[9] I. Goll, "Samo und die Karantinischen Slaven", Mitteilungen des Instituts für Oesterreichische Geschichtsforschung, vol. XI.

[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.