Black Sea. In other words, it would seem as if, for some purpose of his own, Alexius favoured the Venetians at the expense of his own subjects. But the interests of the emperor were rather those of the court than of the capital. The concessions to Venice were not altogether ruinous. The emperor excluded all foreign ships from the Black Sea; he retained the monopoly of the grain trade, and he exercised control over the rents of shops and warehouses. It may be that Alexius, who certainly would give nothing unless a more than fair equivalent was ensured him, saw in these concessions the introduction of greater enterprise, more activity, and a larger trade. Towards the end of his reign he concluded a commercial treaty with Pisa also. This was renewed by Manuel, who also made a treaty with Genoa. These treaties were doubtless designed to check the growing arrogance of the Venetians, who began to think themselves entitled to the whole of the trade of Constantinople. Manuel granted his allies the right of establishing a factory, erecting a quay, and building a church. He fixed a duty of four per cent, on all goods exported or imported; both Pisans and Genoese were excluded from the Black Sea; and in case of shipwreck, property and sailors were to be protected. The conclusion of new alliances was a wise and prudent step; other steps taken by Manuel were neither wise nor prudent. The islands had hitherto maintained their own fleets for the suppression of Saracenic pirates. The emperor ordered the money hitherto raised for this purpose to be paid into the imperial treasury, and undertook the maintenance of
