individual, Pietro Recanelli, who had succeeded Vignoso as the leading spirit of the company. Later on, the shares became subdivided to such an extent that at the date of the Turkish conquest more than 600 persons held fractions of them. The shareholders were entitled not only to their dividends but also to a proportionate share of the local offices, of which two or three were attached to each share, but no shareholder could hold the more important for two consecutive years. When the term for the purchase of the island by the Genoese Republic drew near, her treasury, exhausted by the war arising out of her quarrels with the Venetians in Cyprus, was unable to liquidate its debt to the company of 203,000 Genoese pounds, at that time (owing to the change in the value of the pound) equivalent to 152,250. Anxious not to forfeit her right of purchase, the Republic paid to the company collectively this sum, which she had first borrowed from the chief members of it in their individual capacity as bankers. By this financial juggle she became possessed of Chios; but, in order to pay the interest on her new loan, she let the island for twenty years more to the _maonesi_, who were to deduct from its revenues the amount of the interest and remit the balance, calculated at 2000 gold florins, to the Genoese exchequer. Seven years’ balance was to be paid in advance. But such was the financial distress of Genoa that the government in 1380 was obliged to mortgage this annual balance to the bank of St George for 100,000 Genoese pounds. The company then came to the aid of the mother-country, and voluntarily offered to furnish a loan of 25,000 Genoese pounds. In return, the Republic, by a convention of June 28, 1385, renewed the lease of Chios, which would otherwise have expired in 1394, till 1418. Five years before the latter date it was again renewed, in return for a fresh loan of 18,000 Genoese pounds, till 1447; again, in 1436, in consideration of a further loan of 25,000, it was prolonged till 1476, when it was extended to 1507 and then till 1509. Then, at last, the Republic not only resolved to pay off the _maonesi_, but even raised the money for the purpose; but the shareholders protested that 152,250 Genoese pounds were no longer sufficient in view of the altered value of the pound (then worth only 3 lire 73 c.) and the large sums which they had advanced. Payment was accordingly postponed till 1513, when it was decided to leave the island in the hands of the Giustiniani till 1542, with some modifications of their charter. In 1528, however, it was finally agreed to lease Chios to them in perpetuity, in return for an annual rent of 2500 Genoese pounds. At that time most of the shareholders were enrolled in the Golden Book of Genoa.