Ebook The Money Market

Trade is, of course, the foundation Of, and reason for, the need Of money; and trade commenced with the first division Of labour. With the earliest men one was more fitted for one thing and one for another; one was a hunter and one a husbandman. When the hunter handed over to the husbandman so many skins for so much corn, trade was established but this trade was, Of course, only a system Of barter. As men grew more civilised and trade developed, the inconveniences Of this system became apparent and pressing, and gradually more suitable modes Of settling transactions were evolved; although in certain remote and uncivilised parts Of the world trading by barter exists to the present day. As a reminder Of bygone times there is, in the Royal Exchange, a picture Of the Phoenicians trading with the men Of Cornwall fine cloth for tin and skins.