Banco di Don Julio

For many years, Canterbury Faire has benefited from the largesse of Baron Michelet and Lord Killian, who have run the Mangy Mongol and provided potables for the populace. While the coffee is clearly a commodity to be paid for, the other potables were supported only by spasmodic donations, and came primarily from the pocket of the aforementioned gentlemen. Eventually it became too much of a burden and we had a Faire without potables and, as a result, a much quieter common gathering area as people stayed in their ecampments to eat, drink and socialise.

I wanted to see if I could find a mechanism that would allow such costs to be covered without requiring any kind of actual purchase or exchange for potables taking place; the secondary aim was to bring people out of their encampments and re-establish the Mong as the place to hang out. And thus the Banco di Don Julio was born in AS45, allowing me to indulge my penchant for period research and printing practices, as well as to call in funding that could be applied to good use. I offered to cover costs and equipment expansion for what became the Potable Adventurers' Companie and also found some other useful applications of the Banco funds to spread the investment to other entertainment and infrastructure aspects of Canterbury Faire. A good time was had by all, and it looks like another Canterbury Faire institution has been born....

And in case you are wondering why Don Julio -- well, it's a long story. You can see the song that arose from it here.

Investment Offering: Become a Banco Shareholder Today!

Don Julio -- oddly enough when used as a stamp, the face comes out as a skeleton....

Calling Padrones

Prior to Canterbury Faire, the Banco di Don Julio calls for investors of good standing to support its activities, where the Banco underwrites a range of entertainments, including the gifts of the Potable-Adventurers Companie and other such matters as it deems fit to the delight and benefit of all those attending Faire.

That is, those willing to supply in advance a non-refundable investment for a designated amount gain the status of Padrone, with period-style share certificates and including a baggie to hold such things as Banco tokens, badges, small games and amusements, tickets for premium reserved seating at the Half-Circle Theatre with special pampering, and other such benefits as the Banco can think of.

In the first year, I included a hand-illuminated Padrone certificate, and had a Major Shareholding offering with a printed period-style share. That produced quite a lot of work, with only a small uptake of the Major Shareholding, so I simplified the preliminary offering the following year to just Padrones, with preprinted Minor Shareholdings taken in return for donations at Faire itself.

The bulk of the Banco funds goes to support the activities of the Potable Adventurers Companie to provide free period-style brews for the Monday Roister Revel at Faire. Any surplus has gone to a range of things such as the provision of food for the revel, a donation to the waffle-production efforts of the magnificent Breakfast Baron Kjartan, support for entertainment activities, as well as aprons, shelving and lighting for the Mong area.

The minor shareholder certificate also has a special gold stamp of the Banco di Don Julio depicting the Don in all his glory. This looks nice, and also means you can't just print this image and pretend you have a share.... See below for the provenance of such a magnificent certificate.

A keen supporter wanted a Padroneship despite not being able to attend Faire, and asked if he could appoint an agent. The Banco was, naturally, happy to support absentee Padrones, with any local agents attending Faire nominated to conduct such Banco business as is required (ie get the fancy seating at Half-Circle and suchlike). The absent Padrones get their certificates sent to them, along with reports on the Faire's activitites. In AS46, they all got a full set of the Canterbury Faire newsbookes, which included reports from the Banco and a listing of the Padrones.

Absentee Padrones have come from across the Known World, bless them, often from far-flung Southron Gaarders wishing some small connection with home. One generous soul gifted two Padroneships to the good people who had billeted him at a previous Faire, as a means of saying thank you. Another asked for his agency to be appointed to a worthy member of the populace (I had great delight in selecting Lady Katherine Stewart who had done such sterling work in assisting with the earthquake response, using Lochac donations to purchase useful wares and travelling for hours each day to and from our beleagured city to distribute it in the hardest-hit areas).

Various Banco certificates. At top, the AS45 Major Shareholding; Bottom (left): the AS46 Padroneship; (right) the AS45 Padroneship

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The Game Expands

One of the first Padrones to invest mentioned this in his delightful letter of application:

Oh, and as I have mentioned...I would like to vehemently deny that my financial backing is in any way sponsored by certain energetic Caribbean-based businessmen, themselves well versed in the kraken-risk to their own peculiar way of exercising commerce. There is also absolutely no truth to the rumour of the existence of "The Gnomes of Tortuga". Feel free to casually mention this to Ld Anton the next time you bump into him...

An inquiry and some correspondence led to this notice on the Kingdom lists:

It will shock few people to know that the Bank of Anton is rumoured to have taken a substantial position in the Banco di Don Julio. Monsieur de Stoc advises that if anyone wishes to take carats, or kuxen as the Germans call them, in Banco di Don Julio Holdings (Outlands) No Liability Except At Gunpoint they are to speak to him or his factors.
Major Shareholders in Banco di Don Julio who vote against Monsieur de Stoc's motions at any meetings of the Banco di Don Julio may wish to consult with their advisors as to kraken-related business risks.
Major shareholders who wish to liquidate their investment prior to Canterbury Faire are advised to contact Monsieur de Stoc as to the secondary market in Banco di Don Julio debt, in the manner of French Royal debts negotiated at the Hotel de Ville of Lyons, Spanish juros in Genoa or Florentine state debt at wherever Lorenzo the Magnificent happens to be sitting.
I am, your loyal, obdient and not at all dodgy servant,
Anton de Stoc
At Rowanie IIII Decembre

Naturally this required a firm response, to wit:

To all people of good standing,
The Banco di Don Julio wishes it to be known that the scurrilous rumours concerning a possible take-over by the Bank of Anton are being spread by a gentleman who has over-estimated the size of his assets....
A select few positions of Padrone remain available (and will close at Twelfth Night), along with those of Major and Minor shareholders in this non-refundabale investment offering. Those wishing to participate from a distance are welcome to appoint an agent for the term of Canterbury Faire to uplift the relevant benefits.
Accept no dubious blandishments of other ventures -- become a Banco di Don Julio Padrone today!

We heard no more of takeovers...However, at Canterbury Faire itself, the following notice was found tacked up in a number of areas:

The Lochac Banking Inquisition, newly convened & shortly to report to the Exchequer, wishes all law-abiding Traders to know that the banco di Don Julio has been implicated in conducting Banking Activities unregistered by the Inquisition, & has been vouching for the good character of Dubious Persons, Foreigners, dishonourable Vagabonds, landless Barons, & others Disapproved of by the said Inquisition.
Gentles with Information pertaining to this Investigation are requested to report it promptly to the Exchequer or one of his Agents at the Faire.

We figured we knew who was behind this. We pointed out that Their Majesties of Lochac were Padrones of the Banco and surely the Inquisition would not dare to aim so high....and after some negotiations we were pleased to announce in Court that the Inquisition had been taken over by the Banco for a small consideration.

In AS46, the great broadsides produced by a certain Ildhafn collective ran a story titled Banco di Don Julio first to receive highest rating, noting that the Poor Standards rating agency had rated the bank as AAA, and that investigations by the Inquisition and the Banco had closed. It (accurately) noted that there had been "record subscription numbers and early demand for share offerings". I now have people asking at one Faire for a Padroneship to be reserved for them at the next.

I do love it when people play with ideas and build on them.

And Keeps on Growing...

The play continued the following year (AS46), when the Banco once more sent out its share float notices. In one such communication, a post-scriptum read (in reference to the earthquakes that had flattened our city):

Please ignore any suggestion that the lowering of the cost for this year's Padroneship is related to losses due to Acts of God -- the Pope supports this venture and we can produce the Donation documentation to prove it....

It's nice to belong to a group who can recognise a reference to the famous medieval forgery of the Donation of Constantine when they see it...

One would-be Padrone responded thus:

I admit I have had some concern about the stability of the Canterbury Faire Chamber of the Banco di Don Julio (and a great many other things in its general vicinity). However, remembering that last year's investment produced an acceptable return, and reassured by the support of the Pope, I wish to apply for one of remaining highly sought-after Padroneships.
My financial wherewithal is not in doubt throughout the Kingdom, and I'm fairly sure I will be able to find someone to testify as to the fineness of my character.

I will consult with my purser and ensure that I have suitable coinage of your local mint to invest in the banco when I attend the faire. While I'm sure my factor would be treated with the utmost respect, I prefer to oversee my investments in person.
After seeing the fine investment opportunities of your fair green lands, I have scheduled an inspection in february of every second year for this region. I assure my local associates is not at all disproportionate to the extent of my holdings in the region, and is in no way influenced by the number of persons who reside in the region with which I find it necesary to consult at important business occasions such as balls and the theatre.
Despite these assurances, one of my closer associates has chosen to inspect these business opportunities in person this year, in addition to associates who have joined me on previous occasions. I have recomended investment in your banco, as an enterprise run by a highly respectable and commendable person.

Did I mention how much joy I get out of seeing people take an idea and running with it...

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Some Historical Background

When the idea of some sort of underwriting for various activities at CF was first mooted, my initial thought was to establish something like a Merchant Adventurers Company, but I was finding it difficult to locate examples of documentation and structure that suited my aims. I then started to look at the development of early banks and how money was collected for investment and that seemed to offer some excellent ideas for how this project could be managed in a perioid fashion.

The share certificate wording for the Banco di Don Julio is based on the earliest known printed share certificate still extant, as issued by the Dutch East India Company in 1606, translated by the helpful Hannah of Hanecnolle from the Shire of Polderslot, and with a few gratuitous Latin phrases thrown in by me. I had to include the commune communitatis as in for the common good of the community (even if only for the Hot Fuzz reference). I particularly liked one of the legal phrases: assecuratus non quaerit lucrum sed agit ne in damno sit, which means the assured does not seek profit but makes [it his profit] that he not be in loss. That rather nicely sums up the aim of this Banco project.

The Banco's Minor Shareholding certificate, shown above, is laid out to closely match that of the Dutch East India Company one, though our bank notary has tidier handwriting...The initial Major Shareholding certificates were based on the style of indulgences printed in 1497 in Antwerp (and the following year by Wynkyn de Worde at Westminster). The indulgence was issued as a measure to drum up donations for the repair of the Hospital of the Cathedral of Santiago de Compostella. It included a stamp, a seal, and a monogram from the issuing party. The monogram is one based on that of Perkin Warbeck (aka Richard of England, the missing Yorkist Prince from the Tower; though some called him a Pretender), with a k on the end for me.

In AS46 I used the Compostella indulgence as the basis for the Padrone share certificate, with the aim of making every Padrone offering a different style. The revised certificate had a suitable woodblock on it, depicting the angels guiding Don Julio (or should that have been angles?). I can see I'm going to have to do more research to find other suitable models for future years....

Please Note: The Banco di Don Julio is NOT a bank. It is a fictitious entity, as is Don Julio himself. The concept has been developed to provide some amusement, some education and some financial support for a number of activities at Canterbury Faire not otherwise funded. It is not an official part of the Canterbury Faire event, nor is it operated by SCA NZ Inc. This is a private venture being managed by Mistress katherine kerr ( if you don't trust me to use the money as outlined, then don't participate). As noted the "shares" are non-refundable; they do not return interest; they do amount to an exchange for the items listed. There will be no reporting to "shareholders", nor meetings, nor accounting. Just fun -- that we can guarantee.

According to Stock Market Trivia, the oldest printed bond related to a Holland & Westvriesland loan dated 1586. This was issued to support the war against Spain, with the investors forced to cough up (though they did get the choice whether to receive interest payments with eventual principal repayment, or receive annuity payments for life).

One claim I really found intruiging was that of an early handwritten share, said to have been issued for the Stora-Kopparbergs company in 1299. The really impressive thing is that the company is still an operating concern!

Stock exchanges themselves became operational in late-ish period, with the Anstwerp Bourse opening in 1460, followed by Lyons (1506), Toulouse (1549), Hamburg (1558) and the London Royal Exchange (1571). Despite the strong presence of the French and Low Countries in stock market development, the whole banking industry as we see it today really kicked off in the Italian city-states of the 14th century (though Gilbart dates the Venetian bank to as far back as 1157).

Florence, Venice and Genoa were the main proponents, with the likes of the Medicis, the Peruzzis and other trading families establishing systems to provide loans, international money transfers, securities and -- dare one say it -- income from interest. The Chamber of St George -- a Genoan bank established in 1407 -- was even given several cities and territories (including Caffa and Corsica) as security for handling state debts.

The Italian term banco is said to refer to the green cloth-covered benches used in the marketplace to exchange money and bills. According to Gilbart's history of banking, when a banker failed, his bench was "broken by the populace" (whence the term bankrupt).

The Venetians are said to have promoted the idea of joint stock funds as a means of financing various conflicts through a forced loan from its citizens. Gilbart says that:

The citizens received Stock certificates in exchange for the sums they paid, bearing interest, which they might sell or transfer to any one else. The original loan was called the Monte Vecchio: afterwards two other similar Loans were contracted which were called the Monte Nuovo and Monte Nuovissimo.

In the 1400s, Montes Pietatis were developed, partially as a reaction to money-lending. These Banks of Charity were based on "a collection of funds from voluntary donations by financially privileged people who had no intentions of regaining their money" -- so could really be said to be the true model for the Banco di Don Julio. England had a version of these, with the first one founded in 1361 as a pawnbroker which lent money but didn't charge interest. They had a fairly modern-sounding structure, with a director (a depositarius), an appraiser, an accountant (notarius) and even sales staff.

The Padrone and Major Shareholdings were initially limited to sixteen. As well as ensuring we don't have an embarrassment of riches, this also conforms to period practice (though the decision to drop the price in the following year meant an expansion in Padroneships). According to the Oxford University Press Shakespeare's England, published in 1917:

Shareholding is in itself one of the most primititve devices of mankind and there appears to be some mystical reason for a division by sixteenths. Sixteen Celtic househols within a tribe shared the use of the land; sixteen German miners in the thirteenth century formed a working fellowship...the shares in the Blackfriars Theatre which raised Shakespeare to affluence, were likewise sixteenths.

Being British-based, the work goes on to claim that "the typically moden form of shareholding, by which the capital of the outside public is made to fertlise enterprises which are beyond the resources of the individuals, may almost be said to have had its beginnings in Shakespeare's time".

I did briefly toy with using the Italian Monte term instead of Banco. Given the complete transparency of the offering, I could then have called this project the Full Monte.... Perhaps that would have reassured those who were worried that this piece of financially inspired performance art might be taken too seriously.

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Roister Doister Revel: Monday evening, Canterbury Faire

Come join the rabble for dubious games, bawdy and/or comic presentations, folk and filk songs, peasant dances and other amusements to pass the time at the Roister Doister Revel. There may be trading, gambling, sideshows and impressive feats -- there will be laughter and merriment to pass the time in good company. The Potable-Adventurers Companie will be gifting their production, to be made available to those of a suitable age and demeanour.

In AS45, the new Roister Revel at the beginning of Faire gave us a chance to highlight the Mong area. Lord Bjorn and I spent most of the evening serving the output of the Potable Adventurers Companie at the Revel and had plenty left over for supply through the rest of Faire. The coconut shy proved oddly compelling for some (an early children's activity was to decorate the coconuts with faces and finery). Mistress Crispin and Master Katherina (in suitable cross-dressing attire) presented a delightfully over-the-top ballad about certain of my exploits. It felt like a good way to start off the event.

The following year we began on the Sunday evening with a pouring of potables so that people could raise a glass and toast the health of the newly invested Baron and Baroness of Southron Gaard. The Roister Revel saw more dubious entertainments, and I'm hoping in future that these will grow into a full-scale games and gambling evening as people get the idea (and we invest in more lighting for the area).

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Half-Circle Theatre: Wednesday evening, Canterbury Faire

The right noble and virtuous Dramatikal Compagnie of Lord Lovel's Men doth array upon the stage The Half CIRCLE THEATRE, wherein shall be presented divers entertainments gathered out of the best approved players and musicians augmented with ne'er before seen interludes. To be held in the Half-Circle on Wednesday evening; if the weather prove inclement, we shall repair to the Great Hall. Reserved seating with half-time pampering will be provided to Padrones of the Banco di Don Julio. Groundlings are welcome to bring cushions and other such comforts of their own.

Half-Circle is a tradition at Canterbury Faire. We now decorate the newly extended amphitheatre seating with fancy organza drops donated by Mistress Taddea, so the Padrone seating looks suitably splendiferous. Little "Reserved for Padrone" cards helps keep the hoi-polloi to the groundling area. It looks like it'll be the availability of seating at Half-Circle that is likely to be the limiting factor on Padrone number, as we can seat up to around 30 or so. All Padrones are treated to roasted nuts and/or other treats held in a folded packet made out of misprints from various of my period printing projects.

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The Potable-Adventurers Companie

The Potable-Adventurers Companie consists of a fine group of upstanding gentles who are exploring the realms of potable production, discovering the arts and sciences involved in bringing such to fruition, and who have the generosity of spirit to donate said production to the benefit of all of suitable age and demeanour at the Roister Doister Revel held at Canterbury Faire.

Inaugural members of the Potable Adventurers Companie:
Lord Thorald inn Sudreyski
Myrun Johansdottir
Timothy Haast
Lord James of Southron Gaard

The Banco was established with the aim of providing funding for those Companie members who needed equipment, and to cover any production expenses so that no-one was out of pocket. The more intangible result was that people got more experience and learned more about their particular area of brewage. The Adventurers must have enjoyed it first time round, as a couple asked me after Faire whether the Banco was going to operate again, and said they had new ideas for brewing; others have since asked to join in. Wine and lager, mead and cider are all popular, but most popular of all in the second year was the non-alcoholic ginger beer and short mead, which was good to see.

The first year, we ended up with around 250 litres gifted to the event, ranging from non-alcoholic Short Mead to Elderberry Wine, Cider from the Highlands to a limited amount of Lindisfarne Bonfire Beer courtesy of an Ordo Cygni brewer. I made up special labels for all the different brews and a summary sheet for the punters. We didn't use most of the labels as it was easier to simply stand the bottles on their individual descriptive sheets than label them individually. The Adventurers were also given a certificate of membership to show them as people of Good Standing. In the second year, we had about the same volume, but involving 15 different brews as Companie members experimented. In future, I'll be limiting the amount of any one brew, to cut down the volume, but keep the non-alcoholic offerings at a significant proportion.

We were careful to stress that the potables had been gifted to all attending the event; it was not necessary to have any holding in the Banco to benefit, so there was no question of us selling the brews, but just giving them away. Having an active Asset Manager and the output stacked in a Mong tent meant we could control supply in terms of checking appropriate age and physical status so as to act as responsible hosts (in any event, neither has presented any problem). I had the occasional volunteer help out with pourage and they were given a special Banco badge in thanks, as were any event heralds who announced Banco news during the day's rounds. It was very sweet to see how much this small touch pleased those involved.

Two members of the Potable Companie wanted to supplement their brewed offerings and so, in AS46, we had two types of handmade sausages (smoked andouille and jagerwurst) and beef jerky, courtesy of Lord Thorald and Lord Timothy respectively. The good Ladies Bethany Hayward and Isabel Winter were kind enough to run classes on bread-making and cheese-making first thing on Monday, with the results turning up at the Roister Revel, so a yummy time was had by all, with all materials funded by the Banco.

In the initial offering, one Padrone told me afterwards that he'd had no idea that the Banco was funding the Potable Adventurers' Companie -- had he realised that, he said, he would have bought two Padroneships. I was delighted, as the idea was to keep the two organisations at arms' length, but also to give a more period means of playing and gain a greater understanding, whether about period brewing or banking. This seems to be a pretty good way to meet the letter of the law, provide a safe environment and give people a means to learn.

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