The legal rate of interest was fixed by Justinian at six per
cent.; but for the convenience and encouragement of trade, eight was
allowed on money lent to merchants and manufacturers; and twelve on the
risk of bottomry.
2. There are several laws in the Theodosian code which relate to the
different fleets of the empire: the Eastern fleet, the principal port of
which was Seleucia, a city of Syria, on the Orontes, by which were conveyed
to Rome and Constantinople, all the oriential merchandize that came by the
land route we have described to Syria, was particularly noticed, as well as
some smaller fleets depending on it, as the fleet of the island of
Carpathus. The privileges granted to the African fleet are expressly given
to the Eastern fleet.
In another part of the code of Justinian, the trade between the Romans and
Persians is regulated: the places were the fairs and markets are to be kept
are fixed and named; these were near the confines of the two kingdoms; and
these confines neither party was allowed to pass.
From a law of the emperor Constans, inserted in the Theodosian code, it
appears that some of the ships which came from Spain to Rome were freighted
for the service of the state; and these are particularly regulated and
privileged in this law.
