[1] The divergent lines of the later attempts at a literal
interpretation--e.g. he amputated his thumb in order to escape the
Levitical priesthood (Latin _Prologue_), or it was a natural defect
(_Cod. Tolet._)--suggest that all they had to start from was the
epithet itself.
[2] Nicephorus Callistus, _Hist. Eccl._ ii. 43, assumes this in his
picturesque account of Mark's preaching in a quarter of the city
which seems to have contained the tomb of the early bishops of
Alexandria (cf. his _Acts_).
MARK, a word of which the principal meanings are in their probable order
of development,--boundary, an object set up to indicate a boundary or
position; hence a sign or token, impression or trace. The word in O.
Eng. is _mearc_, and appears in all Teutonic languages, cf. Du. _merk_,
Ger. _Mark_, boundary, _marke_, sign, impression; Romanic languages have
borrowed the word, cf. Fr. _marque_, Ital. _marca_. Cognate forms
outside Teutonic have been found in Lat. _margo_, "margin," and Pers.
_marz_, boundary. Others would refer to the Lith. _margas_, striped,
parti-coloured, and Sanskrit _marga_, trace, especially of hunted game.
In the sense of boundary, or a tract of country on or near a boundary or
frontier, "mark" in English usage proper is obsolete, and "march" (q.v.)
has established itself. It still remains, however, to represent the
German _mark_, a tract of land held in common by a village community
(see MARK SYSTEM), and also historically the name of certain
principalities, such as the mark of Brandenburg. The Italian _marca_ is
also sometimes rendered by "mark," as in the mark of Ancona.
Mark is also the name of a modern silver coin of the German empire. This
is apparently a distinct word and not of Teutonic origin; it is found in
all Teutonic and Romanic languages, Latinized as _marca_ or _marcus_.
The mark was originally a measure of weight only for gold and silver and
was common throughout western Europe and was equivalent to 8 oz. The
variations, however, throughout the middle ages were considerable (see
Du Cange, _Gloss. med. et infim. Lat., s.v. Marca_ for a full list). In
England the "mark" was never a coin, but a money of account only, and
apparently came into use in the 10th century through the Danes. It first
was taken as equal to 100 pennies, but after the Norman Conquest was
equal to 160 pennies (20 pennies to the oz.) = 2/3 of the pound
sterling, or 13s. 4d., and therefore in Scotland 13½d. English; the mark
(merk) Scots was a silver coin of this value, issued first in 1570 and
afterwards in 1663. The modern German _mark_ was adopted in 1873 as the
standard of value and the money of account. It is of the value of 6.146
grains of gold, 900 fine, and is equal to English standard gold of the
value of 11.747 pence. The modern silver coin, nearly equal in value to
the English shilling, was first issued in 1875. (See NUMISMATICS, § iv.)
MARK, GOSPEL OF ST, the second of the four canonical Gospels of the
Christian Church. Till quite recent times this Gospel, though nominally
equal to the others in authority, has unquestionably not aroused the
same interest or feelings of attachment as they have, partly from its
not bearing the name of an apostle for its author, as the first and
fourth do, partly, also, owing to the fact that the first and third,
while they include most of what is found in it, contain much additional
matter, which is of the highest value. Of late, however, it has acquired
new importance through the critical inquiries which have led to the
conclusion that the two other synoptic Gospels are based upon it, or
upon a document which is upon the whole most truly represented in it
(see GOSPEL), so that it possesses the advantage of being an earlier
source of information, or at least of bringing us more fully into
contact with such a source. The significance of all that we can learn as
to the history of the composition of Mark's Gospel is clearly enhanced
by this consideration.
(1) _Early Account of a Writing by Mark._--According to a fragment of
Papias (ap. Eus. _Hist. Eccl._ III. 39) taken from a work probably
written c. A.D. 140, Mark, who was the follower and interpreter of
Peter, recorded after the latter's decease the words of Christ and the
narratives of His deeds which he had heard the Apostle deliver, but he
could not arrange the matter "in order," because he had not himself been
a personal follower of Jesus. This account Papias had derived, he tells
us, from an informant who had heard it repeatedly given by "the elder,"
a Christian of the first generation.
There can be little doubt that the work to which Papias himself supposed
this story to apply was the Gospel of Mark virtually as we know it. The
tradition in regard to this work must have been continuous between his
time and that of Irenaeus, who (c. A.D. 180) gives a similar account of
its composition. It may be noted also that the same view of the origin
of the Gospel of Mark appears to have been held by a contemporary of
Papias, Justin Martyr. In his _Dialogue with Trypho_ (c. 106) he cites a
fact about the name of Peter from "his Memoirs," and adds also another
similar fact about the name given to the sons of Zebedee, just as they
are stated in Mark iii. 16, 17, and nowhere else so far as we know. He
may well have been ready to call the work "Peter's," though he believed
that Mark actually composed it, on the ground that the latter recorded
what the Apostle said (cf. ibid. c. 103).
But is our Gospel of Mark also to be identified with the writing by Mark
spoken of by "the elder" whose account had been reported to Papias? Some
confusion is here more conceivable; while, if it is supposed that such a
writing was worked up in our second Gospel, this may seem sufficient to
explain the connexion of Mark's name with the latter.
In support of this view it is urged, though it is so much less often now
than it used to be, that the description "not in order" does not fit our
Gospel of Mark, the order in which is from an historical point of view
as good as, if not better than, in the other Gospels. But from
whomsoever the expression proceeds--whether from Papias, or his
informant, or "the elder"--we may feel sure that considerations such as
appeal to us from our training in historical criticism are not those
which suggested it, but rather the want of agreement between this Gospel
and some standard which on altogether different grounds was applied to
it. This argument, then, for supposing that the original writing by Mark
differed widely in form and contents from the Gospel which now bears his
name appears to be without force. The question whether the two differed
to any, and if so to what, extent can be decided only from an
examination of the Gospel itself.
(2) _The Question of the Integrity of the Gospel of Mark._--There are in
a good many parts of this Gospel indications that the narrative has been
derived from Simon Peter, or some one else who was a personal follower
of Jesus in the days of His earthly ministry. It has been widely felt
that the account of the call of the first four disciples and of the
events which immediately followed (i. 15-39) at the opening of the
Galilean ministry, bears strong marks of proceeding from Simon Peter.
Other passages might be pointed out in which it is suitable to suppose
that this disciple in particular was the informant. But we will content
ourselves with noticing signs that the reminiscences of some eyewitness
are recorded. (a) Traits appear which are wholly without importance, and
upon which no stress is laid in the context, but which it was natural
for a narrator who was actually present, and only for such a one to
introduce, because he remembered them as associated with the principal
events. The following are instances and others might be cited: the
mention of "other boats," iv. 36; the half-foolish remark made by Peter
when in a dazed condition at the Transfiguration, ix. 5, 6; the young
man who, when Jesus was arrested, followed, "having a linen cloth cast
about him," xiv. 51, 52; the fact that Simon of Cyrene was "coming from
the country," xv. 21. (b) There is great truth of local colouring. The
references to places and the descriptions of natural features (the
lake-shore, i. 16; ii. 13; iii. 7; the hills near at hand, iii. 13; v.
5, 13; vi. 46; the desert places among the hills or by the shore, i. 35,
45; vi. 31, 32) appear to be accurate; the routes indicated in the
journeys that are taken are probable (vii. 24, 31; viii. 27; x. 17, 32,
46; xi. 1). Again, the term "village-towns" (i. 38) is a remarkably
appropriate one (cf. Josephus, B. I. III. iii. 2). There would, indeed,
be an exception to the general correctness of the topography if we were
compelled to suppose that "country of the Gerasenes" (which is the best
reading according to existing MS. evidence at Mark v. 1) must mean the
territory of the city of Gerasa. But it is easy to imagine that some
confusion may have arisen in the transliteration of the name into Greek,
and that the place really indicated is Khersa, near the middle of the
eastern shore of the lake. The pair of references (vi. 45, 53) which
might also be adduced as an exception, will be noticed below. Further,
the conditions of life and thought in Palestine at the time in question
are faithfully represented, Aramaic words spoken on some important
occasions are preserved (iii. 17; v. 41; xv. 34). And, to mention a
point of a different kind, the parts played by different sections among
the Jewish people are such as might be expected. The point of view of
speakers and actors is throughout that belonging to the time of the
ministry of Jesus, not to that when the Christian Church had come into
existence. (c) The good order in this Gospel, i.e. the natural
development of the narrative, will be indicated below. It has without
good reason, as we have seen, been supposed to show that it cannot be
the record by Mark referred to by Papias. And in reality it would be
difficult to account for this feature except on the supposition that one
who had lived through the events had been accustomed, when required to
give a comprehensive sketch of the history of the ministry and
sufferings of Jesus, to relate the facts in the main as they happened;
and that a hearer of his has to a considerable extent reproduced them in
the same order.
The last consideration seems to show that the general form and structure
of the Gospel, and not merely certain portions of it, are original. In
point of style, also, there is a large amount of uniformity. The chief
exceptions are that, whereas some incidents are related in a very
concise manner (e.g. i. 23-28, and 40-45), there is in other cases
considerable amplitude of description (see esp. v. 1-20, 35-43 and ix.
14-27). But Mark's own writing might exhibit this variety, according to
what he had been told or could remember. Moreover, a tendency to
amplitude of language may be noticed here and there in some of the more
concise narratives. Further, it would be unreasonable to suppose that
Mark, even if he relied chiefly on what he had heard Peter teach, would
refrain from using any other sources of information which he possessed.
Some have supposed that the same Logian document in Greek which was used
by the first and third evangelists was also used by Mark. This is highly
improbable, but he may have derived particular sayings from the Aramaic
source itself of that document by independent translation; and may also
have learned both sayings and narratives in other ways. It would seem
also that the Discourse on the Last Things in ch. xiii., differing as it
does both in its greater length and in its systematic structure from
other discourses recorded by him, must have come to his hands in a
written form. In it some genuine sayings of Christ appear to have been
worked up along with matter taken from Jewish Apocalypses and in
accordance with an Apocalyptic model.
There does not, then, seem to be good reason for thinking that the work
which proceeded from the hands of Mark differed widely in character and
contents from the Gospel which now bears his name. But there are
indications that some passages have been interpolated in it: e.g. in
Mark iv. 10 there is some want of fitness in the inquiry of the
disciples as to the meaning of "the parables" after only one has been
given, and again a want of agreement between that inquiry and the words
of Jesus at _v._ 13, "Know ye not _this_ parable, and how shall ye know
all the parables?" We notice further that the two parables in _vv._
26-32 are somewhat loosely appended. It looks as if they were insertions
in the passage as it originally stood, and that the references to
parables in the plural, together with the statement at vv. 33, 34, had
been introduced in order to adapt the context to these additions. This
view is confirmed by the fact that in Luke viii. 4 seq. only one
parable, that of the sower, is given or referred to. This evangelist has
probably here followed the original form of Mark. Similarly the
collection of sayings after Mark ix. 40 (vv. 41-50) has probably been
interpolated. They are thrown together in a way unusual with Mark, who
is accustomed to place each important saying in a setting of its own.
Here again we note that they do not appear at the corresponding point in
Luke, though some of them are given by him in other contexts. The
account of the crossing of the lake (vi. 45-53) after the feeding of the
five thousand furnishes an instance of a different kind. The difficulty
as to the position of Bethsaida, or (if [Greek: eis to peran], "unto the
other side," at v. 45 is taken to refer only to the crossing of a bay at
the north-eastern corner of the lake) the discrepancy between "crossing"
in this sense and in that of v. 53 would be explained if the narrative
(which is not in Luke) may be held to be an interpolation by one not
familiar with the localities. Once more, the account of the feeding of
the four thousand (viii. 1-9) resembles that of the feeding of the five
thousand (vi. 35-44) closely in all respects except that of the numbers
given, about which differences might easily arise in tradition, and it
looks therefore as if it might be a "doublet," i.e. another form of the
same narrative derived through a different channel. And it is not so
likely that Mark should have mistaken it for a distinct incident as that
an editor of his Gospel should have done so. Some other instances, of
greater or less probability, might be mentioned.
In addition to such larger insertions, the text of the original document
seems to have undergone a certain amount of revision. Some of the cases
in which the first and third evangelist agree against Mark in a word or
clause may be best accounted for by their both having reproduced the
common source (an example may be seen under 4 below).
As we have found it necessary to distinguish between the original
composition by Mark, to whom in the main the work appears to be due, and
some enlargement and alteration which it subsequently underwent whereby
it reached its present form, these stages must be borne in mind in
considering dates that may be assigned in connexion with this Gospel.
According to Papias, Mark wrote after the death of Peter, i.e. after
A.D. 64, if we suppose, as it is usual to do, that Peter was martyred in
the massacre by Nero after the burning of Rome. It would be natural for
Mark to set himself to make his record soon after the Apostle's death;
and in confirmation of the view that he did so it may be pointed out
that in the form of the prophecy in ch. xiii. of the calamities that
were to come upon Jerusalem, no details occur of a kind to suggest that
it had actually taken place. Further, Mark's work may very probably have
been used by Luke in its original form. On the other hand, it was known
to our first evangelist very nearly in the form in which we have it. The
chief revision of Mark would seem, then, to have taken place between the
times of the composition of the first and third Gospels, which cannot be
far removed from one another (see MATTHEW, GOSPEL OF ST). The last
twelve verses were added later still, probably early in the 2nd century,
probably to take the place of the ending which had been lost, or which
was regarded as defective. (On the evidence that the last 12 verses are
not by the same hand as the rest of the Gospels see Westcott and Hort's
_New Testament in Greek_, append., p. 29 seq. and Swete's _St Mark in
loc._ and p. xcvi. seq. of his introduction.)
(3) _The Gospel History as represented in Mark._--After a (i)
prefatory passage, i. 1-13, the Gospel deals with (ii) _Christ's
ministry in Galilee and other parts of northern Palestine_, i. 14-ix.
50. This portion of the history may suitably be divided into three
periods: (a) _Early period._ From the opening of the work of Jesus to
the first plot to destroy Him (i. 14-iii. 6). (b) _Middle period._
From the gathering of crowds from all parts and appointment of the
Twelve to the sending forth of the Twelve to extend Christ's work and
the alarm of Herod (iii. 7-vi. 29). (c) _Closing period._ From
Christ's withdrawal with His disciples after their return from their
mission to His final departure from Galilee (vi. 30-ix. 50).
Throughout we can trace a development as to (a) the stir created and
the attitude of men towards Jesus: i. 32-34, 37 (excitement at
Capernaum); 38, 45 (fame spreads through a wide district); iii. 7, 8
(people from distant parts appear in the crowds); iv. 2 seq. (the word
of the Kingdom is received in very various ways); viii. 28 (great
diversity of opinions as to the claims of Jesus); (b) the opposition
to Him, ii. 1-iii. 6-iii. 22 (scribes come from Jerusalem and a more
heinous charge is preferred); (c) the formation of a band of disciples
and the position accorded to them: i. 16-20 (four are called to follow
Him); ii. 14 (yet another); iii. 14 (He "makes twelve" including those
before called); vi. 7 seq (He sends them out to preach and work
cures); (d) the methods which he adopts: i. 21, 39-iii. 1 (preaches in
the synagogues, later more commonly by the lake-shore or on the
mountain sides; or He teaches in a house where He happens to be); at
iv. 1 seq. he adopts a new mode of address because a sifting-process
was required; from vi. 45 onwards He mainly devotes Himself to the
training of the Twelve, while seeking retirement from the multitude;
(e) in the districts which he visits: i. 38 (tour in the neighbourhood
of Capernaum); v. 1 (crosses to eastern shore of the lake); vi. 6b (a
tour which includes Nazareth); vi. 45 (Bethsaida); vii. 31 (journey to
Tyre and Sidon and back through Decapolis); viii. 22, 27 (is at
Bethsaida and visits neighbourhood of Caesarea Philippi); (f) His
self-revelation; viii. 27 seq. (first unambiguous declaration of His
Messiahship).
(iii) _The Journey from Galilee to Jerusalem, the Last Days, Passion
and Resurrection_, x. 1 to end. He goes first to "the borders of
Judaea and beyond Jordan" (Peraea), and exercises His ministry there,
x. 1-16. In connexion with the journey from this region to Jerusalem
three striking incidents are recorded, x. 17-52. The account of the
time in Jerusalem includes a series of conflicts with opponents xi.
27-xii. 40, and the discourse on the Last Things, xiii. The only notes
of time in the Gospel occur in connexion with the conspiracy to kill
Jesus (xiv. 1) and the Last Supper (verse 12).
(4) _The Leading Ideas of St Mark._--Ch. i. 1, which stands as a title,
was probably, even according to the short form of it which is supported
by MS. evidence, due to a reviser of the original. Both Matthew and Luke
show signs of having had a somewhat different beginning before them.
Nevertheless, that title fitly describes the work. It is emphatically
"the Gospel," because it sets forth the person and work of the Christ.
The evangelist is conscious of this aim. It appears not only at great
moments of the history such as the Baptism (i. 11), the confession of
Peter (viii. 29), the Transfiguration (ix. 7); nor again merely in the
prominence given to the miracles of Jesus and in particular to the
casting out of devils, but also in many of the sayings recorded in it,
as in the great series contained in the narratives in ch. ii. 5, 10, 17,
19; and again in the reply of Jesus to those who charged Him with being
in collusion with Satan (iii. 27). The character of the genuine
disciples of the Christ and the demands that are made of them form, as
it were, the complement to the representation of what He Himself is, and
are set forth in other striking sayings, related along with the
memorable occasions on which they were spoken: (iii. 34, 35; viii.
34-36; ix. 23, 29, 35-37; x. 14, 15, 42-45).
See Swete, _Commentary on St Mark_ (2nd ed., 1902); A. Menzies, _The
Earliest Gospel_ (1901); D. W. Wrede, _Das Messiasgeheimniss in den
Evangelien, zugleich ein Beitrag zum Verständniss des
Markusevangeliums_ (1901); E. J. Weiss, _Das älteste Evangelium_
(1903). Also bibliography to the article GOSPEL. (V. H. S.)
MARKBY, SIR WILLIAM (1829- ), English jurist, the fourth son of the
Rev. William Henry Markby, rector of Duxford St Peter's, was born at
Duxford, Cambridge, in 1829. He was educated at Bury St Edmunds and
Merton College, Oxford, where he took his degree in 1850. In 1856 he was
called to the bar, and in 1865 he became recorder of Buckingham. In 1866
he went to India as judge of the High Court of Calcutta. This post he
held for twelve years, and on his retirement was appointed Reader in
Indian Law at Oxford. In 1892 he was a member of the Commission to
inquire into the administration of justice at Trinidad and Tobago.
Besides _Lectures on Indian Law_, he wrote _Elements of Law considered
with reference to the General Principles of Jurisprudence_. The latter,
being intended in the first place for Indian students, calls attention
to many difficulties in the definition and application of legal
conceptions which are usually passed over in textbooks, and it ranks as
one of the few books on the philosophy of law which are both useful to
beginners and profitable to teachers and thinkers. In 1897 appeared _The
Indian Evidence Act, with Notes_. Sir William Markby also contributed
to the law magazines, articles on _Law and Fact_, _German Jurists and
Roman Law_, _Legal Fictions_, &c., several of which are embodied in the
later editions of the _Elements_. He was made D.C.L. of Oxford in 1879,
and K.C.I.E. in 1889.
MARKET (Lat. _mercatus_, trade or place of trade). This term is used in
two well-defined senses. (1) It means a definite place where (a) traders
who are retail sellers of a specific class of commodity or commodities
are in the habit of awaiting buyers every day in shops or stalls; or
whither (b) they are in the habit of proceeding on specified days at
more or less frequent regular intervals. Covent Garden market for fruit
and flowers, and Leadenhall market for meat and poultry, are good
examples in London of the kind of institution included in class (a).
They are a very ancient economic phenomenon, dating from the earliest
period of the development of organized communities of human beings, and
in general characteristics have changed little since they began to
exist. Markets of the type of class (b) are also of very ancient origin
(see FAIRS), but inasmuch as they are constituted essentially by the
presence of persons, many of whom assemble from various places outside
the place of meeting, they were capable of a little more development
than those belonging to class (a), owing to increased facilities for
locomotion. The nature of an ancient market of class (a), whither a
citizen, say of Athens, or his chief slave, proceeded daily to make
household purchases, differs little from the group of shops visited by
the wives of the less wealthy citizens of modern states. In many places
abroad, and not a few in England, actual markets still exist. It may be
said that the huge collections of shops, such as the various cooperative
stores, are only a revival of the old "market-place," with its shops or
booths gathered round a central area, adapted to the needs of modern big
cities. (2) The term "market" has come to be used in another and more
general sense in modern times. According to Jevons, a market is "any
body of persons who are in intimate business relations, and carry on
extensive transactions in any commodity." He adds that "these markets
may or may not be localized," and he instances the money market as a
case in which the term "market" denotes no special locality. As a rule,
however, most of the business of a market is transacted at some
particular place, such as the London Stock Exchange, the Baltic, the
Bourse of Paris, the Chicago "Wheat-pit." Even in the case of the London
money market, merchants still meet twice a week at the Royal Exchange to
deal in foreign bills, although a considerable part of the dealings in
these securities is arranged daily at offices and counting-houses by
personal visits or by telegraphic or telephonic communication. The
markets in any important article are all closely interconnected. The
submarine cable has long ago made Chicago as important an influence on
the London corn market as Liverpool, or rather both London and Liverpool
affect and are simultaneously affected by Chicago and other foreign
markets. In like manner the Liverpool cotton market is influenced by the
markets in New Orleans and other American cities separated from it
widely in space. In a minor degree the dealers in all places where a
cotton market exists affect the bigger markets to some extent. What is
true of the cotton market is also true to some extent of all markets,
though few markets are so highly organized or show such large
transactions as that for cotton. Among other markets of the first class
may be mentioned those for pig-iron, wheat, copper, coffee, and sugar.
There are many articles the markets for which are of considerable
dimensions at times, but are of an intermittent character, such as the
London Wool Sales, which take place now in five "series" during the
year. Formerly the number of "series" was four. (For "market overt," see
SALE OF GOODS and STOLEN GOODS.)
_Characteristics of Markets._--The conditions required in order that the
operations of a trading body may display the fully-developed features of
a modern market, whether for commodities or securities, are:--
(1) A large number of parties dealing.
(2) A large amount of the commodities or securities to be dealt with.
(3) An organization by which all persons interested in the commodity or
security can rapidly communicate with one another.
(4) Existence and frequent publication of statistical and other
information as to the present and probable future supply of the
commodity or security.
Movements of Prices.
The movements which take place in prices in any market, whether fully
organized or not, depend largely on changes of opinion among buyers and
sellers. The changes of opinion may be caused by erroneous as well as by
correct information. They may also be the result of wrong inferences
drawn from correct information. In markets for commodities of the first
importance, such as wheat, cotton, iron, and other articles which are
dealt in daily, the state of opinion may vary much during a few hours.
The broad characteristics of markets of this class are similar. There is
a tendency in all of them to show phenomena of annual periodicity, due
partly to the seasons, the activity of certain months being in normal
years greater in the case of any given market than that of other months.
This tendency was always liable to be interfered with by the special
forces at work in particular years; and the great increase in the
facilities of communication between dealers by telegraph, and of
transportation of commodities between widely distant points, which was
one of the marked features of the development of the economic organism
in all actively commercial countries during the last thirty years of the
19th century, has still further interfered with it. Nevertheless, a
tendency to annual periodicity is still perceptible, especially in
markets for produce of the soil, the supply of which largely depends on
the meteorological conditions of the areas where they are grown on a
scale sufficient to furnish an appreciable proportion of the total
produce.
Cycles.
Periodicity of another kind known as "cyclic," and due to a different
set of causes, is believed to exist by many persons competent to form a
judgment; but although the evidence for this view is very strong, the
theory expounding it is not yet in a sufficiently advanced state to
admit of its being regarded as established.
_Phenomena of Markets._--Bagehot said of the money market that it is
"often very dull and sometimes extremely excited." This classical
description of the market for "money" applies to a large extent to all
markets.
Tendency to Equilibrium.
Every market is at every moment tending to an equilibrium between the
quantity of commodities offered and that of commodities desired;
supposing equilibrium to have been attained in a given market, and that
for some appreciable period it is not disturbed, the price for the
commodity dealt in, in the market, will remain practically unchanged
during that period. Not that there will be no transactions going on, but
that the amounts offered daily will be approximately equal to the
amounts demanded daily.
Disturbance of Equilibrium.
We have briefly described the statical condition of a market; we must
now briefly examine its dynamics. Disturbance may take place through a
change in--
(1) Supply, or opinion as to future probable supply.
(2) Demand, or opinion as to future probable demand.
(3) In both simultaneously, but such a change that demand is increased
or decreased more than the supply, or vice versa.
A moderate disturbance caused by one of the above changes, or a
combination of them, will produce an immediate effect on the price of
the commodity, which again will tend to react on both the supply and the
demand by altering the opinions of sellers and buyers. If no further
change tending to disturb the market takes place, the market will
gradually settle down again to a state of equilibrium. But if the
disturbance has been considerable, a relatively long time may elapse
before the market becomes quiet; and very likely the level of price at
which the new equilibrium is established will be very different from
that ruling before the disturbance set in. Further scientific
investigation of the dynamics of a market is in any case very
difficult, and is impossible without a complete analysis of the statical
condition, such as is found at length in the textbooks of mathematical
economics; but it is possible to describe briefly certain dynamical
phenomena of markets which are of a comparatively simple character, and
are also of practical interest.
Future Delivery.
Every great market is organized with a view not merely to the purchase
and sale of a commodity at once, or "on the spot," but also with a view
to the future requirements of buyers and sellers. This organization
arises naturally from the necessities of business, since modern industry
and commerce are carried on continuously, and provision has to be made
for the requirements, say, of a spinning-mill, by arranging for the
delivery of successive quantities of cotton, wool or silk over a period
of months "ahead." In the case of cotton, "forward deliveries" can be
purchased six or seven months in advance, and the person who undertakes
to deliver the cotton at the times stated is said in the language of the
market to "sell forward." If the quantity of cotton produced each year
were always the same, no very remarkable results would follow from this
mode of doing business, except the economy resulting to the spinner from
not being compelled to lock up part of his capital in raw material
before he could use it. But as the cotton and other crops vary
considerably from year to year, some curious consequences follow from
the practice of "selling forward." The seller, of course, makes his
bargain in the belief that he will be able to "cover" the sale he has
made at a profit--that is, he hopes to be able to buy the cotton he has
to deliver at a lower price than he undertook to deliver it at. If so,
all is well for both parties, for the buyer has had the advantage of
having insured a supply of cotton. But supposing something has happened
to raise the price considerably, such as a great "shortage" of the crop,
the seller may lose. If a great many other persons have taken the same
mistaken view of the probabilities of the market, a condition of things
may arise in which they may be "cornered." (See COTTON.)
"Corners."
A "corner" in an exchangeable article is an abnormal condition of the
market for it, in which, owing to a serious miscalculation of probable
supply, many traders who have made contracts to deliver at a certain
date are unable to fulfil them. In most cases the fact that the market
is "oversold" becomes known some time before the date for the completion
of the contracts, and other traders take advantage of the position to
raise the price against those who are "short" of the article. A corner
is therefore usually a result of the failure of a speculation for the
fall. Theoretically a trader who has undertaken to deliver 100 tons of
an article, but cannot, after every endeavour, obtain more than 90 tons,
could be made to pay his whole capital in order to be relieved from the
bargain. In practice he gets off more easily than this. Frequently when
many traders have sold largely "forward" other traders deliberately try
to use that position as a basis for creating a "corner." Generally,
however, they only succeed in causing great inconvenience to all
parties, themselves included, for as a rule they are only able to make
the "corner" effective by buying up so much of the article that when
they have compelled their opponents to pay largely to be relieved of
contracts to deliver, they are left with so big a stock of the article
that they cannot sell it except at a loss, which is sometimes big enough
to absorb the gain previously secured. In the case of very small markets
"corners" may be complete, but in big markets they are never complete,
something always happening to prevent the full realization of the
operators' plans. The idea of a "corner" is, however, so fascinating to
the commercial mind, especially in the United States, that probably no
year passes without an attempt at some operation of the kind, though the
conditions may in most cases prevent any serious result.
"Corners" have what is called a "moral" aspect. It is curious to note
that the indignation of the "market" at the disturbance to prices which
results from operations of this kind is generally directed against the
speculators for the fall, while that of the public, including trade
consumers, is directed against the operator for the rise. The operator
for the fall, or "bear," is denounced for "selling what he has not got,"
a very inaccurate description of his action, while the "bull" or
operator for the rise is spoken of by a much wider circle as a heartless
person who endeavours to make a profit out of the necessities of others.
From a strict ethical standpoint there is really nothing to choose
between the two.
_The Money Market._--There is one market which presents features of so
peculiar a character that it is necessary to describe it more
particularly than other phenomena of the kind, and that is the money
market. The term money is here used to denote "money-market money" or
"bankers' money," a form of wealth which has existed from early times,
but not in great abundance until within the last two or three hundred
years. Immense wealth has existed in certain countries at various
epochs, owing to the fertility of the soil, success in trade, or the
plunder of other communities, and all states which have been great have
at the time of their greatness possessed wealth; but the wealth which
the countries, or a few fortunate individuals belonging to them, owned
consisted largely of what is still called real property--that is, land
and buildings--and of the produce of the soil or of mines. The balance
consisted partly of merchandise of various kinds and shipping, and to a
large extent of the precious metals in the form of coin or bullion, or
of precious stones and jewelry. Where no settled government was
established no one could become or remain very wealthy who was not in a
position to defend himself by the strong hand or allied with those who
were; and as a rule the only people who could so defend themselves were
possessors of large areas of rich land, who were able to retain the
services of those who dwelt on it either through their personal military
qualities or in virtue of habit and custom. The inhabitants of wealthy
cities were able to protect themselves to some extent, but they nearly
always found it necessary to ally themselves with the neighbouring
land-owners, whom they aided with money in return for military support.
A money market in the modern sense of the word could only exist in a
rudimentary form under these conditions. There was a sort of money
market, for there was a changing rate of interest and a whole code of
law relating to it (Macleod, _Banking_, 3rd ed., p. 174) in republican
Rome; but although large lending and borrowing transactions were part of
the daily life of the Roman business world, as well as of those of the
Greek cities and of Carthage and its dependencies, none of these
communities presented the phenomena of a highly organised market.
Money-lending was also a regular practice in Egypt, Chaldea and other
ancient seats of civilization, as recent discoveries show. It was only
in comparatively recent times, however, when Europe had formed itself
into more or less organized states, with conditions fairly favourable to
the steady growth of trade and industry, that organized money markets
came into existence in places such as Venice, Genoa, Augsburg, Basel,
the Hanse towns, and various cities in the Low Countries, Spain and
Portugal, as well as in London. The financial strength of these
rudimentary money markets was not very great, and as it depended a good
deal on the possession by individuals of actual cash, the existence of
these markets was precarious. "Hoarded ducats" were too often an
attraction to needy princes, whose unwelcome attentions a rich merchant,
even when an influential burgher of a powerful city, was less able to
resist than the violence of a housebreaker, against whom strong vaults
and well-secured chests situated in defensible mansions were a good
protection. The necessitous potentate could often urge his desire for a
"loan" by very persuasive methods. Occasionally, if his predecessors had
acquired the confidence of the banking class sufficiently to induce them
to place their cash reserves in one of his strong places "for safety" an
unscrupulous ruler could help himself, as Charles II. helped himself to
the stores of the London goldsmiths which were left in the Mint. The
power of the banking class continued to grow, however, and a real market
for money had come into existence in many cities of Europe by the
middle of the 17th century. (See BANKS AND BANKING.)
The Early Money Market.
In the 18th century the "money market" consisted of the Bank of England
and various banks and merchants, and distinction between the two being
still not complete. Towards the end of that century arose an important
class of dealers in credit, the bill brokers, and with their appearance
the modern money market of London may be said to have assumed its
present form, for though the process of development has not ceased, the
changes have been of the nature of growth and not of the acquisition of
new organs. The formation of joint-stock banks and discount companies,
however, and the reconstitution of the Bank of England by the Act of
1844, exercised an important influence on the way in which the money
market of London has developed. It must be explained that in the
every-day talk of the City "the market" has a special meaning, by which
only the banks and discount houses, or even only the latter in some
cases, are denoted, as in the phrases constantly seen in the daily
reports published in the newspapers towards the end of a quarter, "the
market has to-day borrowed largely from the Bank of England," or, "the
market was obliged to renew part of the loans which fell due to the Bank
to-day." But this use of the term in a special sense, thoroughly
understood by those to whom it is habitual, and resulting in no
ambiguity in practice, is not in accord with the requirements of
economic analysis.
The Modern Money Market of London.
The working organs of the money market of London at the beginning of the
20th century were:--
A. (1) The Bank of England.
(2) Banks, joint-stock and private, including several great foreign
banks.
(3) Discount houses and bill-brokers.
B. (4) Certain members of the Stock Exchange.
(5) Certain great merchants and finance houses.
The institutions included in group A are the most constantly active
organs of the money market; those included in group B are intermittently
active, but in the case of section (4), though their activity is greater
at some times than others, they are never wholly outside the market.
Even in the case of (5) a certain amount of qualification is needed,
which is indicated by the fact that most of the great merchant houses
are "registered" as bankers, though they do not perform the functions
usually associated with that term in the United Kingdom. Several of the
great houses were originally and still are nominally merchants, but are
largely concerned with finance business--that is, with the making of
loans to foreign governments and the issue of capital on behalf of
companies. These powerful capitalists often have large amounts of money
temporarily in their hands, and lend it in the money market or on the
Stock Exchange; one or two of them are large buyers of bills from time
to time, and generally the members of this group may be said to be in
sufficiently close touch with the active organs of the money market to
form part of it.
The Working of the Money Market.
The actual working of the money market has been described by Walter
Bagehot in his _Lombard Street_, a work which has attained the rank of a
classic. Most of what he said in 1873 is true now, but in certain minor
respects developments have taken place, the most important being the
greater extent to which money is "used up" every day, or rather every
night. In Bagehot's time the discount houses only quoted "allowance"
rates for "loans at call and short notice," based on the rate "allowed"
by the banks for loans at seven days' notice; but since then the
bill-brokers have been obliged--(1) occasionally to fix their terms
independently of the banks, and (2) to "allow" a rate for "money for the
night." This latter practice became usual about 1888 or 1889. The change
it introduced was not a vital one, but has some importance from the
point of view of the historian. A good deal of the "money" thus dealt
with is derived from the group of traders included in class (5). It is
(a) money which is temporarily in the hands of houses or institutions
which have just received subscriptions to loans or other capital offered
to the public; (b) balances left temporarily with finance houses or
banks on behalf of foreign governments or other parties who have
payments to make in London. In the former case the "money" is almost
invariably only available for a short time, probably only for a few
days; in the latter case also it probably will be only available for a
few days, but _may_ be available for months. Money derived from either
of these sources is usually to be had cheap, but is not, in the slang of
the City, "good," because it is uncertain how long loans at call
obtained from either of them will remain undisturbed. Nevertheless,
there has been at times so much "money" of this fugitive character, and
derived from such varied sources since about 1888, that its cheapness
has been an attraction to the less wealthy bill-brokers, who have
occasionally been able to go on using it profitably for many continuous
weeks, or even months, in their business. The risk run by employing it
is, of course, the certainty that it will be "called" from the borrower
sooner or later, and probably at a time when it is very inconvenient to
repay it. The more wealthy houses take money of this kind when it suits
them, but never rely on it as a basis for business.
The Great Banks.
Since Bagehot wrote the growth of the big joint-stock banks has been
enormous, not so much through the increased business done by banks
generally, though the expansion in banking has been considerable, as by
the absorption of a great number of small banks by three or four large
institutions (see BANKS AND BANKING). The growth of these large
institutions tends to facilitate combination for purposes of common
concern among banks generally--e.g. to support the Bank of England in
maintaining its reserve, which is the sole reserve of all the banks, at
a proper level, and thus render the money market more stable. Two or
three of the banks have for a long time, owing to their large holding of
bills, had much more influence than the Bank of England over the foreign
exchanges, on which the foreign bullion movements chiefly depend; and
since 1890 persons of weight in the joint-stock banking body have
implicitly, though not explicitly, admitted a certain degree of
responsibility in the matter on behalf of their institutions. It is,
however, characteristic of British business arrangements that the
question of the responsibility for the reserve of the Bank of England,
the ultimate reserve of the whole country, is still in as nebulous a
condition, so far as explicit acceptance of responsibility by any
institution is concerned, as it was in 1870. There has been no
improvement in theory, though in practice there has been real
improvement, since Bagehot's time. The tendency is, indeed, decidedly in
the direction of closer combination between the Bank and the banks. On
more than one occasion the Bank has, not merely by borrowing "in the
market," but by more or less private negotiations with the big banks,
obtained temporary control of large sums belonging to the banks in order
to take cash off the market. This proceeding, and its concomitants, did
not meet with universal approval; but the results were satisfactory on
the whole, and on the later occasions when the measure was carried out
there was little or no friction.
Effect of Big Foreign Loans.
The enormous war loans raised by Japan in 1904, 1905, 1906 exemplified
aptly the more modern methods of dealing with the disturbance to the
money market which such operations produce. The loans were issued by
three banks, one of which was a Japanese institution and represented the
Japanese government in the operations connected with the various loans.
Of the other two, one was a leading London bank and the other the
principal British bank doing business in China. These large loans were
issued with the minimum of disturbance to the London money market. The
very large amounts of cash which were suddenly withdrawn from other
banks, and deposited with the institutions issuing the loan as
"application money," were lent out again in the short loan market as
soon as possible, usually on the afternoon of the day of issue. The work
involved was very heavy, as a great number of cheques had to be cleared
in a brief space of time, but by skilful organization this was done.
Similar promptitude was displayed when the successive instalments on the
loans became due and were paid, most of the cash being available for
borrowers a few hours after it was paid in by the holders of the scrip
which represented the loans until the definitive bonds were ready. The
task of dealing with cash forming instalments of the loans was not,
however, the only problem before the banks which issued them. As the
scrip of each loan gradually became "fully paid" the proceeds of the
loan in the hands of the banks became a very large sum. The Japanese
government held the whole of it at its disposal, and might have
seriously embarrassed the London money market if it had not dealt with
its huge balances considerately. The Japanese government had promised
not to withdraw any portion of the loans raised in London in gold, but
it was under no restrictions as to how it should employ the money lying
to its account. It might have kept it locked up until it had a bill for
ships or clothing to pay. As might be expected, the government from the
outset transferred a portion of what was deposited with the banks to the
Bank of England, finding it advantageous on various grounds to do so.
The remainder was lent for short periods by the banks, but for some time
no means were available for lending for any considerable length of time,
though the Japanese government had no immediate use for the whole of it.
It was suggested to the government by its advisers that it would be a
convenience to the money market, and no inconvenience to Japanese
policy, if any balances which were not likely to be wanted for some
months were invested in British treasury bills, and the government,
after fully acquainting itself with the nature of the operation, agreed
to it. The plan was found to work well; it released for definite periods
money that would otherwise have been of little use to the money market,
and it was of pecuniary benefit to the Japanese exchequer to the extent
of the interest earned by the portion of the balances so employed.
Incidentally it suited the British treasury; the Japanese demand, which
became a constant feature in connexion with treasury bill issues,
lowered the discount rates at which "sixes" were placed. The Japanese
not only applied for treasury bills and bought them in the market, but
they also took up some of the exchequer bonds issued in connexion with
the South African war towards the end of their currency, thus relieving
the money market of a further part of the weight of British government
paper which it would otherwise have had to take on itself. A further
important development of Japanese management of its London balances took
place in 1906, when a portion of these balances was placed under the
control of agents of the Bank of England, to be lent, or not lent, in
the market as suited the Bank's policy, which was at that time directed
to raising the value of money in order to protect and increase its
reserve. The plan worked very well on the whole. It was merely an
adaptation of a practice initiated some years before, whereby the Bank
sometimes obtained temporary control of moneys belonging to the India
Council. The same idea, that of "intercepting" market funds, which were
beating down the discount rate, depressing the foreign exchanges and
depleting the Bank's reserve, has been employed in regard to the
clearing banks themselves, the banks having on more than one occasion
agreed to lend the Bank of England a certain portion of their balances.
The Discount Houses.
The discount houses, though an important body of institutions, are not
of so much importance as they were before 1866, when they suffered a
serious blow through the failure of "Overend's," from which as a body
they have never fully recovered. The five large concerns which still
exist are, however, very powerful and exercise considerable influence on
the market. They hold considerable quantities of bills at all times;
occasionally their holdings are very large, but they turn out the
contents of their bill cases readily if they think fit. Their business
is different in practice from that of the smaller "bill-brokers," who
usually are what their name suggests, namely, persons who do not hold
many bills, but find them for banks who need them, charging a small
commission. The small bill-brokers borrow from the Bank of England much
more freely than the big discount houses. The latter only "go to the
bank" in ordinary times perhaps once or twice a year. During the South
African War, which disturbed the money market very much, they obtained
accommodation from the Bank more frequently than usual. The small
brokers almost always have to borrow from the Bank at the end of every
quarter, when money is scarce owing to the regular quarterly
requirements of business, and also, to some extent, because certain of
the banks make it a practice to call in loans at the end of each month
in order to show a satisfactory cash reserve in their monthly
balance-sheet. This practice is not approved by the best authorities,
for although it does no great harm in quiet times, the banks who follow
it might find it difficult, or even impossible, to call in their loans
in times of severe stringency.
AUTHORITIES.--Walter Bagehot, _Lombard Street_ (1873); Arthur Ellis,
_Rationale of Market Fluctuations_; Robert Giffen, _Stock Exchange
Securities_ (1879); W. Stanley Jevons, _Theory of Political Economy_
(2nd ed., 1879), pp. 91 seq., and _Investigations in Currency and
Finance_; Henry Sidgwick, _Principles of Political Economy_, book ii.
ch. ii.; Augustin Cournot, _Theory of Wealth_ (1838), translated by
Nathaniel T. Bacon; George Clare, _A Money Market Primer and Key to
the Exchanges_; John Stuart Mill, _Principles of Political Economy_,
book iii. ch. i.-vi.; John Shield Nicholson, _Bankers' Money_; Hartley
Withers, _The Meaning of Money_ (1909). (W. Ho.)
MARKET BOSWORTH, a market town in the Bosworth parliamentary division of
Leicestershire, England; 105 m. N.N.W. from London on a branch from
Nuneaton of the London & North Western and Midland railways, near the
Ashby-de-la-Zouch canal. Pop. (1901), 659. The church of St Peter is
Perpendicular, with a lofty tower and spire. At the grammar school,
founded in 1528, Dr Samuel Johnson was a master about 1732, but found
the work unbearable. The trade of Market Bosworth is principally
agricultural, and there are brickworks. Two miles south is the scene of
the battle of Bosworth, in 1485, where Richard III. fell before Henry
earl of Richmond, who thereupon assumed the crown as Henry VII.
MARKET DRAYTON, a market town in the Newport division of Shropshire,
England, on the river Tern and the Shropshire Union canal, 178 m. N.W.
from London. Pop. (civil parish of Drayton-in-Hales, 1901), 5167. The
Wellington-Crewe line of the Great Western railway is here joined by a
branch into Staffordshire of the North Staffordshire railway. The church
of St Mary has Norman remains but is modernised by restoration. The town
is a centre of agricultural trade, and there are large iron foundries.
It is in the parish of Drayton-in-Hales, a name sometimes applied to it;
and it is also known as Drayton Magna. It is an ancient town, of which
the manor was held successively by the abbots of St Ebrulph in Normandy
and Combermere in Cheshire. On Blore Heath, 3 m. east in Staffordshire,
Audley Cross marks a great battle in the Wars of the Roses (1459), in
which the Yorkists were successful and Lord Audley fell.
MARKET HARBOROUGH, a market town in the Harborough parliamentary
division of Leicestershire, England; on the river Welland and the Grand
Union Canal. Pop. of urban district (1901), 7735. It is 81 m. N.N.W.
from London by the Midland railway, and is served by branches of the
London & North Western and Great Northern railways. The church of St
Dionysius is Decorated and Perpendicular, with a fine tower and spire.
The grammar school was founded in 1614; it occupies modern buildings,
but the original house remains, a picturesque half-timbered building,
raised upon pillars of wood. Both British and Roman remains have been
found in the vicinity. There are malt-houses and boot, shoe and stay
factories. The town is also an important fox-hunting centre.
MARKHAM, SIR CLEMENTS ROBERT (1830- ), English traveller, geographer
and author, son of the Rev. David F. Markham, canon of Windsor, and of
Catherine, daughter of Sir W. Milner, Bart., of Nunappleton, Yorkshire,
was born on the 20th of July 1830 at Stillingfleet, near York, and
educated at Westminster School. He entered the navy in 1844, became
midshipman in 1846, and passed for a lieutenant in 1851. In 1850-1851 he
served on the Franklin search expedition in the Arctic regions, under
Captain Austin. He retired from the navy in 1852, and in 1852-1854
travelled in Peru and the forests of the eastern Andes. He visited South
America again in 1860-1861, in order to arrange for the introduction of
the cinchona plant into India, a service of the highest value to
humanity. In 1865-1866 he visited Ceylon and India, to inspect and
report upon the Tinnevelly pearl-fishery and the cinchona plantations.
On the Abyssinian expedition of 1867-68 he served as geographer, and was
present at the storming of Magdala. In 1874 he accompanied the Arctic
expedition under Sir George Nares as far as Greenland. In later years
Sir Clements Markham travelled extensively in western Asia and the
United States. In 1855 he became a clerk in the Board of Control. From
1867-1877 he was in charge of the geographical department of the Indian
Office. He was secretary to the Hakluyt Society from 1858-1887, and
became its president in 1890. From 1863-1888 he acted as secretary to
the Royal Geographical Society, and on his retirement received the
society's gold medal for his distinguished services to geography. He was
elected president of the same society in 1893, and retained office for
the unprecedented period of twelve years, taking an active share in the
work of the society and in increasing its usefulness in various
directions. It was almost entirely due to his exertions that funds were
obtained for the National Antarctic Expedition under Captain Robert
Scott, which left England in the summer of 1901. Sir Clements Markham
was elected F.R.S. in 1873; was created C.B. in 1871, and K.C.B. in
1896; became an honorary member of the principal geographical societies;
and was president of the International Geographical Congress which met
in London in 1895.
Sir Clements Markham conducted the _Geographical Magazine_ from
1872-1878, when it became merged in the _Proceedings of the Royal
Geographical Society_. Among his other publications may be mentioned
the following: _Franklin's Footsteps_ (1852); _Cuzco and Lima_ (1856);
_Travels in Peru and India_ (1862); _A Quichua Grammar and Dictionary_
(1863); _Spanish Irrigation_ (1867); _A History of the Abyssinian
Expedition_ (1869); _A Life of the Great Lord Fairfax_ (1870);
_Ollanta, a Quichua Drama_ (1871); _Memoir on the Indian Surveys_
(1871; 2nd ed., 1878); _General Sketch of the History of Persia_
(1873); _The Threshold of the Unknown Region_ (1874, 4 editions); _A
Memoir of the Countess of Chinchon_, (1875); _Missions to Thibet_,
(1877; 2nd ed., 1879); _Memoir of the Indian Surveys_; _Peruvian Bark_
(1880); _Peru_ (1880); _The War between Chili and Peru_ (1879-81; 3rd
ed., 1883); _The Sea Fathers_ (1885); _The Fighting Veres_ (1888);
_Paladins of King Edwin_ (1896); _Life of John Davis the Navigator_
(1889); a _Life of Richard III._ (1906), in which he maintained that
the king was not guilty of the murder of the two princes in the Tower;
also lives of _Admiral Fairfax_, _Admiral John Markham_, _Columbus_
and _Major Rennel_; _A History of Peru_; editions with introductions
of twenty works for the Hakluyt Society, of which fourteen were also
translations; about seventy papers in the Royal Geographical Society's
_Journal_; the _Reports on the Moral and Material Progress of India_
for 1871-1872 and 1872-1873; _Memoir of Sir John Harington_ for the
Roxburghe Club (1880); the Peruvian chapters for J. Winsor's _History
of America_, and the chapters on discovery and surveying for Clowes's
_History of the Navy_.
MARKHAM, GERVASE (or JERVIS) (1568?-1637), English poet and
miscellaneous writer, third son of Sir Robert Markham of Cotham,
Nottinghamshire, was born probably in 1568. He was a soldier of fortune
in the Low Countries, and later was a captain under the earl of Essex's
command in Ireland. He was acquainted with Latin and several modern
languages, and had an exhaustive practical acquaintance with the arts of
forestry and agriculture. He was a noted horse-breeder, and is said to
have imported the first Arab. Very little is known of the events of his
life. The story of the murderous quarrel between Gervase Markham and Sir
John Holles related in the _Biographia Britannica_ (s.v. Holles) has
been generally connected with him, but in the _Dictionary of National
Biography_, Sir Clements R. Markham, a descendant from the same family,
refers it to another contemporary of the same name, whose monument is
still to be seen in Laneham church. Gervase Markham was buried at St
Giles's, Cripplegate, London, on the 3rd of February 1637. He was a
voluminous writer on many subjects, but he repeated himself considerably
in his works, sometimes reprinting the same books under other titles.
His booksellers procured a declaration from him in 1617 that he would
produce no more on certain topics.
Markham's writings include: _The Teares of the Beloved_ (1600) and
_Marie Magdalene's Teares_ (1601) long and rather commonplace poems on
the Passion and Resurrection of Christ, both reprinted by Dr A. B.
Grosart in the _Miscellanies of the Fuller Worthies Library_ (1871);
_The most Honorable Tragedy of Sir Richard Grinvile_ (1595), reprinted
(1871) by Professor E. Arber, a prolix and euphuistic poem in
eight-lined stanzas which was no doubt in Tennyson's mind when he
wrote his stirring ballad; _The Poem of Poems, or Syon's Muse_ (1595),
dedicated to Elizabeth, daughter of Sir Philip Sidney; _Devoreux,
Vertues Teares_ (1597). _Herod and Antipater, a Tragedy_ (1622) was
written in conjunction with William Sampson, and with Henry Machin he
wrote a comedy called _The Dumbe Knight_ (1608). _A Discourse of
Horsemanshippe_ (1593) was followed by other popular treatises on
horsemanship and farriery. _Honour in his Perfection_ (1624) is in
praise of the earls of Oxford, Southampton and Essex, and the
_Souldier's Accidence_ (1625) turns his military experiences to
account. He edited Juliana Berners's _Boke of Saint Albans_ under the
title of _The Gentleman's Academie_ (1595), and produced numerous
books on husbandry, many of which are catalogued in Lowndes's
_Bibliographer's Manual_ (Bohn's ed., 1857-1864).
MARKHAM, MRS, the pseudonym of Elizabeth Penrose (1780-1837), English
writer, daughter of Edmund Cartwright, the inventor of the power-loom.
She was born at her father's rectory at Goadby Marwood, Leicestershire,
on the 3rd of August 1780. In 1804 she married the Rev. John Penrose, a
country clergyman in Lincolnshire and a voluminous theological writer.
During her girlhood Mrs Penrose had frequently stayed with relatives at
Markham, a village in Nottinghamshire, and from this place she took the
_nom de plume_ of "Mrs Markham," under which she gained celebrity as a
writer of history and other books for the young. The best known of her
books was _A History of England from the First Invasion by the Romans to
the End of the Reign of George III._ (1823), which went through numerous
editions. In 1828 she published a _History of France_. Both these works
enjoyed a wide popularity in America as well as in England. The
distinctive characteristic of "Mrs Markham's" histories was the
elimination of all the "horrors" of history, and of the complications of
modern party politics, as being unsuitable for the youthful mind; and
the addition to each chapter of "Conversations" between a fictitious
group consisting of teacher and pupils bearing upon the subject matter.
Her less well-known works were _Amusements of Westernheath, or Moral
Stories for Children_ (2 vols., 1824); _A Visit to the Zoological
Gardens_ (1829); two volumes of stories entitled _The New Children's
Friend_ (1832); _Historical Conversations for Young People_ (1836);
_Sermons for Children_ (1837). Mrs Markham died at Lincoln on the 24th
of January 1837.
See Samuel Smiles, _A Publisher and his Friends_ (2 vols., London,
1891); G. C. Boase and W. P. Courtney, _Bibliotheca Cornubiensis_ (3
vols., London, 1874-1882).
MARKHAM, WILLIAM (1719-1807), archbishop of York, was educated at
Westminster and at Christ Church, Oxford. He was one of the best
scholars of his day, and attained to the headship of his old school and
college in 1753 and 1767 respectively. He held from time to time a
number of livings, and in 1771 was made bishop of Chester and tutor to
George prince of Wales. In 1777 he became archbishop of York, and also
lord high almoner and privy councillor. He was for some time a close
friend of Edmund Burke, but his strong championship of Warren Hastings
caused a breach. He was accused by Lord Chatham of preaching pernicious
doctrines, and was a victim of the Gordon riots in 1780. He died in
1807.
MARKHOR ("snake-eater"), the Pushtu name of a large Himalayan wild goat
(_Capra falconeri_), characterized by its spirally twisted horns, and
long shaggy winter coat. From the Pir-Panjal range of Kashmir the
markhor extends westwards into Baltistan, Astor, Hunza, Afghanistan and
the trans-Indus ranges of the Punjab. The twist of the horns varies to a
great extent locally, the spiral being most open and corkscrew-like in
the typical Astor animal, and closest and most screw-like in the race
(_C. falconeri jerdoni_) inhabiting the Suleiman and adjacent ranges.
MARKIRCH (French, _Ste-Marie-aux-Mines_), a town of Germany, in Upper
Alsace, prettily situated in the valley of the Leber, an affluent of the
Rhine, near the French frontier. Pop. (1900), 12,372. The once
productive silver, copper and lead mines of the neighbourhood were
practically unworked during the whole of the 19th century, but have
recently been reopened. The main industries of the place are, however,
weaving and dyeing, and it is estimated that there are about 40,000
work-people in the industrial district of which Markirch is the centre.
The small river Leber, which intersects the town, was at one time the
boundary between the German and French languages, and traces of this
separation still exist. The German-speaking inhabitants on the right
bank were Protestants, and subject to the counts of Rappoltstein, while
the French inhabitants were Roman Catholics, and under the rule of the
dukes of Lorraine.
See Mühlenbeck, _Documents historiques concernant Ste-Marie aux Mines_
(Markirch, 1876-1877); Hauser, _Das Bergbaugebiet von Markirch_
(Strass., 1900).
MARKLAND, JEREMIAH (1693-1776), English classical scholar, was born at
Childwall in Lancashire on the 29th (or 18th) of October 1693. He was
educated at Christ's Hospital and Peterhouse, Cambridge. He died at
Milton, near Dorking, on the 7th of July 1776.
His most important works are _Epistola critica_ (1723), the _Sylvae_
of Statius (1728), notes to the editions of Lysias by Taylor, of
Maximus of Tyre by Davies, of Euripides' _Hippolytus_ by Musgrave,
editions of Euripides' _Supplices_, _Iphigenia in Tauride_ and _in
Aulide_ (ed. T. Gaisford, 1811); and _Remarks on the Epistles of
Cicero to Brutus_ (1745).
See J. Nichols's _Literary Anecdotes_ (1812), iv. 272; also biography
by F. A. Wolf, _Literarische Analekten_, ii. 370 (1818).
MARKO KRALYEVICH, Servian hero, was a son of the Servian king or prince,
Vukashin (d. 1371). Chagrined at not himself becoming king after his
father's death, he headed a revolt against the new ruler of the
Servians. Later he passed into the service of the sultan of Turkey, and
was killed in battle about 1394. Marko, however, is more celebrated in
legend than in history. He is regarded as the personification of the
Servian race, and stories of strength and wonder have gathered round his
name. He is supposed to have lived for 300 years, to have ridden a horse
150 years old, and to have used his enormous physical strength against
oppressors, especially against the Turks. He is a great figure in
Servian poetry, and his deeds are also told in the epic poems of the
Rumanians and the Bulgarians. One tradition relates how he retired from
the world owing to the advent of firearms, which, he held, made strength
and valour of no account in battle. Goethe regards Marko as the
counterpart of Hercules and of the Persian Rustem.
The Servian poems about him were published in 1878; a German
translation by Gröber (_Marko, der Königssohn_) appeared at Vienna in
1883.
MARK SYSTEM, the name given to a social organization which rests on the
common tenure and common cultivation of the land by small groups of
freemen. Both politically and economically the mark was an independent
community, and its earliest members were doubtless blood relatives. In
its origin the word is the same as mark or march (q.v.), a boundary.
First used in this sense, it was then applied to the land cleared by the
settlers in the forest areas of Germany, and later it was used for the
system which prevailed--to what extent or for how long is uncertain--in
that country. It is generally assumed that the lands of the mark were
divided into three portions, forest, meadow and arable, and as in the
manorial system which was later in vogue elsewhere, a system of rotation
of crops in two, three or even six fields was adopted, each member of
the community having rights of pasture in the forest and the meadow, and
a certain share of the arable. The mark was a self-governing community.
Its affairs were ordered by the markmen who met together at stated times
in the markmoot. Soon, however, their freedom was encroached upon, and
in the course of a very short time it disappeared altogether.
The extent and nature of the mark system has been, and still is, a
subject of controversy among historians. One school holds that it was
almost universal in Germany; that it was, in fact, the typical Teutonic
method of holding and cultivating the land. From Germany, it is argued,
it was introduced by the Angle and Saxon invaders into England, where it
was extensively adopted, being the foundation upon which the prevailing
land system in early England was built. An opposing school denies
entirely the existence of the mark system, and a French writer, Fustel
de Coulanges, refers to it contemptuously as "a figment of the Teutonic
imagination." This view is based largely upon the supposition that
common ownership of the land was practically unknown among the early
Germans, and was by no means general among the early English. The truth
will doubtless be found to lie somewhere between the two extremes. The
complete mark system was certainly not prevalent in Anglo-Saxon England,
nor did it exist very widely, or for any very long period in Germany,
but the system which did prevail in these two countries contained
elements which are also found in the mark system.
The chief authority on the mark system is G. L. von Maurer, who has
written _Einleitung zur Geschichte der Mark- Hof- Dorf- und
Stadtverfassung und der öffentlichen Gewalt_ (Munich, 1854; new ed.,
Vienna, 1896), and _Geschichte der Markenverfassung in Deutschland_
(Erlangen, 1856). See also N. D. Fustel de Coulanges, _Recherches sur
quelques problèmes de l'histoire_ (1885); and a translation from the
same writer's works called _The Origin of Property in Land_, by M.
Ashley. This contains an introductory chapter by Professor W. J.
Ashley. Other authorities are K. Lamprecht, _Deutsches
Wirtschaftsleben im Mittelalter_ (Leipzig, 1886); R. Schröder,
_Lehrbuch der deutschen Rechtsgeschichte_ (Leipzig, 1902); and W.
Stubbs, _Constitutional History of England_, vol. i. (1891).
MARL (from O. Fr. _marle_, Late Lat. _margila_, dim. of _marga_; cf. Du.
and Ger. _Mergel_), a calcareous clay, or a mixture of carbonate of lime
with argillaceous matter. It is impossible to give a strict definition
of a marl, for the term is applied to a great variety of rocks and soils
with a considerable range of composition. On the one hand, the marls
graduate into clays by diminution in the amount of lime that they
contain, and on the other hand they pass into argillaceous limestones
(see LIMESTONE). From 25-75% of carbonate of lime may be regarded as
characteristic of the marls. But in popular usage many substances are
called marls which would not be included under the definition given
here. The practice formerly much in vogue of top-dressing land with
marls, and the use of many different kinds of earth and clay for that
purpose, has led to a very general misapplication of the term; for all
sorts of rotted rock, some being of igneous origin while others are
rain-wash, loams, and various superficial deposits, have been called
"marls" in different parts of Britain, if only it was believed that an
application of them to the surface of the fields would result in
increased fertility.
The typical marls are soft, earthy, and of a white, grey or brownish
colour. Many of them disintegrate in water; and they are readily
attacked by dilute hydrochloric acid, which dissolves the carbonate of
lime rapidly, giving off bubbles of carbon dioxide. The lime of some
marls is present in the form of shells, whole or broken; in others it is
a fine impalpable powder mixed with the clay. In many marls there is
organic matter (plant fragments or humus). Sand is usually not abundant
but is rarely absent. Gypsum occurs in some marls, occasionally in large
simple crystals with the form of lozenge-shaped plates or in twinned
groups resembling an arrow-head; fine examples of these are obtained in
the marls of Montmartre near Paris, where celestine (strontium sulphate)
occurs also in nodular or concretionary masses. Large crystals of
calcite or of dolomite, lumps of iron pyrites or radiate nodules of
marcasite, and small crystals of quartz are found in certain marl
deposits; and in Westphalia the marls of the Senonian (part of the
Cretaceous system) at Hamm yield masses of strontianite up to two feet
in length. A very large variety of accessory minerals may be proved to
exist in marls by microscopic examination.