Any survey of medieval life must come to the consideration, sooner of later, of the Guild System. Dr. Coulton's review of medieval trade necessarily brings guilds into his survey, since guilds were the trade unions of those days. Dr. Coulton's view of guilds is that they were partly a prehistoric natural growth and partly produced by inter-action of the Lordship from above and the Trade Union from beneath. From trade to travel is not a far .cry, and the second part of Dr. Coulton's talks will consider the difficulties of mediaeval travel, the adventurous Normans, the impulse to travel and commerce given by the Crusades, and some of the early missionary priors and merchant adventurers.