In spite of all these hindrances, a capitalist class gradually arose in Germany. Large profits, altogether apart from trade, could be made by managing, collecting, and forwarding the money coming from the universal system of Indulgences. It was in this way that the Fuggers of Augsburg first rose to wealth. Money soon bred money. During the greater part of the Middle Ages there was no such thing as lending out money on interest, save among the Italian merchants of North Italy or among the Jews. The Church had always prohibited what it called usury. But Churchmen were the first to practise the sin they had condemned. The members of ecclesiastical corporations began to make useful advances, charging an interest of from 7 to 12 per cent.—moderate enough for the times. Gradually the custom spread among the wealthy laity, who did not confine themselves to these reasonable profits, and we find Sebastian Brand inveighing against the “Christian Jews,” who had become worse oppressors than the Israelite capitalists whom they copied. But the great alteration in social conditions, following change in the distribution of wealth, came when the age of geographical discovery had made a world commerce a possible thing. § 2. Geographical Discoveries and the beginning of a World Trade. The fifteenth century from its beginning had seen one geographical discovery after another. Perhaps we may say that the sailors of Genoa had begun the new era by reaching the Azores and Madeira. Then Dom Henrique of Portugal, Governor of Ceuta, organised voyages of trade and discovery down the coast of Africa. Portuguese, Venetian, and Genoese captains commanded his vessels. From 1426, expedition after expedition was sent forth, and at his death in 1460 the coast of Africa as far as Guinea had been explored. His work was carried on by his countrymen. The Guinea trade in slaves, gold, and ivory was established as early as 1480; the Congo was reached in 1484; and Portuguese ships, under Bartholomew Diaz, rounded the Cape of Good Hope in 1486. During these later years a new motive had prompted the voyages of exploration. The growth of the Turkish power in the east of Europe had destroyed the commercial colonies and factories on the Black Sea; the fall of Constantinople had blocked the route along the valley of the Danube; and Venice had a monopoly of the trade with Egypt and Syria, the only remaining channels by which the merchandise from the East reached Europe. The great commercial problem of the times was how to get some hold of the direct trade with the East. It was this that inspired Bristol skippers, familiar with Iceland, with the idea that by following old Norse traditions they might find a path by way of the North Atlantic; that sent Columbus across the Mid-Atlantic to discover the Bahamas and the continent of America; and that drove the more fortunate Portuguese round the Cape of Good Hope. Young Vasco da Gama reached the goal first, when, after