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 PAL GRAV E STUDI E S I N
TH E H I STORY OF FI N AN C E

FINANCING
IN EUROPE
Evolution, Coexistence and
Complementarity of Lending
Practices from the Middle
Ages to Modern Times

E d i ted b y

MA RCELLA LO R E N Z I N I
CI N Z I A LO R A N D I N I
D ’MA R I S CO F F MA N
Palgrave Studies in the History of Finance

Series editors
D’Maris Coffman
Bartlett Faculty of the Built Environment
University College London
London, UK

Tony K. Moore
ICMA Centre, Henley Business School
University of Reading
Reading, UK

Martin Allen
Department of Coins and Medals,
Fitzwilliam Museum
University of Cambridge
Cambridge, UK

Sophus Reinert
Harvard Business School
Cambridge, MA, USA
The study of the history of financial institutions, markets, instruments
and concepts is vital if we are to understand the role played by finance
today. At the same time, the methodologies developed by finance aca-
demics can provide a new perspective for historical studies. Palgrave
Studies in the History of Finance is a multi-disciplinary effort to empha-
sise the role played by finance in the past, and what lessons historical
experiences have for us. It presents original research, in both authored
monographs and edited collections, from historians, finance academics
and economists, as well as financial practitioners.

More information about this series at

http://www.palgrave.com/gp/series/14583
Marcella Lorenzini • Cinzia Lorandini
D’Maris Coffman
Editors

Financing in Europe
Evolution, Coexistence and
Complementarity of Lending
Practices from the Middle Ages
to Modern Times
Editors
Marcella Lorenzini Cinzia Lorandini
Department of Economics Department of Economics and
Management and Quantitative Methods Management
University of Milan University of Trento
Milan, Italy Trento, Italy

D’Maris Coffman
Bartlett Faculty of the Built Environment
University College London
London, UK

Palgrave Studies in the History of Finance

ISBN 978-3-319-58492-8    ISBN 978-3-319-58493-5 (eBook)
https://doi.org/10.1007/978-3-319-58493-5

Library of Congress Control Number: 2017962302

© The Editor(s) (if applicable) and The Author(s) 2018

This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether
the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of
illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and trans-
mission or information storage and retrieval, electronic adaptation, computer software, or by similar or
dissimilar methodology now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication
does not imply, even in the absence of a specific statement, that such names are exempt from the relevant
protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in this book
are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or
the editors give a warranty, express or implied, with respect to the material contained herein or for any
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Cover illustration: INTERFOTO / Alamy Stock Photo

Printed on acid-free paper

This Palgrave Macmillan imprint is published by Springer Nature

The registered company is Springer International Publishing AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 This work is dedicated to the cherished memory of Professor Peter Spufford
LittD, FBA, whose interest in informal credit networks, merchant
communities, and notarial records—as well as his boundless enthusiasm and
intellectual generosity—inspired and sustained so many young scholars,
including the authors whose essays are included herein.
 Contents

I ntroduction   1
D’Maris Coffman, Cinzia Lorandini, and Marcella Lorenzini

Part I Informal, Non-institutional and Professional

Credit in Preindustrial Europe   19

 he Rise of London as a Financial Capital in Late

T
Medieval England  21
Pamela Nightingale

 hen Things Go Wrong: Credit, Defaults and

W
Institutions in Early Modern Venice  45
Isabella Cecchini

 inancing Trade Through Limited Partnerships:

F
Evidence from Silk Firms in Eighteenth-Century Trentino  73
Cinzia Lorandini

vii
viii Contents

 orrowing and Lending Money in Alpine Areas During

B
the Eighteenth Century: Trento and Rovereto Compared 105
Marcella Lorenzini

 he Social Acceptance of Paper Credit as Currency in

T
Eighteenth-Century England: A Case Study of
Glastonbury c. 1720–1742 133
Craig Muldrew

 ublic Functions, Private Markets: Credit Registration

P
by Aldermen and Notaries in the Low Countries, 1500–1800 161
Oscar Gelderblom, Mark Hup, and Joost Jonker

 otaries and Domestic Lending in Wartime

N
(Seventeenth- and Eighteenth-Century France) 193
Katia Béguin

 rivate Credit in Spain During the Late Eighteenth

P
and the Early Nineteenth Centuries: Institutions,
Crisis and War 205
David Carvajal

Part II Credit in the Time of the Emergence of Modern

Banking 235

 icrocredit in the Ottoman Empire: A Review of

M
Cash Waqfs in Transition to Modern Banking 237
Gürer Karagedikli and Ali Coşkun Tunçer

 hallenging the Institutional Revolution of Credit

C
Markets in the Nineteenth Century 267
Gabriele B. Clemens and Daniel Reupke
 Contents
   ix

 elationship-Based Finance in Changing European

R
Banking Scenarios: The Case of Parent Schaken et
Compagnie (1835–66) 289
Maria Carmela Schisani and Francesca Caiazzo

 ormalising Credit Markets? The Entrance of English

F
Joint-Stock Banks 317
Victoria Barnes and Lucy Newton

 owards the Institutionalisation of Credit 345

T
D’Maris Coffman

Index 353
 Contributors

Victoria Barnes completed her PhD in the School of Law, University of

Reading, in 2015. Barnes held a studentship in socio-legal studies funded by the
Economic and Social Research Council and has been a visiting lecturer at the
University of the West of England, Bristol. From January 2016 she holds a posi-
tion of Research Fellow at Georgetown University Law Centre, Washington
DC.
Katia Béguin is the EHESS Research Professor (Directrice d’études) at EHESS
(Paris). She researches and publishes on issues of state and society, particularly
the management of public debts, in early modern (sixteenth to eighteenth cen-
turies) Europe. She has recently published State Cash Resources and State Building
in Europe 13th-18th century (2017) in English, and Les princes de Condé: Rebelles,
courtisants et mécènes dans la France du grand siècle (2014) in French.
Francesca Caiazzo is a contract researcher in Economic History at the
Department of Economics and Statistics (DISES), University of Naples
“Federico II”. Her main research interests include banks-industry relations in
the sector of public utilities, haute finance, corporate governance and business
history. She is the author of several publications.
Isabella Cecchini received a PhD in Economic and Social History at Bocconi
University, Milan (1999). She is presently a research assistant in Economic
History at the Department of Management at Ca′ Foscari (Venice). Her main
themes of research focus on practices and institutions that structure early mod-
ern commerce; the role of international merchants in credit networks, their

xi
xii Contributors

activity, and the role of citizenship in promoting commerce in early modern

Venice as a case study represent her actual research, resulting in a forthcoming
book.
Gabriele B. Clemens after completing her habilitation (post-doctoral degree)
taught at Saarland University, at the Universities of Luxembourg and Bologna as
well as at Sciences Po Paris à Nancy. Ever since 2007 she has been holding the
Chair for Modern History and Regional History at Saarland University. Her
research interests include social and cultural history of west European societies
in the nineteenth century, economic and rural history, history of elites, and the
history of the historical science.
D’Maris Coffman is Associate Professor of Economics and Finance of the
Built Environment at University College London. She is also the director of the
Bartlett School of Construction and Project Management and was the founding
director of the Centre for Financial History at Newnham College, Cambridge
from 2009 to 2015.
David Carvajal is Lecturer in Economic History (University of Valladolid). He
is a master in History and a graduate in Business Studies (University of
Valladolid) and holds a PhD in Economic History (2013) with a dissertation on
‘Private Credit and Debt in Castile (1480–1521)’. His main research interests
are focused on the Spanish financial history, above all the study of private credit
relations, the emergence of financial markets, the local banking activities and the
role of justice and institutions in financial relations during the Middle and the
Modern Ages.
Oscar Gelderblom (1971) is Professor of Financial History at Utrecht
University. He specializes in the history of finance and trade in Europe before
and after the Industrial Revolution.
Mark Hup completed his undergraduate degree in economics at Utrecht
University and his graduate degree in economics at the Chinese University of
Hong Kong. He is pursuing his doctorate in economics at the University of
California at Irvine, where he intends to continue research in economic
history.
Joost Jonker (1955) is NEHA Professor of Business History at the University
of Amsterdam and Senior Researcher at the International Institute for Social
History, Amsterdam. He specializes in business and financial history from the
sixteenth century to the present.
 Contributors
   xiii

Gürer Karagedikli, after gaining an MA in History at Bilkent University, is

completing his PhD in History at Middle East Technical University (METU),
specializing in socio-agrarian structure and land use in the early modern
Ottoman Empire. He is also lecturing in the Department of History at
METU. His wide range of interests in Ottoman socio-economic history in the
early modern and modern periods include orphans, women, non-Muslims, and
legal practices based on Ottoman archival documents (sicils and waqf deeds).
His research appears in the Journal of the Economic and Social History of the
Orient and Archivum Ottomanicum.
Cinzia Lorandini is Associate Professor of Economic History at the University
of Trento. Her research mainly focuses on credit markets, trade and business
organizations in the early modern and modern period. She has authored several
publications on these topics, including two monographs and several articles,
among which ‘Looking Beyond the Buddenbrooks Syndrome: the Salvadori
Firm of Trento, 1660s–1880s’, Business History, 2015.
Marcella Lorenzini is Lecturer in Economic History at the University of
Milan, Italy. Her work researches how credit markets develop in the absence of
formal institutions. Her recent publications include two monographs and a
chapter in a collected volume Infrastructure Financing in the Early Modern Age.
The Beginning of a ‘Little Divergence’, in Y. Cassis, G. De Luca and M. Florio
(eds), Infrastructure Finance in Europe. Insights into the History of Water, Transport,
and Telecommunications (2016).
Craig Muldrew has published two monographs, The Economy of Obligation
and Food, Energy and the Industrious Revolution: Work and Material Culture in
Agrarian England, 1550–1780. He has also written articles in the field of legal
history concerning debt litigation and its relationship to the nature of commu-
nity, and articles on the cultural nature of money and wages in the early modern
period. He is also interested in the importance of industrial growth in the early
modern English economy and is engaged on a long-term project examining the
development of the concept of self-control and its effect on the structure of
community and on the creation of savings, as well as how local paper credit
came to be trusted in eighteenth-century England.
Lucy Newton is Associate Professor of Business History at Henley Business
School, University of Reading, where she has worked since 1999. She has pub-
lished her work on banks and, more recently, nineteenth-century consumer
durables, in a variety of business history journals. She has been a Trustee and
xiv Contributors

Programme Chair of the Business History Conference (US) and elected as a

Council member of the Association of Business Historians (UK) in 1997 and
2013. She teaches business history, financial history and business ethics.
Pamela Nightingale is a retired member of Oxford University’s history faculty,
where she held two senior research fellowships. For her earlier work, which
included three books published on British India, she was awarded a PhD by the
University of Cambridge. She subsequently changed her field to write ‘A
Medieval Mercantile Community: the Grocers’ Company and the Politics and
Trade of London, 1000–1485’ (Yale University Press, 1995). From this she
developed her researches into medieval trade, money, and credit, on which, and
associated topics, she has published 20 articles, for which Oxford awarded her
the degree of D.Litt.
Daniel Reupke started as a research assistant at the Department of History of
Saarland University and as a doctoral student in the project ‘Networks of
Lending in the nineteenth Century’. Later he developed research projects with
the Universities of Mainz and Trier, furthermore with the FIMT of Bayreuth,
whereat he works in an interdisciplinary project since 2017. Daniel’s research
interests include legal history in the nineteenth century, economic and cultural
history in a regional perspective, furthermore methods in the humanities.
Maria Carmela Schisani is Associate Professor of Economic and Financial
History at the Department of Economics and Statistics (DISES) of the University
of Naples “Federico II”. She has been involved in several national and interna-
tional research groups and is the author of several scientific publications essen-
tially regarding nineteenth-century Italian private and public finance; Italian
business history, international finance, among which with Francesca Caiazzo,
‘Networks of power and networks of capital: evidence from a peripheral area of
the first globalisation. The energy sector in Naples: from gas to electricity
(1862–1919)’, Business History, 58, 2, 2016, 207–43.
Ali Coşkun Tunçer is Lecturer in Modern Economic History at University
College London, Department of History. Previously he taught and worked as a
researcher at the London School of Economics and the European University
Institute. He received his PhD from the London School of Economics in 2011
after completing his BA, MSc and MPhil degrees in Turkey and Greece. His
research focuses on the economic and financial history of the Middle East and
Southeast Europe, and long-term history of international financial markets. His
recent book is entitled Sovereign Debt and the International Financial Control: the
Middle East and the Balkans, 1870–1914 (Palgrave Macmillan, 2015).
 List of Figures

Chapter 3
Fig. 1 Interest rates for long-term annuities, life annuities
and livelli in Venice, 1570–1715 (Sources: Long-term
loans: Pezzolo (2006: 90–1). Life annuities in the
private market and livelli: personal dataset of the author) 62
Chapter 7
Fig. 1 Estimated number of annuities and other loans per 1000
inhabitants recorded by aldermen in six cities (1500–1780)
(Source: EURYI/VIDI database; extrapolation based on
sampling for Amsterdam and Antwerp; the graph includes
credit transactions recorded by Ghent notaries between
1620 and 1780) 171
Fig. 2 Public debt issues and private loans recorded by aldermen
and notaries in Leyden and Amsterdam, 1600–1780
(Source: EURYI/VIDI database and Gelderblom and
Jonker 2011) 179
Fig. 3 Per capita stock of debt recorded by notaries in France and
by notaries and aldermen in the LOW COUNTRIES in
1740 and 1780 (guilders) (Source: EURYI-VIDI database;
Data for Paris, Philip T Hoffman, Gilles Postel-Vinay and
Jean-Laurent Rosenthal, “Priceless Markets II: Time

xv
xvi List of Figures

and Space”, unpublished mimeo. One livre is 4.45 gram of

silver. One guilder is 9.61 gram of silver) 180
Chapter 8
Fig. 1 Issuances of securities (rentes sur l’Hôtel de Ville de Paris)
1620–1660195
Chapter 9
Fig. 1 Notaries in Valladolid and 2-year moving average
(1795–1821) (Source: AHPV, Inventories) 210
Fig. 2 Annual number of credit contracts by type (1795–1815)
(Source: AHPV, Protocolos, 4132–4138, 4140, 4146–4148,
4151, 4154–4156, 4186–4205, 4213–4218, 4220–4221,
4227–4243)213
Fig. 3 Long-term new credit contracts, acknowledgment,
cancellations and interest payments (1795–1815)
(Source: AHPV, Protocolos, 4132–4138, 4140, 4146–4148,
4151, 4154–4156, 4186–4205, 4213–4218, 4220–4221,
4227–4243)220
Fig. 4 Evolution of new credit contracts vs. new lease contracts
in Valladolid (1795–1815) (1808 = 100) (Source: AHPV,
Protocolos, 4132–4138, 4140, 4146–4148, 4151,
4154–4156, 4186–4205, 4213–4218, 4220–4221,
4227–4243)225
Chapter 10
Fig. 1 Number and capital of cash waqfs, 1815–1915 249
Fig. 2 Number of cash waqfs 250
Fig. 3 Total capital per vilayet (Notes: Each circle is proportional
to the total capital of cash waqfs in that particular province
expressed in Ottoman liras) 252
Fig. 4 Foreign banks and cash waqfs, 1882–1915 259
Chapter 11
Fig. 1 Loan agreements in Merzig, Remich and Sierck 1800–1900:
quantity per year 272
Fig. 2 Loan agreements in Merzig, Remich and Sierck 1800–1900:
interest rates development 274
Fig. 3 50 most important creditors of Merzig 276
Fig. 4 Ego-network of Georg Jakob Bernasco 278
Fig. 5 Ego-network of the Kreissparkasse 1890–1895 279
Fig. 6 Credit application Welsch ./. Kreissparkasse, 17 May 1899, p. 2 280
 List of Figures
   xvii

Chapter 12
Fig. 1 P&S actor/firm network (2 mode network)—1847
(Note: White circle nodes: bankers; thicker black lines:
partners both of P&S and its twin partnership Parent,
Schaken, Carlier et C.ie)297
Fig. 2 P&S actor/firm network (2 mode network)—1854 301
Fig. 3 P&S actor/firm network (2 mode network)—1864 304
Fig. 4 P&S actor/firm network (2 mode network) zoom—1864 305
Fig. 5 P&S core network (2 mode network)— 1864
(Note: White uptriangle nodes: parent’s family nodes;
white diamond nodes: Lavaurs’s family nodes; thicker black
lines: five stable partners) 306
 List of Tables

Chapter 4
Table 1 Synthesis of data from the oblatorie (1740–90) 84
Table 2 Silk firms in Rovereto and Trento (1740–90):
data from the oblatorie85
Chapter 5
Table 1 Total notarized deeds, loans, and average loan size in
Trento per benchmark year 108
Table 2 Total notarized deeds, loans, and average loan size in
Rovereto per benchmark years 109
Table 3 Average yearly deeds and loans per notary in Trento,
average loan value in florins 110
Table 4 Average yearly deeds and loans per notary in Rovereto,
average loan value in florins 111
Chapter 7
Table 1 The annual number of loans recorded by aldermen and
notaries in six cities, 1500–1780 166
Table 2 The annual value of credit transactions recorded by
aldermen and notaries in six cities in guilders and
(in brackets) per capita, 1500–1780 167
Table 3 The notaries’ share in total loan amounts, 1500–1780
(per cent of total) 170

xix
xx List of Tables

Table 4 The collateral of loans recorded by aldermen and notaries,

1500–1780172
Table 5 Professions of debtors and creditors in loans recorded by
aldermen and notaries in six cities, 1500–1780 173
Table 6 The average size of loans recorded by aldermen and notaries
in six cities (in guilders), 1500–1780 174
Table 7 Median loan amounts recorded by aldermen and notaries,
1500–1780175
Table 8 The maturity of loans recorded by aldermen and notaries
in six cities (months), 1500–1780 176
Table 9 The loan purpose recorded by aldermen and notaries
in six cities, 1500–1780 176
Table 10 Credit transactions between parties of different gender,
profession, and/or residence, 1500–1780 177
Table 11 The average number of deeds per notary per year,
1540–1780182
Table 12 The interest rate on loans contracted by aldermen and
notaries in six cities in the Low Countries,
1500–1780184
Table 13 Estimation of the output pricing of risk of loans
recorded by aldermen and notaries in six cities in the
Low Countries, 1620–1780 185
Chapter 9
Table 1 The origins of lenders and borrowers in Valladolid
(1795–1815)214
Table 2 Number of contracts by type of operation (1795–1815) 215
Table 3 Composition of short-term credit lenders and borrowers
in Valladolid (1795–1815) 218
Table 4 Timing of reimbursement of short-term credit contracts
in Valladolid (1795–1815) 219
Table 5 Composition of long-term credit lenders and borrowers
in Valladolid (1795–1815) 222
Table 6 Composition of lenders and borrowers in Valladolid
during the Independence War (1808–1813) 226
Chapter 10
Table 1 Cash waqfs by province, 1815–1915 247
Table 2 Capital, number and interest rate of cash waqfs across time,
1815–1915248
 List of Tables
   xxi

Chapter 13
Table 1 First directors of the Liverpool Union Banking Company,
established 1835 324
Table 2 First directors of the Bilston District Banking Company,
established 1836 325
Table 3 First directors of the Huddersfield Banking Company,
established 1827 326
Table 4 First directors of the Nottingham and Nottinghamshire
Banking Company, established 1834 327
Table 5 First directors of the Sheffield and Rotherham Joint-stock
Banking Company, established 1836 328
Table 6 Assessment of credit applications by five joint-stock banks 332
 Introduction
D’Maris Coffman, Cinzia Lorandini,
and Marcella Lorenzini

F ormal and Informal Credit Across Europe:

A Long-Run Perspective
In September 2007, the collapse of the Northern Rock Bank heralded a
devastating financial crisis. That became evident with the failure of one of
the biggest financial firms of the world, the Lehman Brothers in 2008.
Before this crisis, modern financial markets appeared robust and working
efficiently: prosperity seemed unlimited and stability unquestionable.
The crisis soon shifted from the financial sector to the real economy
infecting it with dramatic consequences on individuals’ lives, bringing
with it recession and unemployment. This moment marked a watershed
putting into discussion the current paradigms.
D. Coffman (*)
Bartlett Faculty of the Built Environment, University College London,
London, UK
C. Lorandini
Università degli Studi di Trento, Trento, Italy
M. Lorenzini
Università degli Studi di Milano, Milan, Italy
© The Author(s) 2018 1
M. Lorenzini et al. (eds.), Financing in Europe, Palgrave Studies in the History of
Finance, https://doi.org/10.1007/978-3-319-58493-5_1
2 D. Coffman et al.

The crisis was unanimously viewed as the outcome of an excessive trust

in modern markets as almost self-regulating mechanisms of allocation of
resources, especially financial ones. Standardized financial systems made it
possible to overcome the limits of personal relationships and reliability and
to gain a high degree of efficiency. The formalization trend brought about
objectivity and depersonalization, along with the enlargement of the finan-
cial markets, but also estrangement from individuals and social relations.
While arguing on the effectiveness of the markets, it became increasingly
apparent that personal ties and factors like creditworthiness and reputation
represented unavoidable elements in order to make financial systems func-
tional to the real economy. Even nowadays, in which the market dimension
and scale economies make the institutionalization of credit market inevi-
table, the role of social and personal ties is relevant.
It then became more and more urgent to reflect upon the role of social
relations and, along with it, upon informal and non-­institutionalized net-
works. Informal credit in particular refers to transactions that are not inter-
mediated by operators specialized in matching demand and supply, namely
professionals whose specialization was other than this, like for instance
notaries, scriveners, merchants and even religious institutions. This infor-
mal structure of the market, which was present in pre-bank ages, proved
effective and able to mobilize large amounts of capital, meeting different
kinds of financial needs mostly thanks to what Douglass North called
informal constraints, or rules ‘not enforceable by laws’ related to trust,
reputation and respectability (North 1990). Informal credit networks were
still present at the advent of modern banks, and initially, the two systems,
rather than competing, were complementary and offset one another.
Against this backdrop, but with no claim to completeness, this book
focuses on the evolution of various European credit and financial markets
and on the transition from informal/non-institutional intermediaries to
formal ones. The objective is to reconstruct the path-dependence trend
that shaped modern finance from the Middle Ages to the mid-nineteenth
century, the age of industrialization and the ‘institutional revolution’.
In the last half century, in particular, the relationship between financial
and economic development has become a prominent field of research, and
the subject of theoretical analyses and empirical investigations largely
inspired by Goldsmith’s cross-country study (Goldsmith 1969; McKinnon
1973; Shaw 1973). These studies have shown a robust correlation between
 Introduction 3

growth patterns and levels of financial development resulting from alterna-

tive combinations of formal financial institutions like banks and markets
(Levine 2005, Demirgüç-Kunt and Levine 2001). Growing interest among
economic and financial historians in these aspects led in the 1960s to pio-
neering investigations into the influence of banking on the European pat-
terns of industrialization (Cameron et al. 1967, 1972; Gerschenkron
1962), paving the way for a substantial development of financial and
banking history as an independent field of study. In fact, the advent of the
modern joint-stock bank marked a watershed in the European financial
history, in that this financial innovation made it possible to expand enor-
mously the mobilization of savings for the financing of business (Tilly
2003). The growing issue of paper money and recourse to bank deposits
contributed, through the credit multiplier, to increasing the money supply.
On the other hand, however, lending practices did not change very much
at the beginning, and more traditional forms of lending survived and
played a role complementary to the operation of modern institutions.
Returning to earlier centuries, one finds some key financial develop-
ments (early banks, chartered trading companies, public debt and stock
exchange) which were the forerunners of the financial advancements of the
nineteenth century (Neal 2015; Piola Caselli 2008; Michie 1999; Fanfani
2002-2003). However, a growing number of scholars have recently focused
their attention on non-institutional credit channels,1 thus elaborating the
role and spread of loans in the pre-industrial period. Far from representing
an exclusive means of ‘the few’, a prerogative of the highest ranks of the
society, credit was used by individuals coming from almost all social ranks,
as well as by businesses and institutions for a v­ ariety of purposes, from
urgent and everyday needs to economic activities—that is, trade, manufac-
turing and agricultural investments—as well as the building and repair of
infrastructure (Cassis et al. 2016). Credit thus turns out to be ubiqui-
tous and able to nourish local and international markets. New credit instru-
ments and cutting-edge types of capital raising helped past economies to
overcome stagnation and crisis, and in flourishing times to sustain manu-
facture and trade networks and to undertake economic modernization.
In the pre-industrial world, extension of credit depended vitally on
individual features like trustworthiness (Muldrew 2012), which, before
the so-called ‘institutionalization of trust’ that took place in the modern
economies, was closely related to personal knowledge (Fontaine 2014).
4 D. Coffman et al.

The expansion of lending networks involved transaction costs for

­information, negotiation, monitoring and enforcement (North 1990),
which could be lowered by informal institutions such as kin relations or
neighbourhood ties or the role of intermediaries who reduced informa-
tion asymmetries between lenders and borrowers so as to enhance trust
between the parties involved in a loan transaction. Circulation of infor-
mation was crucial, as was the development of credit instruments which
provided proper incentives to investors to advance money to meet private
or public financing needs. Moreover, levels of trust were severely affected
by the overall economic and political framework, to the extent that eco-
nomic crisis or warfare increased uncertainty and reduced the expecta-
tions of debt repayment, whilst periods of growth and expansion fostered
the mobilization of capital, which in turn sustained growth.
Against this backdrop, the volume investigates new perspectives on
financing practices in a broad range of European countries (England,
France, the Netherlands, Germany, Italy, Spain and Turkey) from the
Middle Ages throughout modern times. It thus casts light on non-­
institutional credit across Europe in the very long run, offering a wide
temporal and geographical coverage.
The book is based on original research studies by scholars from different
countries who have drawn on a vast array of primary sources by using vari-
ous methodologies, including the construction and analysis of datasets and
network analysis, all centred on the critical interpretation of sources. On
the one hand, in engaging with the distinct economic, ­political and insti-
tutional frameworks of the areas examined, the chapters discuss how these
affected the credit market and cover a wide range of different types of lend-
ing instruments, the destination of capital, the way in which it was raised
and its impact on local or national economies. On the other hand, the
book provides new evidence on how the European credit markets changed
at the advent of modern banks, showing the persistency of traditional prac-
tices and informal intermediaries even after the development of specialized
formal institutions. This twofold objective is reflected in the two sections
of the book, which focus respectively on lending practices in the pre-indus-
trial age and on the evolution of credit when modern banking emerged.
The empirical research studies conducted in recent years have high-
lighted the richness and multifaceted nature of credit in societies that
 Introduction 5

were running out of cash. The ‘social’, ‘relational’ and ‘binding’ charac-
ter of credit, along with its financial function, had great repercussions on
social and economic growth from the Middle Ages onwards. Thorough
investigation of informal lending in the ancien régime may thus yield
interesting insights into the operation of credit markets in developing
countries (Mauri 2009), which lack a strong banking sector. Some over-
arching themes in the chapters of the first part of the book are the rela-
tionship between trade and finance, the impact of warfare on financial
markets and the role of informal intermediaries such as notaries, scriven-
ers and the like in supporting credit transactions. On the one hand, inter-
national trade dynamics and warfare affected money supply and the level
of uncertainty and risks, which in turn determined the amount of capital
available for lending; on the other, intermediaries and institutions influ-
enced transaction costs related to information, negotiation, monitoring
and enforcement of loan contracts.
Chapters ‘The Rise of London as a Financial Capital in Late Medieval
England’, ‘When Things Go Wrong: Credit, Defaults and Institutions in
Early Modern Venice’ and ‘Financing Trade Through Limited Partnerships:
Evidence from Silk Firms in Eighteenth-Century Trentino’ focus primarily
on commercial credit and the interconnection between merchants, trade
and financial development. The interplay of commerce, politics and war-
fare with financial patterns emerges clearly from Pamela Nightingale’s
account of London’s development into England’s financial capital between
the late thirteenth and the early sixteenth centuries. While accepting the
view that London’s financial supremacy was due to its ability to capture
the English wool trade and the ensuing supply of bullion, Nightingale
takes the argument further and delves deeply into the Statute Staple cer-
tificates of debt and credit (recorded at the registries which were estab-
lished at the main English towns and fairs) in order to track the various
phases which ultimately led to the emergence of London as England’s
financial capital, a result that could not be taken for granted from the
outset. Indeed, Nightingale argues that, far from originating merely from
London’s natural advantage in trading with the continent, it was rather a
complex set of circumstances that gave rise to the capital’s hegemony. She
points to a combination of commercial, political and biological factors
evidencing the complexities inherent in financial development trajectories.
6 D. Coffman et al.

In the fourteenth century, warfare, plague and the control exercised over
trade by England’s strong monarchy contributed to the city’s emergence.
Higher shipping risks in wartime favoured the transport of wool overland
to the London port, and then via the shortest route across the Channel,
and the capital’s power to attract provincial merchants increased following
the king’s suspension of Londoners’ protectionist privileges, aimed at
pleasing alien merchants who provided war finance. Also an exogenous
shock like the plague played a role in that London achieved more rapid
recovery than provincial towns. In the fifteenth century, the structural
transformation of the economy (i.e. the transition from exporting wool to
manufacturing cloth) contributed to the rise of London and the retrench-
ment of provincial towns: falling wool exports and bullion famines reduced
provincial credit at the same time that Italian merchants returned to
London to buy English cloth and financed their purchases by importing
the raw materials that the industry needed. These imports drew provincial
merchants to London because they enabled them to profit from a double
trade which also allowed them to exchange their cloth for the raw materi-
als that they distributed to the provinces. When new supplies of bullion
eventually allowed provincial credit to expand again, London’s position as
the financial capital of England was unassailable.
Similarly, the role of Venice as a financial centre owed much to the
maritime Republic’s function in intermediating between East and West.
With the difference being that, while London’s position grew stronger
within the English financial landscape and internationally, Venice suffered
a retrenchment of her past splendour, particularly in the seventeenth cen-
tury, which was paralleled by a transformation in the forms of business
organization and how insolvency disputes were settled. This is the subject
of Isabella Cecchini’s chapter, which focuses on commercial credit in
Venice from the second half of the sixteenth through the seventeenth cen-
turies. Drawing upon Venetian notarial archives and some of the scant
trial papers available, Cecchini examines how merchants and political
institutions coped with failures and defaults that compromised credit rela-
tionships. She highlights the effectiveness of a legal framework, which was
developed by a close group of patrician families interested in promoting
trade, and points to the concentration of business activities in Rialto as an
important factor in reducing information asymmetries and transaction
 Introduction 7

costs: it made an informal reputation-based mechanism (as suggested by

Greif 2006 for Maghribi traders) effective in the enforcement of contracts.
In the case of disputes, merchants preferred arbitration in order to prevent
damaging gossip and to escape the tribunals’ lengthy and cumbersome
procedures. At the same time, the large presence of family partnerships
(fraterne) until the end of the sixteenth century made creditworthiness
still more crucial.2 However, as old patrician families withdrew from direct
participation in commerce, fraterna partnerships declined. In a changing
economic environment which required wider and more flexible forms of
business association, they were replaced to a large extent by temporary
partnerships based (like fraterne) on the principle of unlimited liability of
partners. Indeed, although commenda-like agreements had been used in
Venice in the Middle Ages, recourse to limited partnerships (accomandite)
in the early modern period was rare. This rarity was probably due, accord-
ing to Cecchini, to the many financing tools available for investors in a
buoyant financial market. Cecchini concludes that, in the period investi-
gated, a transition took place from a more ‘collectivist’ society to individu-
alist agency relationships, which had important consequences on the role
of trust. Since exclusion from trade no longer worked as an effective threat,
reputation lost importance, while the institutional and legal frameworks
traditionally securing credit rights in Venice became less effective.
The role of commercial partnerships as a financing instrument is inves-
tigated by Cinzia Lorandini, who concentrates particularly on the role of
limited partnerships (accomandite). Following an overview of the spread
of this type of financing tool, pre-dated by late medieval commenda-like
agreements, the chapter focuses on merchants in eighteenth-century
Trentino, and how limited or silent partnerships supported the expan-
sion of silk manufacture and trade. In contrast to larger trading centres
like Florence, Lucca and Bologna, where the accomandite became partic-
ularly widespread, to the extent that they were formally acknowledged
and subject to public registration, in Trentino they were not governed by
specific regulation, nor were they qualified as accomandite in private and
public documents. This notwithstanding, similarly to what has been
found in other marketplaces, some partnership agreements prove the
existence of business associations which, although not called accomandite,
had the same basic features. Given the scarcity of partnership agreements,
8 D. Coffman et al.

only rarely drafted by public notaries, Lorandini resorts to an alternative

means to detect limited partnerships. She does so by combining direct
evidence provided by the few partnership contracts with indirect evi-
dence provided by the oblatorie. The latter were circular letters offering
information on the business partners, which were filed with the Merchant
Court in Bolzano, a town where silk merchants did business at interna-
tional fairs. Accomandite have been identified on the basis of two criteria:
the absence of the limited partner’s name from the firm’s title, and the
limitation of his or her function to contributing equity with no involve-
ment in the day-to-day running of the firm. Silent partnerships played a
crucial role in the silk trade in Trentino, helping to match the financial
needs of managing partners—particularly merchants with the skills but
not the capital to set up their own firms—with those of the capitalist
partners, mostly former merchants who had entered the patriciate and
had neither time nor interest in running the firm, nor were they allowed by
their patrician status to be directly involved in the management.
The accomandita partnership is a typical example of a financing instru-
ment aimed, besides pooling a greater amount of capital, at lowering
transaction and agency costs. Information asymmetry between lenders
and borrowers was a crucial issue and a possible obstacle to the expansion
of credit markets. In the early modern period, however, credit networks
could be supported by intermediaries who contributed to reducing
uncertainty and enhancing trust between the contracting parties.
Chapters ‘Borrowing and Lending Money in Alpine Areas During the
Eighteenth Century: Trento and Rovereto Compared’, ‘The Social
Acceptance of Paper Credit as Currency in Eighteenth-Century England: A
Case Study of Glastonbury c. 1720–1742’, ‘Public Functions, Private
Markets: Credit Registration by Aldermen and Notaries in the Low
Countries, 1500–1800’, ‘Notaries and Domestic Lending in Wartime
(Seventeenth- and Eighteenth-Century France)’ and ‘Private Credit in Spain
During the Late Eighteenth and the Early Nineteenth Century: Institutions,
Crisis and War’ provide interesting insights into the function of these bro-
kers. Notaries in particular proved fundamental in early modern credit mar-
kets (Hoffman et al. 2000). The mechanisms and performance of capital
markets brokered by notaries in Trentino are the subjects of Marcella
Lorenzini’s chapter. By means of a comparative analysis, Lorenzini ­investigates
 Introduction 9

two adjacent towns, Trento and Rovereto in the eighteenth century. Despite
being set in a similar geographical context and benefiting from similar natu-
ral resources, the two areas developed private credit markets that performed
very differently. Both Trento and Rovereto were located in a strategic posi-
tion on the River Adige, along a crucial communication route between
central-northern regions of the Italian peninsula and German territories. The
two towns had a similar economic structure and an analogous environmen-
tal setting. Their climate and soil were naturally suited to silk production (in
particular mulberry cultivation and cocoon production), which in the eigh-
teenth century reached its apogee throughout the Tyrolean region.
Nonetheless, the two territories developed capital markets that worked in
remarkably distinct ways, as demonstrated by the volume of cash flow, the
types of credit instruments used, and the destinations of money. Trento’s
credit market was relatively limited, and capital was mainly employed to
finance agriculture and the urban economy. Nearby Rovereto, whose popu-
lation was almost half that of Trento, and which had half the number of
notaries, recorded a capital flow that was almost three times that of Trento.
It used very sophisticated credit instruments, in some cases anticipating the
most modern financial means of leveraged buyouts. Moreover, financial
resources were chiefly devoted to funding commerce and trade, fostering the
city’s economic growth. Such different performances were very likely due to
the distinct institutional frameworks in which the two towns were embed-
ded. Trento, as the capital of the Prince-Bishopric, was chiefly an administra-
tive town, largely static, strictly linked to ancient credit instruments, and
apparently impervious to innovation. Rovereto, by contrast, under the
Habsburg Monarchy, was the hub of an international trade and expanding
network, whose growth was allowed by a more active role of notaries as
brokers that encouraged a dynamic and efficient credit market.
In countries with legal orders not based on the Roman law and there-
fore not provided with the figure of the public notary, other professionals
served as informal brokers in the local private credit market, as shown by
Craig Muldrew’s study, which attempts to solve the puzzle of how the
British economy managed to achieve continued growth in the eighteenth
century despite the shortage of small changes, while at the same time
relying less on oral credit. Muldrew’s main contention is that informal
written bills and notes gradually replaced unwritten obligations, and as
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The Project Gutenberg eBook of Refraction and
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use of the ski-optometer
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Title: Refraction and muscular imbalance, as simplified through the

use of the ski-optometer

Author: Daniel Woolf

Release date: August 29, 2023 [eBook #71517]

Language: English

Original publication: New York: Theodore S. Holbrook, 1921

Credits: deaurider and the Online Distributed Proofreading Team at

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*** START OF THE PROJECT GUTENBERG EBOOK

REFRACTION AND MUSCULAR IMBALANCE, AS SIMPLIFIED
THROUGH THE USE OF THE SKI-OPTOMETER ***
 Ski-optometer Master Model 215
Embodying in a Single Instrument, in Convenient Form,
Cylindrical and Spherical Lenses, in Combination
with Appliances for Testing and Correcting
Muscular Imbalance.

Refraction and
Muscular Imbalance
 As Simplified Through the Use
of the Ski-optometer

By

DANIEL WOOLF
WOOLF INSTRUMENT CORPORATION
New York: 516 Fifth Avenue

Copyright 1921
By WOOLF INSTRUMENT CORPORATION

Published by
Theodore S. Holbrook
New York
 CONTENTS
Page
Chapter I
Ski-optometer Construction 1
Convex Spherical Lenses 2
Operates and Indicates Automatically 6
Concave Spherical Lenses 7

Chapter II
Cylindrical Lenses 10
Obtaining Correct Focus 11
Why Concave Cylinders Are Used Exclusively 14
Transposition of Lenses 14

Chapter III
How the Ski-optometer Assists in Refraction 17
The Use of the Ski-optometer in Skioscopy 17
A Simplified Skioscopic Method 20
Employing Spheres and Cylinders in Skioscopy 22
Use of the Ski-optometer in Subjective Testing 23
A Simplified Subjective Method 24
Procedure for Using Minus Cylinders Exclusively 26
Constant Attention Not Required 29

Chapter IV
Important Points in Connection with the
Use of the Ski-optometer 30
Elimination of Trial-Frame Discomfort 30
Rigidity of Construction 31
How to Place the Ski-optometer in Position 32
Cleaning the Lenses 33
Accuracy Assured in Every Test 34
Built to Last a Lifetime 35
 Chapter V
Condensed Procedure for Making Sphere and
Cylinder Test with the Ski-optometer 37
Subjective Distance Test 37
Subjective Reading Test 40

Chapter VI
Muscular Imbalance 41
The Action of Prisms 42
The Phorometer 43
The Maddox Rod 44
Procedure for Making the Muscle Test 45
Binocular and Monocular Test 47

Chapter VII
The Binocular Muscle Test 48
Made with the Maddox Rod and Phorometer 48
Esophoria and Exophoria 50
Making Muscle Test Before and After Optical Correction 52
When to Consider Correction of Muscular Imbalance 53
Four Methods for Correction of Muscular Imbalance 54
The Rotary Prism 54
Use of the Rotary Prism in Binocular Muscle Tests 56

Chapter VIII
The Monocular Duction Muscle Test 58
Made with Both Rotary Prisms 58
Locating the Faulty Muscle 58
Adduction 59
Abduction 61
Superduction 62
Subduction 63
Procedure for Monocular Muscle Testing 64
Diagnosing a Specific Muscle Case 65
 Chapter IX
First Method of Treatment—Optical Correction 70
Esophoria 70
Treatment for Correcting Esophoria in Children 72
How Optical Correction Tends to Decrease 6°
Esophoria in a Child 74

Chapter X
Second Method of Treatment—Muscular Exercise 75
Made with Two Rotary Prisms and Red Maddox Rod 75
Exophoria 75
An Assumed Case 78
Effect of Muscular Exercise 80
Home Treatment for Muscular Exercise—
Square Prism Set Used in Conjunction with
the Ski-optometer 82

Chapter XI
Third Method of Treatment—Prism Lenses 84
When and How Employed 84
Prism Reduction Method 85

Chapter XII
A Condensation of Previous Chapters on the Procedure
for Muscle Testing with the Ski-optometer 87
Four Methods of Treating an Imbalance Case when
the Preceding One Fails 90
Prisms 92
Cyclophoria 92

Chapter XIII
Cyclophoria 93
Made with Maddox Rods and Rotary Prisms 93

Chapter XIV
Cycloduction Test 99
Made with the Combined Use of the Two Maddox Rods 99
Treatment for Cyclophoria 102

Chapter XV
Movements of the Eyeballs and their Anomalies 105
Monocular Fixation 105
Binocular Fixation 106
Orthophoria 107
Heterophoria 107
Squint 108
Varieties of Heterophoria and Squint 109

Chapter XVI
Law of Projection 114
Suppression of Image 115
Monocular Diplopia 115
Table of Diplopia 116
Movement of Each Eye Singly 117
Subsidiary Actions 118
Field of Action of Muscles 120
Direction of the Gaze 120
Primary Position—Field of Fixation 121
Binocular Movements 121
Parallel Movements 122
Lateral Rotators 123
Eye Associates 124
Movements of Convergence 125
Movements of Divergence 125
Vertical Divergence 126
Orthophoria 126
Heterophoria 126
Subdivisions 126

Chapter XVII
Symptoms of Heterophoria 128
Treatment 130
Destrophoria and Laevophoria 132
The demands of the day for maximum efficiency in
the refracting world are largely accountable for the
inception, continuous improvement and ultimate
development of the master model Ski-optometer.
The present volume, dealing with the instrument’s
distinctive operative features, has been prepared not
only for Ski-optometer users, but also for those
interested in the simplification of refraction and
muscular imbalance.
The author is indebted for invaluable counsel, to

Louis J. Ameno, M.D., New York.

E. LeRoy Ryer, O.D., New York.
Jos. D. Heitger, M.D., Louisville, Ky.
W. B. Needles, N.D., Kansas City, Mo.
 INTRODUCTORY

W
hile in a measure the conventional trial-case still serves its
purpose, so much of the refractionist’s time is consumed
through the mechanical process of individually transferring the
trial-case spheres and cylinder lenses, that far too little thought is
given to muscular imbalance, notwithstanding its importance in all
refraction cases.
Dr. Samuel Theibold, of Johns Hopkins University, in a recent
address before the American Medical Association, stated that the
average refractionist was inclined to devote an excess of time to
general refraction, completely overlooking the important test and
correction of muscular imbalance. If the latter is to be at all
considered, general refraction must be simplified—without impairing
its accuracy—a result that is greatly facilitated through the use of the
Ski-optometer.
One must admit that tediously selecting the required trial-case
lens—whether sphere, cylinder or prism—watching the stamped
number on the handle—continual wiping and inserting each
individual lens in a trial-frame is a time-consuming practise. This is
readily overcome, however, through the employment of the Ski-
optometer.
In a word, the Ski-optometer is practically an automatic trial-case,
bearing the same relation to the refracting room as the accepted
labor and time-saving devices of the day bear to the commercial
world.
The present volume has accordingly been published, not alone in
the interest of those possessing a Ski-optometer, but also for those
interested in attaining the highest point of efficiency in the work of
refraction and muscular imbalance.
Ski-optometer Lens Battery (almost actual size)
showing how sphere and cylinder lenses are
procured.
After obtaining FINAL results, your prescription is
automatically registered,
ALL READY for you to transcribe.
Fig. 1—The three time-saving moves necessary in
the operation of the Ski-optometer.
 Chapter I
SKI-OPTOMETER CONSTRUCTION

A
far better understanding of the instrument will be secured if the
refractionist possessing a Ski-optometer will place it before him,
working out each operation and experiment step by step in its
proper routine.
The three moves as outlined in Fig. 1 should first be thoughtfully
studied and the method of obtaining the spheres and cylinders
carefully observed.
 Fig. 2—To Obtain Plano.
1—Set spherical indicator at “000” as illustrated above.
2—Set cylinder indicator to “0”.
3—Set pointer of supplementary disk at “open”.
The instrument should then be set at zero or “plano,” a position
indicated by the appearance of the three “0 0 0” at the spherical
register, in conjunction with one “0” or zero, for the cylinder at its
register, marked “CC Cyl.”
After this move, the supplementary disk’s pointer should be set at
“open” (Fig. 2).
 Fig. 3—To obtain sphericals, turn this
Single Reel as shown by dotted finger. This
assures an automatic and simultaneous
registration at sphere indicator of focus of
lens appearing at sight opening.

Convex Spherical Lenses

A careful study will show that the Ski-optometer’s spherical lenses
are obtained by merely turning the smaller reel (Fig. 3). The first
outward turn of this reel, toward the temporal side of the instrument,
draws into position in regular order the spherical lenses +.25, +.50,
+.75, and +1.D., as shown in Fig. 3a.
3-A—Outer spherical reel containing Cx. sphericals
from .025 to 1.00D and a blank.
 3-B—Inner spherical disk containing Cx. sphericals,
automatically turns within 3-A.

3-C—Supplementary spherical disk.

By means of a concealed tooth gear, an inner disk is automatically
picked up, placing its first lens +1.25D in position (Fig. 3b). This
+1.25D spherical lens remains stationary while the outer disk again
revolves, adding to it the original +.25, +.50, +.75 and +1.D., the latter
totalling +2.25D. At this point, the instrument again automatically picks
up its inner disk, thereby placing its second lens, +2.50D, in position.