English with Dyoma - 7 words a day#37 Level C1 | Текст песни и Перевод на русский

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• 7 words a day#37 Level C1

The Invention of Banking (C1)

The invention of banking PRECEDED that of coinage. Banking originated in Ancient Mesopotamia where the royal palaces and temples provided secure places for the safe-keeping of grain and other COMMODITIES. Receipts came to be used for transfers not only to the original depositors but also to THIRD PARTIES. Eventually private houses in Mesopotamia also got involved in these banking operations and laws regulating them were included in the code of Hammurabi.
In Egypt too the centralization of harvests in state WAREHOUSES also led to the development of a system of banking. Written orders for the withdrawal of separate lots of grain by owners whose crops had been deposited there for safety and convenience, or which had been COMPULSORILY deposited to the credit of the king, soon became used as a more general method of payment of debts to other persons including tax gatherers, priests and traders. Even after the introduction of coinage these Egyptian grain banks served to REDUCE the need for precious metals which tended to be reserved for foreign purchases, particularly in connection with military activities.
1) To precede - передувати 2) бути, знаходитися або йти попереду
2) Commodity – предмет споживання,товар
3) Third party – третє обличчє, третя сторона
4) Warehouse – склад, складське приміщення; товарний склад
5) Withdrawal – вилучення, 1) забирання 2) відведення
6) Compulsorily – обов’язково
7) To reduce - ) 1) знижувати; зменшувати; скорочувати 2) послабляти, зменшувати


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