The Italian Elias of Pesaro had proposed to emigrate with his wife and family to the Holy Land, but news of the plague in Syria induced them to remain in Cyprus, in Famagusta. In 1563 he wrote in a letter to a friend or relative about his time on the island.
As soon as the Christians see a fresh Jew arrive to stay here they ask him if he wants to lend money. If he says yes, they are kindly towards him, and he need not fear that the other Jews will look askance at him as though he were poaching on their preserves.
The country is big enough to feed them all. They even beg the newcomer to lend to their friends whom they cannot oblige themselves. Sometimes sums as great as 50,000 ducats are lent for more than six months, but not of course to the first comer. It is an essential condition, and a good custom it is, that the borrower before he receives the loan, were it but a crown, makes some present in proportion to the sum he asks, a chicken or two, a lamb or goat or calf, some wine, cheese or oil. But when the pledge represents a large loan, the gift will not be in the same proportion as for small sums, but will be something worth having, equivalent to 3 or 4 p.c. additional interest.
It is an old custom, without legal basis or authority from the regulations in force, yet better observed than any law, so that you have no occasion to ask for the gift, it is offered to you spontaneously. In ten days I have lent all the money I brought with me, and all against gold or silver: I would not take clothing in pawn, nor make loans of more than 30 scudi or less than three. Sometimes the brokers ask a considerable sum for commission (this is a doubtful question among us) so that the borrower pays as much as forty per centum interest: but nobody cares. In spite of all, the inhabitants are very glad to find ready money for their pledges, as they need it. Besides, every mechanic, every labourer, has in his house vessels of silver or jewels, for they are all rich, and pledges are easy to find.
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