olaitan
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Joined: 04 Dec 2009
Posts: 6
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 Posted: Fri Dec 04, 2009 10:27 am Post subject: THUS |
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| Thus, every merchant was obliged to open an account with the bank. All the payments of bills of exchange in wholesale transitions were required to be made there, and in the manner described above. This method of payment was plainly a rude approach towards the invention of bank notes. The circulation of these bank notes constituted the third and the last branch of the banking business. This is much evident in a modern bank. That part of circulation involving bank cheques is only a very slight modification of this Venetian practice. The Bank of Venice long remained without a rival, but by the beginning of the 15th century, similar institutions, were established at Genoa and Barcelona. They were cities that were the pride of Europe in those times. They were only second to Venice when considering the extent of trade and commerce. |
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