HISTORICAL DEVELOPEMENTS Commerce in crude drugs

HISTORICAL DEVELOPEMENTS



The absolute origins of the trade incrude drugs are of course lost in the mists of time. One supposes the first contract for the collection and supply of a drug with a third party in exchange for specie came about when the physician found himself too busy to do this relatively menial task himself. The trust the physician had in the collector must have been remarkable as unadulterated drug was essential if only to avoid poisoning the patient Reference from antiquity to the drug trade are rare, though some mural inscriptions from Ancient Egypt dating back to 3000 BC evidence knowledge of the effect of medicinal plants, and there are in the British Museum clay tablets from the library of King Ashurbanipal (668-626 BC) of Assyria which evidence that around 2500 BC the Sumerians had a form of Herbal. By 660 BC around 250 drugs were recognized by the Assyrians themselves, some of which were actively cultivated. Hippocrates (fl. 467 BC) was well acquainted with a variety of drugs (though it is improbable that any of the works attributed to him are actually 'of his hand'). Theophrastus, like Alexander the Great, was a pupil of Aristotle, and latter became chief of the Aristotelian school. He listed some 500 plants known to him, and distinguished Cinnamon from Cassia (an art which, apparently, is being lost in this day and age at least by some manu facturer of foodstuffs!). It is instructive to note that the use of the Mercury's or Hermes' caduceus, nowadays a widely understood symbol for medicine, was originally a symbol for commerce. Mohammed was said to be a spice trader, and at that time spice traders were invariably also concerned with crude drugs, particularly as many products were used for both culinary and medicinal purposes as they are today. The adventures of all of the major explorers such as Marco Polo, Columbus, Henry the Navigator and the like were under taken partly with a view to the sourcing of botanical crude drugs. The establishment of the great National Trading Companies, for instance The Honourable East India Company, The Netherlands United East India Company and the Danish Asiatic Companyw as undertaken with a similar view
Prior to modern times, there was no real distinction between the Drug and Spice trades, and thus during London's development as an entrepot the Guiid of Pepperers of London (later the Grocers' Company) were charged with the over seeing of both trades. The foundation of the East India Company in 1600 placed a near monopoly in the import of 'East India Produce' into England, and it was from this that the modern Genelal Produce trade emerged.
Initially in ad hoc form, and later by way of the lamous 'Coffee Houses', trade in drugs, even until the Second World War, was conducted in the main by auction. The problem was that the shippers at origin had no direct representation in the consuming countries and thus had to engage the services of a broker. The usual format was for the goods, be they sent 'on consignment' (i.e sent speculatively to London in the reasonable hope a sale) or 'ex stock' (being the property  of the importing merchant) to be put up for show priot to auction. The valious broking firms then attempted to sell the merchandise entrusted to them by public auction (the order in which the varrious brokers did so being decided by lot) on the basis of the good placed on view in the warehouse or samples drawn there and placed on view in the blokels' offices. Towards the end of the popularity of auctions in London frequently no, or almost no goods were sold at the auction. the auctioneer"s usual comment being 'see you after' in order to be able to negotiate between the shipper and the potential curstomer a mutually acceptabl perice.
During the Second World War when lines of communication with the various origins were disrurpted, a certain amount of regulation was imposed by the government wihich saw an end to both the auctions and, due to licensing controls, the supply of goods to London on consignment. The trade then took a new form: samples were displayed in blokers' offices for all to see.The traders blokers and buyers met in the Corn Exchangea and deals wered one by word of month (and sometimes in covert whispers) in the best traditions of the trade. This method, by the 1960s with improving communications and increased volumes. became impractical and the trade finally took to conducting most busines by rapid telecommunication.
Obviously, whilst the trade among the dealers and brokers was small and therefore almost self'-regulating little regulatory interference was required. Horvever, the increasing numbers of firms involved in the trade required a system of settling disputes in an inexpensive and swift manner. Thus in 1876 the General Produce Brokers'Association of London was formed. This body performed a number of functions: a united voice to those outside the trade, a means of regulating the trade by means of a system of arbitration and appeal and a forum in which to voice concerns of interest to members in general. The GPBA thrived initially, but surffered as time went on with various groups of the trade forming their own Associations, leaving the GPBA with only the smaller parts of London Cornmodity Trading as its remit. More recently broking as part of the London trade became less relevant and the name was accordingly changed in 1981 to the ‘General Produce Association of London' and finally in 1985 the name was again changed, this time to the 'Intelnationa Genelal Produce Association', to reflect the current true nature of the trade. Forms of contract are issued by the Association for the use of members and others (it is probably true to say that the IGPA contracts, terms and conditions are those most generally used world-wide), and there is a thriving, and relatively swifi and inexpensives systerm of arbitration and appeal.

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