The Royal Exchange a Note On the Occasion of the Bicentenary of the Royal Exch
The Royal Exchange a Note On the Occasion of the Bicentenary of the Royal Exch
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The value of the ship and the worth of its cargo were known, and a fair reckoning could be made of the perils which were Hkely to be encountered on the voyage. Probably the very first edict concerning this practice was issued when Justinian was Emperor, in the year 533. He Hmited the legal rate of interest to six per cent, in all cases except that of " Foenus Nauticum " ; and " Fcenus Nauticum " was that early form of marine assurance which we know by the name of Bottomry. In this one case, int...erest was allowed to be exacted at the rate of twelve per cent.
Upon the heels of Justinian, however, followed the Middle Ages, and they wiped out Justinian's edict and any arrangement of a similar nature, which was to be found in any parts over which the Church ruled. Interest upon the investment of capital was accounted as usury and an offence against God, to be corrected by burnings and floggings, and the other delicate 68 persuasions of those days. We have no sure knowledge when marine insurance was revived, but we may be fairly certain that its revival was due to the far-sighted poHcy of the Hanseatic League, which had made its merchants the great sea-carriers of the Northern nations.
What to read after The Royal Exchange a Note On the Occasion of the Bicentenary of the Royal Exch?
You can find similar books in the "Read Also" column, or choose other free books by A E W Alfred Edward Woodley Mason to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The value of the ship and the worth of its cargo were known, and a fair reckoning could be made of the perils which were Hkely to be encountered on the voyage. Probably the very first edict concerning this practice was issued when Justinian was Emperor, in the year 533. He Hmited the legal rate of interest to six per cent, in all cases except that of " Foenus Nauticum " ; and " Fcenus Nauticum " was that early form of marine assurance which we know by the name of Bottomry. In this one case, int...erest was allowed to be exacted at the rate of twelve per cent.
Upon the heels of Justinian, however, followed the Middle Ages, and they wiped out Justinian's edict and any arrangement of a similar nature, which was to be found in any parts over which the Church ruled. Interest upon the investment of capital was accounted as usury and an offence against God, to be corrected by burnings and floggings, and the other delicate 68 persuasions of those days. We have no sure knowledge when marine insurance was revived, but we may be fairly certain that its revival was due to the far-sighted poHcy of the Hanseatic League, which had made its merchants the great sea-carriers of the Northern nations.
What to read after The Royal Exchange a Note On the Occasion of the Bicentenary of the Royal Exch?
You can find similar books in the "Read Also" column, or choose other free books by A E W Alfred Edward Woodley Mason to read onlineMoreLess
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