The first safe-deposit vaults were operated in ancient Egypt by royal palaces and temples. The common form of money at that time was precious metals in weighed quantities. Payments were transferred from one account to another without the physical exchange of money. The ancient Greeks developed money in the form of silver and bronze coins around 600 BCE. Counting coins was much quicker and more convenient than weighing them, so the use of coins for everyday transactions spread rapidly. Greek bankers developed other services, including money- changing services, because of the variety of coins used. During the Middle Ages, European monarchs controlled the production of coins. The English monarchs recalled all the coins and issued new ones every few years. This enabled them to reduce the circulation of counterfeit coins and make a profit from the metals used. Banking in continental Europe was controlled by wealthy private bankers and powerful statesmen for more than 300 years. In England in 1571, Sir Thomas Gresham built the first Royal Exchange. He obtained large loans from financiers in Antwerp. He was also banker to a series of monarchs from Henry VIII to Elizabeth I. London goldsmiths who laid the foundations for British banking. At first, the receipts simply proved that a certain amount of silver or gold had been deposited, but later the use of the receipts extended beyond that of reclaiming deposits. They became a form of exchange between traders in settling transactions. By the 17th century, goldsmiths were issuing additional receipts against the gold to borrowers. The result was an increase in the money supply. This system only worked so long as the original depositors did not withdraw all their deposits at the same time. There are other goldsmith banking functions that are relevant today. They include the development of demand and time deposits, balance sheets and promissory notes.
My room is very light and large. There is a sofa on the right. Next to the sofa there is a green nightstand. You can a vase with flowers on my dresser. On the left side of the dresser there is a window. And next to the window on the left, there is my desk where I do my homework. Of course, I have a computer desk with my new net-book which connected to Internet. It is opposite the window. There is a book-case with many shelves for books and CD-disks between the sofa and the desk. There are some posters with my favorite pop-singers on the walls. And in the middle of the room there is a colorful carpet. I love my room!
The first safe-deposit vaults were operated in ancient Egypt by royal palaces and temples. The common form of money at that time was precious metals in weighed quantities. Payments were transferred from one account to another without the physical exchange of money. The ancient Greeks developed money in the form of silver and bronze coins around 600 BCE. Counting coins was much quicker and more convenient than weighing them, so the use of coins for everyday transactions spread rapidly. Greek bankers developed other services, including money- changing services, because of the variety of coins used. During the Middle Ages, European monarchs controlled the production of coins. The English monarchs recalled all the coins and issued new ones every few years. This enabled them to reduce the circulation of counterfeit coins and make a profit from the metals used. Banking in continental Europe was controlled by wealthy private bankers and powerful statesmen for more than 300 years. In England in 1571, Sir Thomas Gresham built the first Royal Exchange. He obtained large loans from financiers in Antwerp. He was also banker to a series of monarchs from Henry VIII to Elizabeth I. London goldsmiths who laid the foundations for British banking. At first, the receipts simply proved that a certain amount of silver or gold had been deposited, but later the use of the receipts extended beyond that of reclaiming deposits. They became a form of exchange between traders in settling transactions. By the 17th century, goldsmiths were issuing additional receipts against the gold to borrowers. The result was an increase in the money supply. This system only worked so long as the original depositors did not withdraw all their deposits at the same time. There are other goldsmith banking functions that are relevant today. They include the development of demand and time deposits, balance sheets and promissory notes.
My room is very light and large. There is a sofa on the right. Next to the sofa there is a green nightstand. You can a vase with flowers on my dresser. On the left side of the dresser there is a window. And next to the window on the left, there is my desk where I do my homework. Of course, I have a computer desk with my new net-book which connected to Internet. It is opposite the window. There is a book-case with many shelves for books and CD-disks between the sofa and the desk. There are some posters with my favorite pop-singers on the walls. And in the middle of the room there is a colorful carpet. I love my room!