The Flemings - Flemish migrations and influence

formerly current in the Low Countries, of the value of six stivers; ad. Du. schelling. This word appears also as Skilling (1700, S.L. trans. Fryke's Voy. E. Indies), ad. Du. schelling.

Yokindale (1536), a silver coin of the 16th century varying in value from 15 to 20 shillings Scots; ad. e.LG. jochimdailer, variant joachimsdaler (G. Joachimstaler), ‘the coin of Joachimstal’ in Bohemia, the original name of the thaler; they were coined there in 1519 from a silver mine opened in 1516. The modification of this, Dollar (1553), appears in English in the 16th century in the forms daler, daller; ad. LG. and e.mod.Du. daler (Du. daalder), alongside the full term. A particular kind of dollar is the Rix-dollar (1598), a silver coin current from the later part of the 16th century to the middle of the 19th century in Holland, Germany, Sweden, and Austria, in their commerce with the East; ad. older Du. rijcksdaler (Kilian), Du. rijksdaalder.

Orkyn (1542, once) and Orkey (1660, Hexham), the fourth part of a stiver; a corruption of Du. oortken, diminutive of oort, a small coin. Morkin (1547), a German coin of small value; ad. M.Du. moorkijn, diminutive of moor. Doit (1594), a small Dutch coin formerly in use, one-eighth of a stiver; ad. e.mod.Du. duit (in M.Du. also duyt, deuyt, doyt, deyt).

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Finance and money-lending are closely connected with the general practice of trade, and Low Dutch merchants and traders in England seem to have engaged largely in this profitable sideline.

Edward III had large dealings with Netherland money-lenders, especially those of Louvain, in order to raise the enormous sums needed for the payment of subsidies to his Low Country allies.

After the failure of the great Italian bankers much of their business fell into the hands of the Hansa merchants, who made considerable loans to the English Government, either directly or as agents for their fellow-countrymen in Germany. In 1343, when the King had been granted a tax of 40 shillings a sack on all wool exported, he immediately borrowed the value of it from Tiedemann van Limburg and Johann van Walde, Easterlings. Similarly in 1346 the Hansa merchants lent the King money for three years, holding as security his second crown; they also took the Cornish tin mines at farm. Several Flemings also came to London after the Italian collapse and established themselves as bankers. They were prepared to make a loan to the Government on the security of the taxes, which were about to be levied at an unusual rate; they were not able to prosecute their business for long, as they fell victims to the popular hatred of foreigners which culminated in the reign of Richard II in savage riots against the Flemings in London.

When Elizabeth borrowed to avoid summoning Parliament, she borrowed not only from native merchants, but from the numerous and wealthy Dutch merchants living in London, whose enjoyment both of the ‘Intercourse’, or favourable conditions of trade established by an old treaty with the Netherlands, and of freedom of conscience, seemed to give the Queen a right to demand loans of substantial amount and without interest. This she declared to be the more justifiable, since the produce of these loans would go in good part to the expenses of 3. 15.A.I. 77, 205-6, 208; I.C. II. 130, 148, 159, 324-5; Ch. 93; Ch. Eliz. II. 218. her troops in the Netherlands. In 1600 a list of 114 Dutch merchants was drawn up from whom the loan of sums from £2,000 downward could be expected. The Goldsmiths also lent her money.

Some of them were English, while others were resident aliens who were getting ever more and more control of this business. In 1622 the Goldsmiths' Company complained that there were no fewer than 184 aliens engaged in their business of banking. One of these merchant strangers, Gerard Malynes, who wrote many pamphlets on financial subjects, has given us a full description of the methods of continental bankers before 1600, and even if the system was not so fully developed in London at the time, there is reason to believe that it did not lag far behind. After the failure of Alva's administration Antwerp declined rapidly and London came to be more and more an important monetary and trading centre. At this time Erasmus Vanderpere brought out a proposal for the establishment of a bank of money in London.

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