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Silent trade, also called silent barter, dumb barter ("dumb" here used in its old meaning of "mute"), or depot trade, is a method by which traders who cannot speak each other's language can trade without talking. Group A would leave trade goods in a prominent position and signal, by gong, fire, or drum for example, that they had left goods.
In trade, barter (derived from bareter [1]) is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. [2]
The Maya used several different mediums of exchange and in the trading of food commodities, the barter system was typically used for large orders. [citation needed] Cacao beans were used for everyday exchange in Postclassic times. For more expensive purchases gold, jade and copper were used as a means of exchange. [12]
The Thirteen Factories, the area of Guangzhou to which China's Western trade was restricted from 1757 to 1842 The gardens of the American factory at Guangzhou c. 1845. The Old China Trade (Chinese: 舊中國貿易) refers to the early commerce between the Qing Empire and the United States under the Canton System, spanning from shortly after the end of the American Revolutionary War in 1783 to ...
Despite these changes, the barter system continued into the early 20th century until the Italian occupation in 1936. [2] The first national bank, the Bank of Abyssinia, was established by a fifty-year concession from the National Bank of Egypt in 1905, and had a monopoly on banking.
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Thereafter, paper money increasingly replaced the barter system. [20] Unlike most colonial currencies, which were backed by future tax receipts or mortgages on land or metals, Maryland's paper money was backed by a sinking fund in the Bank of England that would periodically convert a portion of its holdings to sterling. [21]