learned Treatise on Marine Insurance has satisfactorily proved, the
ancients were certainly ignorant of maritime insurance; though there can be
no doubt frauds similar to those practised at present were practised.
According to Demosthenes, masters of vessels were in the habit of borrowing
considerable sums, which they professed to invest in a cargo of value, but
instead of such a cargo, they took on board sand and stones, and when out
at sea, sunk the vessel. As the money was lent on the security either of
the cargo or ship, or both, of course the creditors were defrauded: but it
does not appear how they could, without detection, substitute sand or
stones for the cargo.

The Athenians passed a number of laws respecting commerce, mostly of a
prohibitory nature. Money could not be advanced or lent on any vessel, or
the cargo of any vessel, that did not return to Athens, and discharge its
cargo there. The exportation of various articles, which were deemed of the
first necessity, was expressly forbidden: such as timber for building, fir,
cypress, plane, and other trees, which grew in the neighbourhood of the
city; the rosin collected on Mount Parnes, the wax of Mount Hymettus--which
two articles, incorporated together, or perhaps singly, were used for
daubing over, or caulking their ships. The exportation of corn, of which
Attica produced very little, was also forbidden; and what was brought from
abroad was not permitted to be sold any where except in Athens. By the laws
of Solon, they were allowed to exchange oil for foreign commodities. There
were besides a great number of laws respecting captains of ships,
merchants, duties, interest of money, and different kinds of contracts. One
law was specially favourable to merchants and all engaged in trade; by it a
heavy fine, or, in some cases, imprisonment, was inflicted on whoever
accused a merchant or trader of any crime he could not substantiate. In
order still farther to protect commerce, and to prevent it from suffering
by litigation, all causes which respected it could be heard only during the
period when vessels were in port. This period extended generally to six
months--from April to September inclusive--no ships being at sea during the
other portion of the year.

The taxes of the Athenians, so far as they affected commerce, consisted of
a fifth, levied on the corn and other merchandize imported, and also on
several articles which were exported from Athens. These duties