Maona
A maona (Arabic: معونة ma‘ūnah 'help', Arabic: معاونة mu‘āwanah 'mutual help') or Societas comperarum was a medieval Italian association of investors formed to manage the purchased shares (loca or partes) of the revenue due to the relevant city-state through tax farming; the shares were individually sold to wealthy merchants, but the collection could be difficult and so these merchants would band together.
Characteristics
These organizations were usually temporary, and could sometimes be extremely aggressive in extracting the monies due them; their actions went up to, and included, outright conquest. The origins of the concept of joint investment combined with joint (private) enforcement can be traced back to trade financing in Mesopotamia. The linguistic roots of the Arabic word Maounach can best be translated as help or helping each other. The maonas were de facto the first examples of shareholding companies (in the Western world at least) and were used by the Genoese to enlarge their dominions in the Levant in the 14th century. Maona were especially common in Genoa and the territories of the Republic of Genoa.
The genoese Maona of Chios
Historically the most famous Maona was that of Chios. The Genoese authorities of Chios and their Greek subjects (who constituted the majority of island’s population - 80%) were subjects of the Republic of Genoa. Initially, many of the Mahona associates and therefore members of the island’s administration were citizens as well as inhabitants of Genoa. The members of the company for more than two centuries were entitled to the revenues deriving from the natural or economic resources of the island. In return they had to pay an annual tribute to Genoa.
After two years, the original shareholders that lived in Genoa sold their shares to some colonists that already lived in Chios or to some Genoese citizens that migrated to the island. These new members constituted the New Mahona that was also subsequently became known as the Mahona (or Maona) of the Giustiniani. Since the Republic was unable to redeem the island from the Giustiniani, Chios remained in their possession till its final fall to the Turks. In the mean-time the Mahonesi had to pay tributes to Genoa, at the beginning to the Byzantine emperor John V Palaiologos in 1363 and finally to the Turks.[1]
The republic engaged to secure these citizens against all loss, and pledged a portion of the annuual revenues of the state pay the interest on their advances. Each subscriber had paid down 400 Genoese livres; twenty-six galleys had been equipped by the commons and three by the nobels.[2] Once the conquest of Chios was successfully achieved, the ship-owners then returned to Genoa and advanced the sum of 250,000 lire to cover the expenses of the campaign. After long deliberations, an agreement was concluded on 26 February 1347 between the Commune and the group of its creditors represented by the Genoese admiral Simone Vignoso. This association took the name of Maona of Chios. The debt owed to the ship-owners was repaid in shares, or "luoghi", to an amount of 203,000 genoese lire. This was less than the commanders of the ships demanded, but nonetheless they got property and the administration of Chios and Phocaea, in addition to the revenues provided by the "luoghi". The more-or-less forced benevolence of the ship-owners made up for the deficiencies of the state, which was then obliged to hand over public revenues to them to meet its obligations.[3]
The Justinians with their Maona governed Chios, appointing a commissioner and commanding 52 military Genuates in the island: during these years (1346-1566), the trade revived and the island enjoyed huge prosperity. The Mahona of Chios ended its activities in 1566 when the Turks invaded and occupied the island. Piali Pasha annexed it to the Ottoman empire in 1566. The sultan had a good pretext for putting an end to the government of the Justiniani, for the island served as a place of refuge for fugitive slaves, and of refreshment for Christian corsairs.[4]
The model proved successful and in 1373 the Genoese also founded the "Maona Vecchia di Cipro" in Cyprus.
See also
References
- ^ "The Mahona of Chios. The company that ruled an island for more than two hundred years". Retrieved 5 April 2011.
- ^ Finlay, George (1856). The history of Greece under Othoman and Venetian domination. W. Blackwood and sons,. pp. 86–87.
{{cite book}}: Cite has empty unknown parameter:|coauthors=(help)CS1 maint: extra punctuation (link) - ^ John B. Hattendorf, Richard W. Unger (2003). War at sea in the Middle Ages and the Renaissance. Boydell Press,. p. 140. ISBN 0-85115-903-6, 9780851159034.
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