THE HISTORY OF COMMERCE
when the market price of rice rose to an abnormally high figure, public opinion rebelled against these speculative operations. Several of the brokers were arrested (1721) and placed on trial, and though the authorities acquitted them, dealing in margins was thenceforth forbidden, and the licence system, as described above, went into force in Yedo. There were three exchanges. One closed at noon; the other two remained open until nightfall, and consequently received the name of "fire-rope exchange," because the burning out of a fire-rope constituted the signal for closing. Orders to be filled as well as lots of "real rice" and of rice to arrive were put up at auction, and the current price of the day was communicated from Ōsaka to the provinces by signals with flags, or with flambeaus if at night. Twice in every year, namely, on April the 17th and October 17th, the standard rice was determined by vote, and since this rice commanded the highest price in the market, it became a matter of great moment to a fief that its grain should be chosen. There was consequently keen competition, and the chief of the successful fief contributed £800 towards the expenses of the market. It must not be inferred, however, that merchants were free to fix the price of rice at will. In every age this commodity enjoyed the distinction of being considered the standard of value, and stringent measures were officially adopted to prevent regrating or hoarding of grain in times of
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