In an event noted by Aristotle, Klazomenians also appear as financial pioneers in economic history, for having used one commodity (olive oil), in an organized manner and on a city-scale, to purchase another (wheat), with interests refundable on the value of the first. Around 350 B.C., suffering from a shortage of grain and scarcity of funds, the rulers of the city passed a resolution calling on citizens who had stores of olive oil to lend to the city at interest. The loan arranged, they hired vessels and sent them to ports of exportation of grain and bought a consignment on the pledged security of the value of the oil.[9]