Le dépôt en foire au début de l’époque moderne: transfert de crédit et financement du commerce

Based on the private records of a 16th century prominent merchant-bank (Salviati of Lyon), this paper brings to light an important instrument of trade finance in the early modern age: the fair deposit. While financial history of deposit banking has often been separated from that of merchant-banking, this paper demonstrates that in the 16th century, a specific type of deposit banking emerged on the fair locations, intrinsically connected to merchant-banking and international trade. The fair deposit, revealed by analysis of the Salviati books, appears to be both a clearing and credit instrument, sustaining the financing of European big business. Credit mostly derived from international trade and banking, where it was re-injected forthwith. Investments were stimulated by the numerous advantages offered by the Lyon fairs - i.e. licit lending at interest, alternatives for investments, possibilities of purchases and rapid transfers. Loans to local and foreign businessmen nourished the trade of commodities and, above all, the exchange business, conferring on Lyon a crucial position in European trade and exchange system. Such form of deposit banking was closely related to the development of merchant banks working mostly on commission, which drew substantial profits from it without specializing in it or ever becoming deposit banks.