most of them were Florentine. (3) Angelo Tani. the new manager. in the partnership. 15 . such as the Bardi and Peruzzi companies. would be responsible for part of the capital and would be allocated part of the profit. the Medici banking house was not one partnership but a combination of partnerships. (2) Gierozzo de’Pigli. 1455. between the Medici seniors and Gierozzo de’Pigli. This concept is important in understanding the transactions between the different partnerships. Pierfrancesco de’ Medici. and the three industrial establishments in Florence. according to the partnership agreements. as was the case in Cologne where their representative was a German called Abel Kalthoff. A branch manager. the two principal industries of Florence. We will illustrate this by examining the partnership agreement for the Bruges subsidiary of the Medici bank of July 25. then manager of the London branch. with a separate division of capital and allocation of profits. He had interests also in wool and silk manufacturing. Each partnership was a separate legal entity. as a kind of partner. the former manager. In contrast to other companies providing trading and financial services. Cosimo de’ Medici did not confine his activity solely to international banking and foreign trade. Occasionally though the Medici would be presented by a native merchant. This agreement does not differ from the partnership agreement for the London subsidiary of the Medici bank in 1446. A separate partnership was formed for each of the Medici enterprises: the ‘bank’ or home office in Florence. the branches in foreign countries. This agreement can be seen as a typical partnership (ragione) agreement.

to not buy wool or cloth either in English or Flemish for more than £600 Groat (about 1/3 of the partnership’s capital) in a given year without permission of the senior partners. ending March 24. 1460. Calais. Bergen-op-Zoom. Company purpose: Trade in exchange and merchandise in the city of Bruges in Flanders Company Style: Piero di Cosimo de’ Medici. Company Capital & P&L Allocation: £3. and Middelburg. Restrictions/Allowances on Conduct: Angelo Tani . Gierozzo de’ Pigli and Co. from March 25. consignments overland could be left uninsured upto the value of £300 Groats. to extend credit and to deliver money by exchange to creditable and rated merchants and artificers only.World Economy – Assignment 2 Jeff Brouwer Responsibilities: Angelo Tani to assume government of the company for four years. 1456. to not extend loans to princes.000 Groat. to confine actions to lawful trade and to licit and honourable exchange transactions. save for £20 Groat per year in living expenses. At the expiration of the partnership contract the partner was to wind up the 16 . to under no conditions sell foreign exchange on credit to lords spiritual or temporal (no letters of credit on Rome or on any other place unless they had been paid for in advance). London. Flemish money (this includes how capital was to be supplied among the partners) Restrictions on Capital and P&L: No capital or profit taken out for duration of partnership agreement.to reside in Bruges. to limit uninsured shipments by sea to £60 Groats per bottom (per vessel). Some more rules can be found about exclusivity. to make business trips to Antwerp.

This disaster broke the Low Countries. He failed to spot grossly overstated profits from the Lyon branch. The loans were used by Charles the Bold in a war against the Swiss. Portinari.000 Groats. This is one of the reasons why Lorenzo Il Magnifico allowed these transgressions.World Economy – Assignment 2 Jeff Brouwer company’s business after which capital and accumulated profits were written to the credit of the partners in the books of the succeeding partnership. No ruler.000 Groat to Charles the Bold. was twice the firm’s entire capital. Duke of Burgundy and ruler of the Low Countries. Francesco Sassetti was the most successful manager and after Cosimo’s death. Piero de’ Medici and in turn his son Lorenzo Il Magnifico. He recalled Angelo Tani from the Bruges branch. and had great influence at the court of Burgundy. replaced him with Tommaso Portinari and lifted a number of restrictions previously placed on the freedom of the managing partner. became close advisor to Cosimo’s son. In an effort to recover losses. Sassetti oversaw reports from all the branch offices and in time appeared to become lax in the discharge of his duties. Charles the Bold’s son in law. The Medici Bank traded in bills of exchange in an environment whereby the major Abrahamic religions forbade Charging interest on monies. where he suffered a catastrophic defeat and ultimately fell in battle at Nancy. due to a lack of provision for bad debts. The debt was allowed to exceed £6. The fatal mistake was the lifting of the ban on loans to princes upon renewal of the Bruges partnership and granting permission to lend £6. One ship was captured by a pirate and the other ended up shipwrecked. Usury. Portinari had become the Duke’s Councillor. and nothing to stop the French from invading. Portinari invested in Burgundian Galleys. £6. no army. no treasury. or Riba (as it is still known in Islamic 17 . loaned money to Archduke Maximilian.000 Groats.

the Medici of Venice would have suffered a loss instead of making a profit. the Medici of Venice bought a bill on Bruges at the rate of 54½ Groats per Venetian Ducat (54. If the exchange rate in Bruges had been 54½ Groats instead of 51½ per Ducat. but the reverse could and did also happen. Usually the lender gained and the borrower lost. Two months later. In the middle ages the profit of a banker was even less certain than that of a modern day banker. at a rate of 51½ Groats per Ducat. In the middle ages Contractum Trinitus and Murabahah contstructions avoided the Usuary or Riba issue. payable at the end of two months. the Medici of Venice would have broken even because they would have paid and received the same number of Groats for each Ducat. Around July 15.5 BG = 1 VD). Instead of waiting for a remittance from the Medici 18 . bought a bill on Venice. If the exchange rate in Bruges had been higher than 54½ Groats. In the financial centers of medieval Europe there was a bill market. 1441. since they received 54½ Groats and paid only 51½ Groats. acting as agent for the Venice branch. depended on the supply and demand conditions in the money market. As this is concerns “Dry Exchange” pure interest was hidden in the exchange rates. In the eyes of the church this uncertainty of the lender’s profit justified exchange transactions. when the bill matured. The buying and selling was done through brokers and the prices. or the exchange rates.World Economy – Assignment 2 Jeff Brouwer Finance today). With the proceeds of this bill the Bruges branch. Dru Exchange was also a way to disguise interest. The Medici of Venice thus made a profit of 3 groats on each ducat over a period of four months. An example of which comes from the Bruges branch. they received in Bruges 54½ Groats for each Ducat. Then it depended upon the unpredictable swing of exchange rates. if the exchange rates were momentarily out of sync.

liabilities remained the same because the Medici owed gold – florins or ecus to depositors. and Flanders. England. They would have gained with a falling exchange rate and lost with a rising exchange. whose silver currency was depreciating in terms of gold. As the purchasing power of gold increased. The Medici by relying so much on borrowed 19 . but also to a change in the market ratio between gold and silver. The worst was that the assets declined in value and so reduced the owners value until there was nothing left. and secondly because much business was done with countries such as France. While assets thus tended to shrink in value. What the Medici may have gained on wages and other small items was probably negligible. They had bought Flemish currency at 54½ Groats per Ducat.World Economy – Assignment 2 Jeff Brouwer branch in Bruges. since the Medici of Bruges would have received 54½ Groats per Ducat from the remittance but would have been bound to pay out 55 Groats per Ducat for the Draft. and the value of the gold florin in silver piccioli rose more than 20 percent between 1475 and 1495. the Medici branch in Venice might have resold their Flemish exchange by drawing a bill on Bruges. If they had resold it at 55 Groats. On the other hand a fall of the exchange rate from 54½ Groats to 54 Groats would have resulted in a profit of one-half Groat. the Medici were crushed between the steadily fall of gold prices and the mounting burden of their commitment to depositors. they would have lost one-half Groat per Ducat. The Medici lost in more than one way: First because gold prices of commodities fell steadily. After 1465 business conditions were generally unfavourable. interest charges payable in gold became more and more burdensome. Since most deposits were repayable in gold. This rise was not solely due to the debasement of silver currency.

had weakened their resistance to deflationary pressures and were especially vulnerable when the crisis came. 20 .World Economy – Assignment 2 Jeff Brouwer capital. People will just never learn from history.

Heinrich Sieveking. 131. Graduate School Of Business Administration. Management. “The Medici Bank – Its Organization. Correspondance de le filial de Bruges des Medici. 1931).. ISBN 9781564149268. pp. Alberto Ceccherelli. pp. ISBN 1-56025-645-1 Karen Ralls (2007). No. 96 f. Career Press. Part I (Brussels. 2002) 21 . Sean Martin.World Economy – Assignment 2 Jeff Brouwer References : Malcolm Barber. and Decline. Vienna. p.” 1949. as Part II has not yet appeared. Peter Spufford. Power and Profit: The Merchant in Medieval Europe (London.129. 1994) Michael Benson (2005). 90. The Knights Templar: The History & Myths of the Legendary Military Order. Armand Gruenzweig. Knights Templar Encyclopedia. Operations. Aus Genueser Rechnungs.und Steuerbuechern (Sitzungsberichte der Kais. Akademie der Wissenschaften in Wien. 2005. This is henceforth cited with abbreviated title and page reference only. CLXII. pp. Kensington Publishing Corp. 1909). New York University. 28.. Philosophische-historische Klasse. The New Knighthood: A History of the Order of the Temple (Cambridge. 1913) . pp. Inside Secret Societies. Professor Raymond De Roover. 43. I Libri di mercatura della Banca Medici e l’applicazione della partita doppia a Firenze nel secolo decimo quarto (Florence.

” Dickens. than I have ever done. far better thing that I do. Charles (1859) A Tale of Two Cities 22 .World Economy – Assignment 2 Jeff Brouwer “It is a far. than I have ever known. it is a far. far better rest that I go to.

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