[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 Geschichtsblätter_ (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 Bevölkerungsstufen._ [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, "Grosshändler und Kleinhändler im Deutschen Mittelalter", _Jahrbücher für Nationalökonomie und Statistik_ (1900). [18] A. Schaube, "Die Wollausfuhr Englands vom Jahre 1273", _Vierteljahrschrift für 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 à l'Histoire de la Draperie Flamande_, II. 391. [22] J. Kulischer, "Warenhändler und Geldausleiher im Mittelalter", _Zeitschrift für Volkswirtschaft_, etc., XVII. (1908). [23] G. Espinas, "Jehan Boine-Broke, Bourgeois et Drapier Douaisien", _Vierteljahrschrift für 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", _Transactions of the Royal Historical Society_, XVII. (1903); and Bond, "Extract from the Liberate Rolls relative to the Loans supplied by Italian Merchants to the Kings of England", _Archaeologia_, XXVII. (1840). _Cf._ Hansen, "Der Englische Staatscredit unter König Edward III. und die Hansischen Kaufleute", _Hansische Geschichtsblätter_ (1910). [25] F. Arens, "Wilhelm Servat von Cahors als Kaufmann zu London", _Vierteljahrschrift für Social- und Wirtschaftsgeschichte_ (1913), pp. 477 ff. [26] V. Fris, "Thomas Fin, Receveur de Flandre", _Bulletin de la Commission Royale d'Histoire de Belgique_ (1900), pp. 8 ff.