Reviews the book "Historie et doctrines de la comptabilite," by Joseph H. Vlaemminck.

Abstract The article presents a new perspective on the history of accounting. In Italy, there has always been a lively interest in the history of accounting undoubtedly because the Italians pride themselves on the fact that their country was the birthplace of double entry. One of the most outstanding treatises on accounting published early in this century contains several historical chapters on the development of double and of single entry, the inception of the balance sheet, the first use of reserve accounts and accruals, the origin of the expressions 'debit' and 'credit,' and the beginnings of budgeting. Although the author, Fabio Besta's work first appeared in 1909, it is still considered by many Italians as the Bible for the history of accounting as well as for contemporary problems of theory and practice. Under the stimulus of Besta, some of his students began thorough examinations of medieval account books, but the results of these studies confirmed rather than challenged the findings of Besta.

I. Introduction: the medieval contribution, 161. — II. The school of Salamanca, 167. — III. The demise of scholastic economics, 171. — IV. Scholasticism and mercantilism: a contrast, 177. — V. Conclusions, 185.

First, I put downe for a Maxime that all Monapolies have bin condemned by all politique men and in all well governed Comonweales, as a cause of all dearth and scarcetie in the same, contrarie to the nature and kinde of all Societies, which first growe into Townes and Cities to lie in safetie and to leve in plentie and cheapnes. — A Discourse of Corporations (1587–89?). I. Introduction, 492. — II. The monopoly theory of the Doctors, 495. — III. Monopoly theory and economic policy, 501. — IV. Post-Scholastic monopoly theories, 508. — V. Conclusions, 522.

Abstract In the July 1944 issue of the journal The Accounting Review, there appeared an article concerning the correct spelling of the name of Italian mathematician Luca Paciolo. Author Alfred V. Boursy, defends the position that the correct form is "Paciolo" and not "Pacioli." He bases his argument on linguistic and philological reasons, and the text of a tablet erected by the people of Paciolo's birthplace, Sansepoicro, a small town near Arezzo in Italy. The author's philological and linguistic reasons are sound. It appears that the author's statements are open to question. Boursy takes the text of the tablet from an Italian work by writer Plinio Bariola. This book is poorly done and contains numerous factual mistakes and errors in interpretation. It should never be cited as an authority. Bariola misquotes the text of the Sansepoicro tablet. A correct version is found in writer Balduin Penndorf's German translation of the treatise on bookkeeping by Luca Paciolo. From the analysis of the evidence it clearly appears that the tablet is dedicated to Luca Pacioli, and not to Luca Paciolo as stated by Bariola and repeated, on his authority, by Boursy in the July issue of the Accounting Review.

Abstract It would be a serious mistake to underestimate the importance of money substitutes in medieval and early modern times. The Italians especially were clever in replacing specie by other devices in the settlement of debts. Among merchants the setting over of debts was a common practice despite the absence of negotiable instruments. Local payments were often made by transfer in bank or by transfer of credit on books of an ordinary merchant or a merchant-banker. Transfer orders were given not in writing but by word of mouth. Such banks existed in most parts of Europe however, places where no transfer banks existed, prominent merchant-bankers comprising of foreigners sometimes accepted deposit accounts for clearing purposes. The use of oral commands to pay was rather satisfactory for the purpose of making local payments, but this method was not suitable for the purpose of making funds available in a distant place. In foreign trade, the use of written instruments was therefore a necessity. The bill of exchange became at an early date the principal instrument by which funds were transferred from place to place without shipping any specie.

Abstract Banks of deposit, managed by local moneychangers, existed in Venice, Florence, Genoa, Barcelona, Bruges, and probably in Antwerp and Paris. After 1400, there was a municipal bank in Barcelona, but the private banks continued to exist beside the new institution, and attempts to drive them out of business were un-successful. In Valencia also, a municipal bank was created but it failed to prosper and was dissolved after a few years. As a result of the use of oral orders in lieu of written checks, banking practices and accounting procedure were quite different from what they are today. Making payments by assignment involved going in person to the bank. The banker wrote the transfer in his journal at the customer's dictation, so to speak. In principle, law, but this rule required the presence of both the assignor and the assignee was often disregarded in practice. Bank transfers were frequently made on the strength of an order given by the debtor alone, without the creditor being present. According to a case decided by the Bruges municipal court, payment by book transfer was not complete, however, unless the creditor declared himself satisfied with this mode of settlement.