Timeline for Why were so many of the earliest banks founded by cloth merchants?
Current License: CC BY-SA 4.0
13 events
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| Jan 3, 2020 at 20:34 | comment | added | Kevin Peter | Banks also made it more convenient to get access to capital in other countries, and were often founded by merchants. Instead of carrying a big bag of cash everywhere you went, you put it in a bank and then got a promissory note for the amount you needed. Other branches of the bank (and even other merchants) would honor that note, and you could use it to pay someone. Or you could both just go to a bank branch and have the amount transferred without cash. An Italian merchant could also deposit cash in Florence and withdraw it in Antwerp. It made international transactions a lot easier. | |
| Jan 3, 2020 at 13:37 | comment | added | Henry | Another issue was the long supply chain involved: for example looking at the London livery companies and guilds, there were the Woolmen, the Weavers, the Clothworkers, the Dyers, the Drapers, the (em)Broiderers, the Haberdashers, and the Merchant Taylors among others. So a long way between sheep and final customers, which needed financing. | |
| Jan 2, 2020 at 17:14 | comment | added | Steve Melnikoff | Re the Woolsack in the House of Lords: it's now the seat of the Lord Speaker, who took over the role of presiding officer from the Lord Chancellor in 2006. Wikipedia also notes that: "In 1938, it was discovered that the Woolsack was, in fact, stuffed with horsehair. When the Woolsack was remade it was re-stuffed with wool from all over the Commonwealth as a symbol of unity." | |
| Jan 2, 2020 at 17:13 | history | edited | user27618 | CC BY-SA 4.0 |
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| Jan 2, 2020 at 16:13 | history | edited | user27618 | CC BY-SA 4.0 |
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| Jan 2, 2020 at 15:15 | history | edited | user27618 | CC BY-SA 4.0 |
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| S Jan 2, 2020 at 15:09 | history | suggested | user28491 | CC BY-SA 4.0 |
clarify the need for financial infrastructure to wool merchants.
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| Jan 2, 2020 at 15:07 | review | Suggested edits | |||
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| Jan 2, 2020 at 14:46 | comment | added | user27618 | @LаngLаngС, Thank You I will check that out. That does seem to take us down a tangent. ( though an interesting one), in getting away from the bank, merchant and weaver relationship and get more into the troubled / toxic: merchant, royal, church bank connections I alluded too. | |
| Jan 2, 2020 at 14:46 | comment | added | LаngLаngС | Also pan-European hemp, flax, nettle (+ other fibres …) and cotton (Sicily, Cyprus, Greece, Turkey plus imports) may be worth mentioning? | |
| Jan 2, 2020 at 14:37 | comment | added | LаngLаngС | Given your line of argument, can you access Wool, cloth, and gold ? | |
| Jan 2, 2020 at 14:35 | history | edited | user27618 | CC BY-SA 4.0 |
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| Jan 2, 2020 at 14:29 | history | answered | user27618 | CC BY-SA 4.0 |