inischen Slaven", _Mitteilungen des
Instituts fuer Oesterreichische Geschichtsforschung_, vol. XI.

[10] A. Dopsch, _Die Wirtschaftsentwickelung der Karolingerzeit_, II.
274. I cannot, however, accept the thesis of Mr. Dopsch on the
importance of commerce in the Carolingian period. The extremely
interesting texts which he has assembled seem to me to establish the
existence of a sporadic commerce only.

[11] Of course all the new towns did not grow up around an episcopal
residence. Many of them, especially in the North and particularly in the
Low Countries, had as their primitive nucleus a fortress (Ghent, Bruges,
Ypres, Lille, Douai, etc.). But my purpose here is merely to recall the
broad outlines of the subject.

[12] See on this subject the interesting article by W. Vogel, "Ein
Seefahrender Kaufmann um 1100", _Hansische Geschichtsblaetter_ (1912),
pp. 239 ff.

[13] "Unde non agriculturae delegit exercitia colere, sed potius, quae
sagacioris animi sunt, rudimenta studuit arripiendo exercere."

[14] One finds already in the twelfth century lenders of money
undertaking veritable financial operations. See H. Jenkinson and M. T.
Stead, "William Cade: a Financier of the Twelfth Century", _English
Historical Review_ (1913), p. 209 ff.

[15] _Die drei Bevoelkerungsstufen._

[16] The _Livre de la Vingtaine d'Arras_ (ed. A. Guesnon) says, in
speaking of the merchants of that town, in 1222, "Emunt non ad usum
civitatis, sed ut exportent et discurrant per nondinas longinquas et per
Lombardiam".

[17] G. von Below, "Grosshaendler und Kleinhaendler im Deutschen
Mittelalter", _Jahrbuecher fuer Nationaloekonomie und Statistik_ (1900).

[18] A. Schaube, "Die Wollausfuhr Englands vom Jahre 1273",
_Vierteljahrschrift fuer Social- und Wirtschaftsgeschichte_ (1908), p.
183.

[19] A. Duchesne, _Histoire des Maisons de Guines, d'Ardres et de Gand_,
p. 289.

[20] Rymer, _Foedera_, vol. II., part IV., p. 49.

[21] For an example, see Espinas and Pirenne, _Recueil de Documents
relatifs a l'Histoire de la Draperie Flamande_, II. 391.

[22] J. Kulischer, "Warenhaendler und Geldausleiher im Mittelalter",
_Zeitschrift fuer Volkswirtschaft_, etc., XVII. (1908).

[23] G. Espinas, "Jehan Boine-Broke, Bourgeois et Drapier Douaisien",
_Vierteljahrschrift fuer Social- und Wirtschaftsgeschichte_ (1904), pp.
34 ff.

[24] For the relations of the capitalists with the English crown see:
Whitwell, "Italian Bankers and the English Crown",