a slow recidivism behind the expanding trade powers of the 18th century. Until the 9th century In antiquity the sea level was a few metres lower than today. Greek and Etrurian traces reveal much earlier settlements than expected. Chioggia (Clodia) was a Roman military colony and in the Fontego dei Turchi above the Canal Grande a coin from the days of emperor Trajan was found. At the latest during the 6th century fishery, but overall sea salt and grain played the major roles. At about 750 King Aistulf of the Longobards prohibited trade with the Byzantine subjects - that means obviously with the people of the lagoon as well. Around 780 traders at Pavia offered goods such as Tyrian purple from the orient. Before 785 already, Venetian traders resided in Ravenna and in the so-called Pentapolis, men that had been "expelled" by the Franks in 787/791. About thirty years earlier they did appear in the slave trade with the saracenes. Trading mostly meant drapery. Obviously coins and coinage were common - e.g. coins of emperor Louis the Pious were in use, but stamped with „Venecia“ on the reverse -, but Venetians preferred the coins of Verona, although a Venetian zecca (Arabian word for coin) is verifiable for the ninth century already. The early emporium of Torcello was soon replaced by Malamocco, later by Rialto. The nuclei around Olivolo, San Marco and Rialto made up three foci, one concentrated on ship building arsenal, one as political centre, one as centre of trade and exchange. The early phase of „feudalization“ together with the acquisition of wide real estates, brought huge amounts of capital to certain families. The last will of the doge Giustiniano Participazio from 829 demonstrates, to which amount these families did invest their revenues into buildings, goods and adornments, but the more it is astonishing that they invested even more in credits and trading companies. The leading stratum was obviously involved in trading very heavily, much more than the nobility of the neighbouring mainland. Between Byzantium and the Holy Roman Empire: 9th century to 1171/1204 With the destruction of Comacchio (883) that controlled the mouth of the Po River, Venetians liberated the trade till Pavia and Piacenza – the more as a treaty with Charles "the Fat" had opened his Realm. Much more difficult was the relation to Istria and even more Dalmatia, where the Narentani, pirates of the Dalmatian