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PALGRAVE STUDIES IN IMPACT FINANCE
Edited by
Mario La Torre · Helen Chiappini
Contemporary Issues
in Sustainable Finance
Creating an Efficient Market through
Innovative Policies and Instruments

Palgrave Studies in Impact Finance
Series Editor
Mario La Torre
Sapienza University of Rome
Rome, Italy

ThePalgrave Studies in Impact Finance series provides a valuable scientific
‘hub’ for researchers, professionals and policy makers involved in Impact
finance and related topics. It includes studies in the social, political,
environmental and ethical impact of finance, exploring all aspects of
impact finance and socially responsible investment, including policy issues,
financial instruments, markets and clients, standards, regulations and
financial management, with a particular focus on impact investments and
microfinance.
Titles feature the most recent empirical analysis with a theoretical
approach, including up to date and innovative studies that cover issues
which impact finance and society globally.
More information about this series at
http://www.palgrave.com/gp/series/14621

Mario La Torre • Helen Chiappini
Editors
Contemporary Issues
in Sustainable Finance
Creating an Efficient Market through Innovative
Policies and Instruments

ISSN 2662-5105 ISSN 2662-5113 (electronic)
Palgrave Studies in Impact Finance
ISBN 978-3-030-40247-1 ISBN 978-3-030-40248-8 (eBook)
https://doi.org/10.1007/978-3-030-40248-8
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature
Switzerland AG 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights of
translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and retrieval,
electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information
in this book are believed to be true and accurate at the date of publication. Neither the
publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.
Cover illustration: © Hiroshi Watanabe / Getty Images
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG.
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Editors
Mario La Torre
Sapienza University of Rome
Rome, Italy
Helen Chiappini
G. d’Annunzio University
of Chieti-Pescara
Pescara, Italy

v
The 2030 Agenda for Sustainable Development aspires at a better future
for all, thereby calling for an innovative and sophisticated financing strat-
egy, with the dual challenge of mobilizing an unprecedented volume of
resources, and leaving no one behind. Public action alone is not sufficient
to address the scale and complexity of today’s global challenges. The Addis
Ababa Action Agenda, agreed by United Nations in 2015, calls on gov-
ernments, businesses, foundations and individuals to act in a more coordi-
nated manner, in the pursuit of a new model for economic growth that
enhances human well-being and preserves the environment.
In response to international commitments, public actors are increas-
ingly turning to the private sector as a potential ally in the pursuit of sus-
tainable development, environment protection and poverty reduction. At
the same time, mainstream investors and asset managers have become
more attentive to the social, environmental and governance consequences
of their operations. Market estimates vary greatly, depending on the defi-
nitions employed, but the trend is clearly upward, as investors progres-
sively incorporate extra-financial considerations and decide to actively
pursue positive impact strategies.
Independently of the labelling applied, public and private investors are
turning to green, blended, social finance as a way to access new growth
markets and respond to public expectations. While blending is driven by
the need to increase the total funding available for the Sustainable
Development Goals, green and impact finance aim to foster better ways to
achieve these goals, through innovative approaches to social and environ-
mental challenges. In practice, individual asset managers may adopt very
Foreword: Putting the Impact Imperative
at the Heart of Sustainable Development
Finance

vi FOREWORD: PUTTING THE IMPACT IMPERATIVE AT THE HEART…
diverse approaches to guide their portfolio allocation, ranging from risk
mitigation (exclusionary screening) to impact creation (active ownership).
As institutional investors engage further and deeper in sustainable devel-
opment, their skill set, risk/returns assessment and incentive structures
will need to evolve accordingly.
While investors agree that financial and sustainable development returns
can go hand in hand, the challenge lies in defining impact. Public and
private organizations continue to measure different elements by different
yardsticks, owing to the absence of common culture and language. The
terms evaluation, monitoring, results and impact measurement are used
interchangeably and without clear definitions.
Complex governance patterns and multiple layers of intermediation
deeply affect our collective capacity to understand the actual contribution
of joint public and private investments to the global agenda. As the deliv-
ery chain grows longer, it becomes more difficult for governments to exer-
cise their steering and oversight function. The use of concessionality
represents commercially sensitive information, which is often advanced as
ground for non-disclosure.
Evidence gathered by the Organisation for Economic Co-operation
and Development (OECD) shows that most impact investors seek market
rate returns, while the capacity to track social outcomes is uneven at best.1
Too often, public initiatives fostering impact investment also do not
explicitly require an independent assessment of results actually achieved.
The accountability lines become even more blurred when funding is
pooled in collective investment vehicles. The 2018 OECD Survey on
Blended Finance Funds and Facilities2
shed new light on their low propen-
sity to track and publicly disseminate the results actually achieved through
their operations. Almost two-thirds of the surveyed vehicles do not sys-
tematically update the social or environmental performance indicators at
the end of the investment and a third of them have no dedicated internal
monitoring and evaluation function. For a non-negligible amount (12%),
an evaluation has never been performed, nor is it planned in the future.
When it is, only one in four of the ensuing reports is made public.
The growing awareness of the need for private sector involvement has
only intensified the urgency to enhance their degree of public account-
ability. But the measurement of investment outcomes should not be con-
fused with, and cannot replace, the ex post evaluation of public policies
supporting those investments. Impact investors are mostly concerned by
the need to estimate or measure outcomes for immediate investment

vii
FOREWORD: PUTTING THE IMPACT IMPERATIVE AT THE HEART…
decision or external reporting requirements, whereas public authorities
need to ensure long-term policy learning based on actual, independently
observed results.
In order to harness the full potential of sustainable development finance,
we cannot shy away from “the impact imperative”: a shared understanding
of how we define and assess the results of our collective efforts towards
sustainable development. In this rapidly moving context, the impact
imperative should embrace all resources deployed in pursuit of sustainable
development, independently of their labelling. In their capacity as policy
makers, market regulators and development finance providers, public
authorities have the ultimate responsibility to counter the danger of
“impact washing”, by establishing and promoting integrity standards.
We are at crossroads in terms of how governments and society as a
whole are responding to the Sustainable Development Goals. Marginal
adjustments will not be sufficient to deliver the billions of financing to the
trillions of people that are in need. This shift in paradigm can only happen,
if we redefine the way financial and economic markets function to pro-
mote a more equitable and sustainable allocation of resources. All sustain-
able development finance actors share the responsibility for delivering the
2030 Agenda, and this implies converging towards a united vision on
whatwemeanandhowweassessprogresstowardssustainabledevelopment.
Irene Basile
Notes
1. Organisation for Economic Co-operation and Development—OECD
(2019), Social Impact Investment 2019: The Impact Imperative for Sustainable
Development, OECD Publishing, Paris, https://doi.org/10.178
7/9789264311299-en.
2. OECD (2018), Making Blended Finance Work for the Sustainable
Development Goals, OECD Publishing, Paris, https://doi.org/10.178
7/9789264288768-en.

ix
1
Enhancing Efficiency in Sustainable Markets 1
Mario La Torre and Helen Chiappini
2
Financing Sustainable Goals: Economic and Legal
Implications 5
Raffaele Felicetti and Alessandro Rizzello
3
Rethinking Taxation of Impact Investments 37
Alessandro Mazzullo
4
Profitable Impact Bonds: Introducing Risk-
Sharing
Mechanisms for a More Balanced Version of Social
Impact Bonds 61
Giulia Proietti
5
Social Stock Exchanges: Defining the Research Agenda 79
Karen Wendt
6
A Macro-Level Analysis of the Economic and Social
Impact of Microfinance in Sub-
Saharan Africa131
Roberto Pasca di Magliano and Andrea Vaccaro
Contents

x Contents
7
Environmental Impact Investments in Europe:
Where Are We Headed?151
Giuliana Birindelli, Annarita Trotta, Helen Chiappini,
and Alessandro Rizzello
8
The Increasing Importance of Green Bonds as
Instruments of Impact Investing: Towards a New
European Standardisation177
Maria Cristina Quirici
9
Green Banking in Italy: Current and Future Challenges205
Giuseppina Procopio, Annarita Trotta, Eugenia Strano,
and Antonia Patrizia Iannuzzi
10
Opportunities and Challenges of Impact Investing in
Climate-Smart Agriculture in Latin America259
Angélica Rotondaro, Andrea Minardi, and Leonie Dissemond
11
Sustainable Finance: Trends, Opportunities and Risks281
Mario La Torre and Helen Chiappini
Index289

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xi
Giuliana Birindelli is Professor of Financial Markets and Institutions at the
Department of Management and Business Administration, “G. d’Annunzio”
University of Chieti-Pescara, Italy, where she teaches “Financial Markets and
Institutions” and “Banking and Finance”. She obtained her PhD and her
post-doctorate degree from the University of Pisa, Italy. She is a member of
many scientific committees and serves as a member of the editorial board and
referee for many scientific journals. She is also a PhD committee member in
“Business and Behavioral Sciences” at “G. d’Annunzio” University of Chieti-
Pescara, Italy. Her main research interests are social and environmental per-
formance in the banking sector, corporate governance of banks, Basel III,
internal rating systems, operational risk and compliance risk. At present, she
is a member of the Board of Auditors of the Bank of Italy.
Helen Chiappini is an assistant professor at G. d’Annunzio University of
Chieti-Pescara, Italy, where she teaches sustainable finance and corporate
finance. She is the editor of the sub-series, Palgrave Studies in Green
Finance, a member of the Scientific Committee of the Social Impact
Investments International Conference and a member of the Climate Risk
Commission of the Italian Association of Risk Managers. Helen is also a
guest editor of Special Issues and a Topical Collection in the journal,
Sustainability.
Previously, she taught MBA and MSc courses at Link Campus University
and LUISS Guido Carli University in Italy, as well as at Pontificia Lateran
University in the Vatican City. Having been a visiting research fellow in the
Centre of Banking and Finance at Regent’s University, UK, Helen also
Notes on Contributors

xii NOTES ON CONTRIBUTORS
served in consultancy roles for national and international organizations
involved in development finance and was a scientific observer of the Italian
Advisory Board on the G8 Taskforce of Social Impact Investments. Her
areas of research include sustainable finance, impact investment funds,
non-performing loans and financial markets. Her book has been recently
published with Palgrave Macmillan entitled Social Impact Funds:
Definition, Assessment and Performance (2017), and she was co-editor of
Socially Responsible Investments: The Crossroads Between Institutional and
Retail Investors (Palgrave Macmillan, 2019).
Roberto Pasca di Magliano is Distinguished Professor of Growth
Economics, Sapienza University of Rome, and Director of the School of
Financial Cooperation and Development (SFIDE), Unitelma Sapienza
University of Rome, Italy.
Leonie Dissemond is an associate consultant for ESG and blended
finance models at Alimi Impact Ventures and joined in the beginning of
2018 to support the development of the market assessment about impact
investing in climate-smart agriculture. Next to that, she works for KfW
IPEX-Bank in Frankfurt. Leonie holds a master’s degree in Sustainable
Finance at the University of Maastricht. For her thesis, she researched the
value of industry-specific material and non-material ESG performance in
the debt capital market.
Raffaele Felicetti is a PhD candidate at LUISS Guido Carli University of
Rome, where he is working as a corporate law and advanced corporate law
teaching assistant. He is also pursuing an LLM degree at Harvard Law
School (Cambridge, MA). In 2018, he worked in the legal team of the
then President of the European Parliament, and in 2019, he worked at the
European Central Bank. He received his law degree from LUISS Guido
Carli University of Rome and was admitted as a lawyer to the Italian bar
in 2019.
Antonia Patrizia Iannuzzi is Senior Assistant Professor of Financial
Markets and Institutions at the University of Bari “Aldo Moro” (Italy),
where she teaches the courses of “Economics of Financial Intermediaries”
and “Management of Banking and Insurance Institutions” within the
Department of Economics, Management and Business Law. She holds a
PhD in Banking and Finance from the University of Roma “Sapienza”
(Italy), and since 2005, she has carried out research and teaching activities
in banking and financial issues at the University of Bari, Foggia and

xiii
NOTES ON CONTRIBUTORS
Catanzaro (Italy). She is an ordinary member of the Italian Association of
Professors of Economics of Intermediaries, Financial Markets and
Corporate Finance (ADEIMF) and the Interuniversity Research Center
on Guarantee Institutions (CeSAC). She has been a speaker at various
national and international conferences and a reviewer for several interna-
tional journals. Finally, she has authored (or co-authored) over 40 scien-
tific publications; her main research and teaching interests are related to
corporate reputation and reputational risk in the banking sector, corporate
governance, stakeholder engagement and management compensation,
corporate social responsibility and climate change, ethical funds and
mutual guarantee institutions.
Mario La Torre is Professor of Banking and Finance at the Sapienza
University of Rome, Italy. His main research interests include banking,
sustainable finance and financial innovation. He is also an expert in audio-
visual and art financing. Editor of the series Palgrave Studies in Impact
Finance, Mario is a member of the Board of the Italian National Body for
Microcredit. He has also been a member of the G8 Taskforce on Social
Impact Investments, Counsellor for the Minister of Culture, a member of
the Audiovisual Working Party at the European Council and a member of
the Board of Cinecittà Holding. Furthermore, he has been a member of
the consultative group for the definition of the Italian Microcredit Law
and lawmaker of the Italian Tax Credit Law for the audiovisual industry.
Mario is responsible for the Center for Positive Finance, promoter of the
University Alliance for Positive Finance and author of the blog, Good in
Finance. Additionally, he is the author of several international publications
in the field of banking, sustainable finance, microfinance and film financing.
Alessandro Mazzullo worked as official at the Central Department of
the Italian Revenue Agency. He is a PhD student in Private Law of Market
at the Department of Law and Economics of Production Activities,
University of Rome “La Sapienza”. He is a member of the National Third
Sector Council, appointed by the Minister of Labor and Social Policies.
He has been a member of the government commission that drafted the
reform of the Third Sector and social enterprise, in Italy, in 2017. He has
been a consultant for the Italian board of the G8 Task Force on Impact
Investing. His main research topics include legislation on social entrepre-
neurship and impact investing. He has authored numerous publications
(including Social Entrepreneurship Law. From social enterprise to impact
investing, by Giappichelli, 2019, and The new third sector code. Civil and

xiv NOTES ON CONTRIBUTORS
tax profiles, by Giappichelli 2017) and has been a speaker at numerous
conferences.
Andrea Minardi is a senior research fellow professor at the Insper
Institute of Education and Research and a director of the Brazilian
Financial Society. She was the academic dean of the undergraduate pro-
gramme at Insper from 2010 until 2012, member of the executive com-
mittee of BALAS (Business Association of Latin American Studies) and
member of the Fiscal Board of ANGRAD (National Organization of
Undergraduate Programs in Business). She holds a doctoral degree in
Business Administration from EAESP—Fundação Getúlio Vargas, with a
major in Finance, and a bachelor’s degree in Production Engineering from
Escola Politécnica da Universidade de São Paulo. She was a visiting stu-
dent at the PhD program in Business at the University of Texas at Austin.
She teaches Private Equity and Venture Capital and Corporate Finance for
undergraduates, graduates and in executive education. She researches cor-
porate finance, with a focus on private equity and venture capital. She is
the author of the book Teoria de Opções Aplicada a Projetos de Investimentos
and many published articles.
Giuseppina Procopio graduatedwithhonoursinBusinessAdministration
and Management at the University Magna Graecia of Catanzaro in
October 2017. She presented a thesis on green finance that analysed the
aspects, approaches and various green financial instruments available on
the market. She is employed in the Finance Department of Gada Group.
Her interests are sustainable investment, green banking and reputational
risk in the banking sector.
Giulia Proietti is a research fellow in Social Impact Bonds and Impact
Investing at the University of Trento, for the project “From the theory of
social finance to a concrete social bond” funded by Fondazione Caritro,
aiming at the possible implementation of social bonds and SIBs in Italy.
She holds a PhD in Business Law and Economics from the University
La Sapienza, a JD in Law with summa cum laude from Nova Southeastern
University in Fort Lauderdale (Florida, USA) and a Laurea Magistrale in
Law from the University of Roma Tre.
She is a Notary in Rome and former US and Italian Attorney at Law.
Her primary research interests are corporate governance, hybrid busi-
nesses (i.e. social enterprises, benefit corporations) and social and respon-
sible investments (SRI, impact investing). She is also founder and President

xv
of Equoevento, an NGO fighting food waste at social events and gather-
ings to distribute it to those in need.
Maria Cristina Quirici is a full-time professor at the Department of
Economics and Management of the University of Pisa (Italy), where she
has spent more than 30 years of her career as university teacher. Here, she
graduated cum laude in Economics in 1984, received her PhD in Business
Economics in 1989, became in 1993 Assistant Researcher in Banking and
Stock Markets and then, from 2017 until today, Associate Professor in
Financial Intermediaries and Markets. She is also a teacher in various mas-
ter’s degrees of the University of Pisa, and she has been also an Erasmus
teacher at the University of Valladolid (Spain) in 2009.
She has written several books and numerous articles on different topics,
regarding both banking and the operations within the stock markets, with
a particular attention to their structural evolution. Recently, her research
projects have focused on the Sustainable and Responsible Investments
topics, becoming also member of the Jean Monnet Project Development
and Harmonisation of Socially Responsible Investment in the European
Union (Call for Proposals EAC/A04/15, Coordinator Prof. Spataro,
Department of Economics and Management, University of Pisa). Within
the SRI topics, she has a particular interest in the new strategy of impact
investing and its financial instruments, considering also all the institutions’
activities to enhance a sustainable finance in Europe and all over the world.
She has participated in several national and international conferences
regarding SRI or other themes on financial markets and intermediary
activities, organizing many of them too.
Alessandro Rizzello received his PhD from the University “Magna
Graecia” of Catanzaro with a dissertation that focused on social impact
investing and social impact bonds in the healthcare sector. He teaches
“Social Sustainable Finance” at the University “Magna Graecia” of
Catanzaro. His research interests are social impact investing, social impact
bond, sustainable finance and crowdfunding of social ventures. His

working experience includes the position of head of the Budgetary and
Financial Office in the Italian public administration. He received his
degree in Economics from LUISS Guido Carli University, Rome.
Angélica Rotondaro is a founding partner and advisor at Alimi Impact
Ventures, co-founder of the Climate-Smart Brazil Institute, a member of
the Advisory Board of Insper-Metricis and associate researcher at CORS/
University of Sao Paulo. From 2009 to 2016, she was the managing direc-

xvi NOTES ON CONTRIBUTORS
tor of the St. Gallen Institute of Management Latin America (Switzerland)
in São Paulo. Before that, she was a senior consultant for branding,
responsible for Latin America and Spain in an international Swiss com-
pany. In parallel, she was the co-founder and vice-
president of the private
foundation for investments in the third sector and coordinated projects
related to grassroots development. In the environmental field, she imple-
mented a brand positioning project of alternative energy business in Asia
and Latin America. She holds a PhD in Organizational Studies from the
University of St Gallen with a research related to Fair Trade.
Eugenia Strano graduated with honours in Business Administration and
Management at the University “Magna Graecia” of Catanzaro in October
2017 with a dissertation that focused on green finance, analysing environ-
mental disclosure among Italian listed banks. She is a PhD student in
Theory of Law and European Legal and Economic System, curriculum
Companies, institutions and markets in the European Union at the
University “Magna Graecia” of Catanzaro. Her research interests are sus-
tainable finance, innovation business models for sustainability and social
impact in the banking sector and the financial industry.
Annarita Trotta PhD, is Professor of Banking and Finance at the
University “Magna Graecia” (UMG) of Catanzaro (Italy), where she
teaches “Economics of Financial Markets and Intermediaries” (a.y.:
2019/2020). She holds a PhD in Business Administration from the
University of Naples “Federico II” (Italy), where she was Assistant
Professor of Banking (from 1995 to 2001). In 2001, she moved from the
University “Federico II” to the University “Magna Graecia” of Catanzaro.
She has taught several courses over the years at both the undergraduate
and graduate levels, including banking, financial markets, corporate
finance and advanced corporate finance. She is a PhD committee member
in “European Legal and Economic Systems” at UMG. At present, she is a
member of the Evaluation Unit of the LUM Jean Monnet University
(Italy). She serves as member of the editorial board and referee for many
scientific journals. Over her 25-year academic career, she has authored (or
co-authored) more than 60 original scientific publications and 4 books.
Her primary areas of research are social and sustainable finance; impact
investing; alternative finance and sustainability; reputational risk and repu-
tational crisis in the banking sector; corporate social responsibility in the
banking industry; local banking and information asymmetries; small busi-
ness, venture capital and informal venture capital. She is a research unit

xvii
coordinator (2017–2020) of the Project “An Italian platform for impact
finance: financial models for social inclusion and sustainable welfare”
(funded by Italian Ministry of Education, Universities and Research), in
collaboration with Sapienza, University of Rome (Project Leader).
Andrea Vaccaro is a doctoral student at the Department of Social
Sciences and Economics, Sapienza University of Rome, Italy.
Karen Wendt is the editor of the Sustainable Finance Series with Springer
Science and Business Media, a series dealing with new concepts in econ-
omy, leadership, investment, finance, strategy, management, exponential
tech and behaviour. Karen is also a serial entrepreneur. Her mission is to
merge economy and business with purpose and passion to implement the
Sustainable Development Goals (#SDGs) using Choice Architecture and
applying Theories of Change. She combines investment, strategy, ideation
and mediation knowledge with investment and finance as well as network
and movement-building skills. She pioneered in the creation of the
Equator Principles, the Gold Standard in investment banking for achiev-
ing human rights assessments and respect in business, de-risking assets
from extra-financial risks and crafting a more integral approach towards
decision-making, opportunity recognition and positive impact creation.
The Equator Principles Institutions won the Financial Times
Sustainability Award. Karen’s research interest is on impact investing and
impact entrepreneurship, as well as leadership evolution, theories of
change and social stock exchanges. She is keynote speaker, advisor, facilita-
tor, mediator and leadership coach.

xix
Fig. 2.1 The interplay of profit and purpose along entrepreneurship
logics. (Source: Authors’ elaboration)22
Fig. 2.2 The interplay of profit and purpose along corporate legal
frameworks. (Source: Authors’ elaboration)22
Fig. 2.3 The interplay of profit and purpose along sustainable capitals
and investors. (Source: Authors’ elaboration)23
Fig. 2.4 Combination of entrepreneurship, corporate legal frameworks
and capitals in the simultaneous maximization of profit and
purpose segments. (Source: Authors’ elaboration) A: Mission
unrelated (impact) entrepreneurship/Sustainable
entrepreneurship (market driven) For-profit corporate models +
Hybrid Corporate Model (Benefit Corporations) Traditional
finance + Finance-First Impact investors B: Environmental
entrepreneurship Hybrid Corporate Models (Benefit
Corporations) + Hybrid Models (CICs, L3Cs) Finance-First
Impact Investors, Balanced Impact Investors C: Social
entrepreneurship Hybrid Models + (CICs, L3Cs), Low-Profit
Social Enterprises Impact-first impact investors 24
Fig. 3.1 Social rating system 51
Fig. 3.2 Veronamercato Spa 53
Fig. 5.1 The impact investment journey. (Source: Authors’ elaboration
adjusted from Brandstetter and Lehner (2015)) 86
Fig. 5.2 Impact investing. (Source: Wendt 2018) 86
Fig. 5.3 The landscape of social entrepreneurship and finance. (Adjusted
from Glänzel et al. 2014) 97
List of Figures

xx List of Figures
Fig. 7.1 The ongoing regulatory process of sustainable finance in
Europe. (Source: Authors’ elaboration) 160
Fig. 7.2 Sustainable investments in the European Commission’s
proposal. (Source: Authors’ elaboration based on European
Commission (2018b)) 161
Fig. 7.3 The positioning of the European case studies. (Source: Authors’
elaboration)169
Fig. 8.1 Regional distribution of Green Bond Issuances 2018. (Source:
Adapted from SEB 2018) 196
Fig. 8.2 Regional distribution of Green Bond issuances 2018
YTD. (Source: Adapted from SEB 2018) 197

xxi
Table 6.1 List of the sample of countries included in regression models 139
Table 6.2 The effect of microfinance on economic development in
sub-Saharan Africa, from 2000 to 2014 141
Table 6.3 The effect of microfinance on social development in sub-
Saharan Africa, from 2001 to 2014 143
Table 7.1 European environmental impact investment cases 166
Table 8.1 Characteristics of different Green Bond identification and
certification schemes 188
Table 8.2 Comparison between GBPs and EU Green Bond Standard 192
Table 9.1 Main definitions of green banking 211
Table 9.2 Green banking regulations: main milestones 223
Table 10.1 The different investment options developed by Ejido Verde 269
List of Tables

Other documents randomly have
different content

Fauna from the Caves of Mentone 373
” Bone-caves of Sicily 376
List of Animals from the Middle Pleistocene 415
” ” ” Early Pleistocene 418
” Pleistocene Mammalia 420, 422
” Characteristic Animals of the Pleistocene Period 423
” ” ” ” Pleiocene Period 424

ADDITIONS AND CORRECTIONS.
Page 1, line 7, for “Cythæron” read “Cithæron.”
Page 8, line 4, for “that” read “who.”
Page 17, line 5, for “Seine” read “Somme.”
Page 60, lines 29, 30, for “non-ossiferous” read “no ossiferous.”
Page 82, fig. 19, for “A, B, Albert, C, Victoria” read “A, B, Victoria,
C, Albert.”
Page 95, fig. 25.—This design is to be seen in the chalice
discovered in 1868, in a rath at Ardagh, Limerick, and described by
the Earl of Dunraven (Trans. Royal Irish Acad. xxiv. Antiquities). The
chalice is made of gold, silver, bronze, brass, copper, and lead, and
from the identity of its inscription and ornament with those of Irish
MSS. of ascertained age, may be referred to a date ranging from the
5th to the 9th centuries. It is also adorned with squares of blue and
red enamel of the same kind as that of the brooches from the
Victoria Cave, figured in the coloured plate. The same design is also
presented by the “bronze head-ring” found in 1747 at Stitchel, in
Roxburgh, (Wilson “Prehistoric Annals of Scotland,” ii. 146) as well as
by one of the silver articles known as “The Norrie Law Relics,” found
in a tumulus on the shore of the Bay of Largo, Firth of Forth. Of the
coins found at the same place, the latest, belonging to Tiberius
Constantine (d. 682), fixes the date as not earlier than the 7th
century. Some of the sculptured stones of Scotland, such as the
Dunnichen stone, are ornamented also in the same style, and,
according to Professor Wilson, belong to “the transition period from
the 4th to the 8th centuries, when pagan and Christian rites were

obscurely mingled,” (ii. 259). In Scotland, therefore, as well as
Ireland, this style of ornamentation is of the same age,
corresponding in the main with that of Brit-Welsh articles in the
Victoria Cave, proved by the associated coins to be later than the
4th century.
Page 120, line 4.—These teeth are considered by Dr. Leith
Adams to belong to Elephas antiquus, which has been discovered in
other places in Yorkshire. They may possibly belong to that animal;
but they may, with equal justice, be identified with the wide-plated
variety of the teeth of the Mammoth. The great variation in the
width of the component plates of the fossil teeth of Mammoth
observable in the large series from Crayford and the caves of the
Mendip Hills, and in those in the magnificent Museum of Lyons,
causes me to hesitate in considering them to belong to the rarer
species.
Page 130, line 2.—This has been verified while these sheets were
passing through the press by the discovery of Brit-Welsh articles in a
cave in Kirkcudbrightshire by Messrs. A. R. Hunt and A. J. Corrie,
among which are bone fasteners similar in outline to that from the
Victoria Cave (Fig. 23).
Page 190.—In using this classification of crania, I have purposely
attached higher value to the two extremes of skull form, or the long
and the broad, than to the intermediate oval forms, which cannot be
viewed as distinctive of race, because they may be the results either
of the intermarriage of a long-headed with a short-headed people,
or of variation from the type of one or other of them.
Page 196, heading, for “Dolicho-cepha” read “Dolicho-cephali.”
Page 201, heading, dele “A”.
Page 213, note 2.—The “tête annulaire,” or annular depression,
is also visible on some of the broad as well as the long skulls from a
“Merovingian” cemetery at Chelles in the same collection. The
association in this cemetery of the two skull-forms is probably due to

the Merovingians being the masters, and the Celts the servants, and
the conquerors and the vanquished being buried in the same spot.
Page 220, line 24, for “Volscæ” read “Volcæ.”
Page 223, line 25, for “east” read “west.”
Page 228, line 3, dele “that.”
Page 229, line 3, for “set foot” read “settled.” The statement in
the text is too strong. The conquest of Gaul by the Huns under Attila
was averted by his defeat in the famous battle of Chalons.
Page 275, line 21, for “are” read “is.”
Page 279.—Since this was written a new ossiferous deposit has
been found in a fissure at Lothorsdale, near Skipton, from which the
remains of the Elephas antiquus and Hippopotamus amphibius have
been obtained.
Page 284.—The ossiferous fissure at Windy Knoll, near Castleton,
recently explored by Messrs. Tym, Pennington, Plant, Walker and
others, has added several animals to the pleistocene fauna of that
district—the bison, roe, reindeer, bear, wolf, fox, and hyæna, the first
of these species being remarkably abundant, and of all ages. The
remains were probably introduced by a stream from a higher level.
Page 337, note 2, line 2, for “the Revue” and “les Matériaux”
read “in the Revue” and “in the Matériaux.”
Page 337, note 5, for “Aquitainicæ” read “Aquitanicæ.”
Page 347, line 6, for “mind” read “minds.”
Page 356, line 15, for “Port” read “Fort.”
Page 361.—Mr. Ayshford Sanford adds the Felis Caffer to the list
from Bleadon, and the Gulo borealis to that of the animals from
Kent’s Hole.
Page 386, line 10, dele inverted commas.
Page 386, line 17, for “or from 1,000 to 2,000 feet lower than
the glacial covering” read “thus differing by a line of from 1,000 to

2,000 feet from the glacial covering” (Palgrave).

CHAPTER I.
INTRODUCTION.
Legends and Superstitions connected with Caves.—The Physical Division
of the Subject.—The Biological.—The Inhabitants of Caves.—Men and
Animals.—Ethnological, Archæological, and Geographical Bearings.—
The three Classes of Bone-Caves: Historic, Prehistoric, Pleistocene.—
History of Cave Exploration in Europe: Germany, Great Britain, France,
Belgium, Southern Europe.
Caves have excited the awe and wonder of mankind in all ages, and
have figured largely in many legends and superstitions. In the
Roman Mythology, they were the abode of the Sibyls, and of the
nymphs, and in Greece they were the places where Pan, Bacchus,
Pluto, and the Moon were worshipped, and where the oracles were
delivered, as at Delphi, Corinth, and Mount Cithæron; in Persia they
were connected with the obscure worship of Mithras. Their names,
in many cases, are survivals of the superstitious ideas of antiquity. In
France and Germany they are frequently termed “Fairy, Dragons’, or
Devils’ Caves,” and, according to M. Desnoyers, they are mentioned
in the invocation of certain canonized anchorites, who dwelt in them
after having dispossessed and destroyed the dragons and serpents,
the pagan superstition appearing in a Christian dress.
In the Middle Ages they were looked upon as the dwellings of
evil spirits, into the unfathomable abysses of which the intruder was
lured to his own destruction. Long after the fairies and little men had
forsaken the forests and glens of Northern Germany, they dwelt in
their palaces deep in the hearts of the mountains,—in “the dwarf
holes,” as they were called—whence they came, from time to time,
into the upper air. Near Elbingrode, for example, in the Hartz, the

legend was current in the middle of the last century, that when a
wedding-dinner was being prepared the near relations of the bride
and bridegroom went to the caves, and asked the dwarfs for copper
and brass kettles, pewter dishes and plates, and other kitchen
utensils.
1
“Then they retired a little, and when they came back,
found everything they desired set ready for them at the mouth of
the cave. When the wedding was over they returned what they had
borrowed, and in token of gratitude, offered some meat to their
benefactors.” Allusions, such as this, to dwarfs, according to
Professor Nilsson, point back to the remote time when a small
primeval race, inhabiting Northern Germany, was driven by invaders
to take refuge in caverns,—a view that derives support from the fact
that in Scandinavia the tall Northmen were accustomed to consider
the smaller Lapps and Finns as dwarfs, and to invest them with
magic power, just as in Palestine the smaller invading peoples
considered their tall enemies giants. The cave of Bauman’s hole, also
in the Hartz district, was said, in the middle of the last century, to
have been haunted by divers apparitions, and to contain a treasure
guarded by black mastiffs; and in Burrington Combe, in
Somersetshire, some twenty years ago, a cave was dug out by a
working man, under the impression that it contained gold. The hills
of Granada are still believed, by the Moorish children, to contain the
great Boabdil and his sleeping host, who will awake when an
adventurous mortal invades their repose, and will issue forth to
restore the glory of the Moorish kings.
It is, indeed, no wonder that legends and poetical fancies such
as these should cluster round caves, for the gloom of their recesses,
and the shrill drip of the water from the roof, or the roar of the
subterranean water-falls echoing through the passages, and the
white bosses of stalagmite looming like statues through the
darkness, offer ample materials for the use of a vivid imagination.
The fact that often their length was unknown, naturally led to the
inference that they were passages into another world. And this is
equally true of the story of Boabdil, of that of the Purgatory of St.
Patrick, in the north of Ireland, and of the course of the river Styx,

which sinks into the rocks and flows through a series of caverns that
are the dark entrance-halls of Hades. The same idea is evident in the
remarkable story, related by Ælian (Lib. xvi. 16). “Among the Indians
of Areia there is an abyss sacred to Pluto, and beneath it vast
galleries, and hidden passages and depths, that have never been
fathomed. How these are formed the Indians tell not, nor shall I
attempt to relate. The Indians drive thither (every year) more than
3,000 different animals—sheep, goats, oxen, and horses—and each
acting either from dread of the dreadful abyss, or to avert an evil
omen in proportion to his means, seeks his own and his family’s
safety by causing the animals to tumble in; and these, neither bound
with chains nor driven, of their own accord finish their journey as if
led on by some charm; and after they have come to the mouth of
the abyss they willingly leap down, and are never more seen by
mortal eyes. The lowing, however, of the cattle, the bleating of the
sheep and of the goats, and the whinnying of the horses are heard
above ground, and if anyone listen at the mouth, he will hear sounds
of this kind lasting for a long time. Nor do they ever cease, because
beasts are driven thither every day. But whether the sound is made
by those recently driven in, or by some of those driven in some time
before, I do not express an opinion.” The Roman Catholic Church
took advantage of this feeling of superstitious awe, as late as the
Middle Ages. At the time of the Reformation it was believed that a
cave at Bishofferode would prove the death of some person in the
course of the year, unless a public yearly atonement were made.
Accordingly a priest came, on a certain day, to the chapel on the hill
opposite, whence he passed in solemn procession to the cave, “and
let down into it a crucifix, which he pulled up again, and took this
occasion to remind them of hell, and to avoid the punishment due to
their sins.”
The beauty of the interiors of some of the caves could not fail to
give rise to more graceful fancies than these. The fantastic shapes of
the dripstone, with which they are adorned, now resembling Gothic
pillars supporting a crystalline arcade, or jutting out in little spires
and minarets, and very generally covering the floor with a marble-

like pavement, and in some cases lining the pools of water with a
fretwork of crystals that shine like the facets of a diamond, were
fitting ornaments for the houses of unearthly beings, such as fairies.
The Physical Division of the Subject.
It is by no means my intention in this work to give a history of
legends such as these, but to take my readers with me into some of
the more important and more beautiful caves in this country. The
exploration of the chambers and passages of which they are
composed, the fording of the subterranean streams by which they
are frequently traversed, or the descent into deep chasms which
open in their floors, have the peculiar charm of mountaineering, not
without a certain pleasurable amount of risk. But to physicist and
geologist they offer far more than this. They give an insight into the
wonderful chemistry by which changes are being wrought, at the
present time, in the solid rock. Nor are the conclusions to which we
are led by the investigation of these chemical changes merely
confined to the interior of caves. They enable us to understand how
some of the most beautiful scenery in Europe has been formed, and
to realize the mode by which all precipices and gorges have been
carved out of the calcareous rock. In the next chapter we shall see
why it is that the combination of hill and valley, ravine and precipice,
present the same general features in all limestone districts—why, for
instance, the ravines of Palestine are the same as those of Greece,
and both are identical with those in Yorkshire. The origin and the
history of caves will be examined, as well as their relation to the
general physical geography of the calcareous strata. All these
subjects are comprehended in the first or the physical division of
cave-hunting.

The Biological Division.
We must now proceed to the definition of the scope and object
of the second, or Biological, division of the subject.
Caves have been used by man, and the domestic animals living
under his protection, from the earliest times recorded by history
down to the present day. Those penetrating the rugged precipices of
Palestine, we read in the Old Testament, served both for habitation
and for burial, and, from the notices which are scattered through the
early Greek writers, we may conclude that those of Greece were
used for dwelling-places. The story of the Cyclops proves that they
were also used as folds for goats. The name of Troglodytes, given to
many peoples of the most remote antiquity, implies that there was a
time in the history of mankind when Pliny’s statement “specus erat
pro domibus” was strictly true (“Hist. Nat.” I. v. c. 56). The caves of
Africa have been places of retreat from the remotest antiquity down
to the French conquest of Algeria, and in 1845 several hundred
Arabs were suffocated in those of Dahra by the smoke of a fire
kindled at the entrance by Marshal (then Colonel) Pelissier. Dr.
Livingstone alludes in his recent letters to the vast caves of Central
Africa, which offer refuge to whole tribes with their cattle and
household stuff. In France, according to M. Desnoyers, there are at
the present time whole villages, including the church, to be found in
the rock, which are merely caves modified, extended, and altered by
the hand of man. The caves of the Dordogne were inhabited in the
middle ages. Floras writes that the Aquitani, “callidum genus in
speluncas se recipiebant, Cæsar jussit includi,”
2
and the same caves
afforded shelter to the inhabitants of the same region in the wars of
King Pepin against the last Duke of Aquitaine. In this country a small
cave in Cheddar Pass was occupied till within the last few years. The
caves in the northern counties are stated by Gildas to have offered a
refuge to the Brit-Welsh inhabitants of Britain during the raids of the
Picts and Scots; and in the year 1745 those of Yorkshire were turned
to the same purpose during the invasion of the Pretender. We might

reasonably expect to find in caves turned to these uses objects left
behind, which would tell us something of the manners and customs
of their possessors, and light up the catalogue of battles and
intrigues of which history generally consists. The results obtained
from the Brit-Welsh group of caves, treated in the third chapter,
show that this hitherto neglected branch of the inquiry is not without
value to the historian.
Caves containing remains of this kind may be conveniently
termed historic, because they may be brought into relation with
history. It must, however, be carefully remarked that the term does
not relate to history in general, but to that in particular of each
country which happens to be under investigation. The
misapprehension of this has caused great confusion, and many
mistakes in archæological classification and reasoning.
Again, our experience of the habits of rude and uncivilized
peoples would naturally lead us to look to caves, as the places in
which we should be likely to meet with the remains of the men who
lived in Europe before the dawn of history. Such remains we do find
that, placed side by side with others from the tombs and dwellings,
enable us to discover some, at least, of the races who lived in
Europe in long-forgotten times, and to ascertain roughly the
sequence of events in the remote past, far away from the historical
border. It may, indeed, seem a hopeless quest to recover what has
been buried in oblivion so long, and it is successful merely through
the careful comparison of the human skeletons in the caves and
tombs of Britain, France, and Spain, with those of existing races, and
of the implements and weapons with those which are now used
among savage tribes. By this means we shall see that there are good
grounds for extending the range of the Iberian people over a
considerable area in Europe, and for the belief that the Eskimos once
lived as far south as Auvergne. In discussing both these problems it
will be impossible to shut our eyes to the continuity that exists
between geology, archæology, biology, and history—sciences which
at first sight appear isolated from each other.

The bones of the domestic animals in the caves will necessarily
lead to the further examination of the appearance and
disappearance of breeds under the care of man. And this
complicated question has an important bearing not merely on the
ethnology, but also on the history, of some of the European peoples.
It must be admitted, however, that this branch of the subject is, as
yet, known merely in outline, and we can only hope to ascertain a
few facts which may form a basis for future investigation.
From another point of view the contents of caves are peculiarly
valuable. They have been used as places of shelter, not merely by
man, but by wild animals, from the time they first became accessible
to the present day. In the same way, therefore, as now they contain,
in their superficial layers, the bones of sheep, oxen, and horses,
foxes, rabbits, and badgers, so in their deeper strata lie buried the
remains of the animals which were living in Europe long before the
historic times. In other words, they enable us to make out the
groups of animals inhabiting the neighbouring districts, and which in
many cases have either forsaken their original abodes or have
become extinct. And since those which are extinct, or which have
migrated, could not have lived where their remains are found under
the present conditions of life, an inquiry into their history leads us
into the general question of the ancient European climate and
geography. It is obvious, for example, that the spotted hyæna,
which formerly inhabited the caves of Sicily, could not have crossed
over to that island after it was separated from Africa and Italy; and it
would be impossible for the musk-sheep, the most arctic of the
herbivora, to live as far south as Auvergne under the present
climatal conditions. The presence, therefore, of these animals in
these districts is proof in the one case of a geographical, and in the
other of a climatal, change.
The discussion of all these questions is comprehended under the
second, or biological, division of cave-hunting, which may be defined
as an inquiry into the remains of man and animals found in the
caves, and into the conditions under which they lived in Europe.

The three Classes of Bone-caves.
In the biological branch of the subject the caves will be treated
first which are comprehended within the limits of history; then we
shall pass on to the investigation of Prehistoric caves, or those which
have been inhabited in the interval that separates history from the
remote geological era, which is characterized by the existence of the
extinct mammalia in Europe. And, lastly, those will be examined
which have furnished the remains of the extinct animals, and which
are termed by the geologists Pleistocene, from the fact that a larger
percentage of existing species were then living than in the preceding
Pleio-, Meio-, and Eocene periods. The equivalent terms
“Quaternary,” used by many French geologists, and the “Post-
pleiocene division of the Post-tertiary Formation,” used by Sir Charles
Lyell, are not adopted in this work, because they imply a break in
the continuity of life, which does not exist. “Pleistocene” was
invented and subsequently discarded by Sir C. Lyell,
3
and is at
present used by many eminent writers, such as Forbes, Phillips,
Gervais, and others. The ossiferous caves will therefore be divided
into the Historic, Prehistoric, and Pleistocene groups. And it will be
more convenient to work backwards in time from the basis offered
by history, than to begin with the Pleistocene, or oldest division, and
bring the narrative down to the present day.
This classification, founded in part on the principle of change in
the animal world, and partly on the basis offered by history,
coincides, only in part, with that of the archæologists based on the
remains of man’s handiwork. The Pleistocene age is the equivalent
of the Palæolithic, or that of rude unpolished stone; the Prehistoric
represents the ages of polished stone, bronze, and iron in part, or
those stages in human progress when the use of these materials
became general for the purposes of every-day life; while the Historic
covers merely the later portion of that of iron.

History of Cave-Exploration in Europe.
Germany.—The rest of this chapter must be devoted to an
outline of the history of cave-exploration during the last two
centuries. The dread of the supernatural, which preserved the
European caves from disturbance, was destroyed in the sixteenth
and seventeenth centuries by the search after “ebur fossile,” or
unicorn’s horn, which ranked high in the materia medica of those
days as a specific for many diseases, and which was obtained, in
great abundance, in the caverns of the Hartz, and in those of
Hungary and Franconia. As the true nature of the drug gradually
revealed itself, the German caves became famous for the remains of
the lions, hyænas, fossil elephants, and other strange animals, which
had been used for medicine. We owe the first philosophical
discussion on the point to Dr. Gesner,
4
who, although he maintained
that the fossil unicorn consisted, in some cases, of elephant’s teeth
and tusks, and in others of its fossil bones, did not altogether give
up the idea of its medicinal value. It is a singular fact, that fossil
remains of a similar kind are, at the present time, used by the
Chinese for the same purpose, and sold in their druggists’ shops.
5
The cave which was most famous at the end of the seventeenth
century was that of Bauman’s Hole, in the Hartz, in the district of
Blankenbourg. It is noticed in the Philosophical Transactions for the
year 1662, and was subsequently described by Dr. Behrens,
6
Leibnitz, De Luc, and Cuvier, along with others in the
neighbourhood. Those of Hungary come next in point of discovery,
the first notice of them being due to Patterson Hayne in 1672. They
penetrate the southern slopes of the Carpathian ranges, and are
known by the name of dragons’ caves, because the bones which
they contain had been considered from time immemorial to belong
to those animals by the country people. These remains were
identified by Baron Cuvier as belonging to the cave-bear.
7

It was not, however, until the close of the eighteenth century
that the exploring of caves was carried on systematically, or their
contents examined with any scientific precision. The caves of
Franconia, in the neighbourhood of Muggendorf, were described by
Esper in 1774, by Rosenmuller in 1804, and six years later by Dr.
Goldfuss. The most important was that of Gailenreuth, both from the
vast quantity of remains which it was proved to contain, and the
investigations to which it led. The bones of the hyæna, lion, wolf,
fox, glutton, and red deer were identified by Baron Cuvier; while
some of the skulls which Dr. Goldfuss obtained have been recently
proved, by Professor Busk, to belong to the grizzly bear. They were
associated with the bones of the reindeer, horse and bison.
Rosenmuller was of opinion that the cave had been inhabited by
bears for a long series of generations; and he thus realized that
these remains proved that the animals found in the cave had once
lived in that district, and had not been swept from the tropics by the
deluge. The interest in these discoveries was at its height in the year
1816, when Dr. Buckland visited the cave, and acquired that
knowledge of cave-exploring which he was subsequently to use with
such good effect in this country.
8
From this time down to the present
day, no new fact of importance has been added to our knowledge of
caves by explorations in Germany.
Great Britain.—The first bone-cave systematically explored in this
country was that discovered by Mr. Whidbey,
9
in the Devonian
limestone at Oreston, near Plymouth, in 1816; and the remains
obtained from it were identified by Sir Everard Home as implying the
existence of the rhinoceros in that region. This discovery followed
close upon the researches in Gailenreuth, and was due in some
degree to the request which Sir Joseph Banks made, that Mr.
Whidbey, in quarrying the stone for the Plymouth breakwater, should
examine the contents of any caverns that he might happen to meet
with. It preceded Dr. Buckland’s exploration of Kirkdale by about four
years.

In the summer of 1821 a cave was discovered, in a limestone
quarry at Kirkdale, in Yorkshire, which was found to contain bones
and teeth of animals. On hearing of the discovery, Dr. Buckland
posted at once from South Wales to the spot, and published the
result of the explorations in the Philosophical Transactions for the
next year. He brought forward evidence that the cave had been
inhabited by hyænas, and that the broken and gnawed bones of the
rhinoceros, mammoth, stag, bison, and horse belonged to animals
which had been dragged in for food. He also established the fact
that all these animals had lived in Yorkshire in ancient times, and
that it was impossible for the carcases of the hyæna, rhinoceros, and
mammoth to have been floated from those regions where they are
now living into the position where he found their bones. He
subsequently followed up the subject by investigating bone-caves in
Derbyshire, South Wales, and Somerset, as well as in Germany, and
published his great work, “Reliquiæ Diluvianæ,” in 1822, which laid
the foundations of the new science of cave-hunting in this country.
The exploration of Kirkdale followed closely upon that of Gailenreuth,
and was merely the application of those principles of research which
had been discovered in Germany to caves in a new district.
From this time forward bone-caves were discovered in Great
Britain in increasing numbers, and explored by many independent
observers. The famous cavern of Kent’s Hole, near Torquay,
furnished the Rev. J. McEnery, between 1825 and the year 1841, in
which he died, with the first flint implements ever discovered in a
cave along with the bones of extinct animals. He recognized the fact
that they may be proof of the existence of man during the time that
those animals were alive; but the scientific world was not then
sufficiently educated to accept the antiquity of the human race on
the evidence brought forward, and Dr. Buckland himself was so
influenced by the opinions of his times, that he refused even to
entertain the idea. Although the discovery was verified by the
independent researches of Mr. Godwin Austin in 1840, and by the
Torquay Natural History Society in 1846, the force of prejudice was
so strong, that the matter was not thought even worthy of

investigation. Mr. McEnery’s manuscripts were lost until the year
1859, when an abstract of them was published by Mr. Vivian, and
subsequently they were printed in full by Mr. Pengelly, the able
superintendent of the exploration which has been carried on by a
committee of the British Association since 1865, by whom several
thousand flint implements have been obtained, under the conditions
pointed out by the Rev. J. McEnery and Mr. Godwin Austen.
10
While the important question of the antiquity of man was being
passed by as of no account, other caves were being examined in this
country. Those of Banwell, Burrington, Sandford Hill, Bleadon, and
Hutton, in the mountain limestone of the Mendip hills, were being
worked by the Rev. J. Williams and Mr. Beard, and furnished the
magnificent collection of mammalian bones now in the museum at
Taunton. In North Wales, also, Mr. Lloyd discovered a similar suite of
bones in the limestone caves in the neighbourhood of St. Asaph at
Cefn, and in South Wales numerous remains were obtained by many
explorers in those of Pembrokeshire and Gower.
The result of these discoveries was the proof that certain extinct
animals, such as the woolly rhinoceros and the mammoth, had lived
in this country in ancient times, along with two other groups of
species which are at present known only to live in hot and cold
climates—the spotted hyæna and hippopotamus of Africa, with the
reindeer and the marmot of the colder regions of the earth.
The discovery in 1858, and the exploration, of the now famous
cave of Brixham, by the Royal and Geological Societies, marked the
dawn of a new era in cave-hunting. Under the careful supervision of
Mr. Pengelly, flint implements were discovered underneath
stalagmite, and in association with the remains of the hyæna and
woolly rhinoceros and mammoth, in undisturbed red loam, under
conditions that prove man to have been living in Devonshire at the
same time as those animals. This singularly opportune discovery
destroyed for ever the doubts that had overhung the question of the
antiquity of man, and of his co-existence in Europe in company with

the animals whose remains occur both in the caverns and river-
deposits.
In 1847 M. Boucher de Perthes described certain rude flint
implements that he obtained from the fluviatile gravels of Abbeville
(“Antiquités Celtiques,” vol. i.), along with the bones of extinct
animals; and his discovery was treated with the same scepticism in
France as that of the Rev. J. McEnery in England, although it was
verified by flint implements being discovered, under exactly the
same conditions, in the gravels of Amiens, some forty miles away, by
Dr. Rigollot.
11
In the autumn of 1858, Dr. Falconer, who had been
superintending the work in the Brixham cave, visited the collection
made by M. de Perthes, while on his way to examine the caves of
Sicily, and recognizing man’s handiwork in the implements, he asked
his friend Mr. Prestwich to explore the Valley of the Somme. This he
accordingly did, and in company with Mr. John Evans, F.R.S., dug out
with his own hands an implement from the undisturbed strata,
12
and
thus finally settled the disputed question. It is undoubtedly true, that
scientific opinion was tending towards the acceptance of the
evidence in favour of man having lived in Europe in the Pleistocene
age; but the researches in Brixham cave established the fact on the
highest possible authority, and confirmed the long-neglected
discoveries in the valley of the Somme. By the end of 1859 it was
fully accepted by the scientific world, and caused the exploration of
caves to be carried on with increased vigour.
In December 1859,
13
I began the exploration of the hyæna-den
of Wookey Hole, near Wells, Somerset, in company with the Rev. J.
Williamson, and obtained flint instruments along with the remains of
the mammoth, hyæna, woolly rhinoceros, and other animals, under
conditions that proved the contemporaneity of man with the extinct
mammalia. And from that time down to the present date I have
carried on researches in caves in various parts of Great Britain. In
the district of Gower also, many ossiferous caverns were
investigated, in 1858–9–60–1 by Colonel Wood and Dr. Falconer, and

in one of them flint implements were obtained along with the bones
of the extinct mammalia.
14
Kent’s Hole, begun in 1865 by the British
Association, and still being worked, furnishes annually a vast number
of bones and teeth of hyænas, rhinoceroses, cave-bears, and
horses, and other animals, along with flint and bone implements.
15
In 1869 I had the good fortune to discover, and subsequently to
explore, a group of sepulchral caves in Denbighshire, which had
been used by an Iberian or Basque race in the Neolithic age
(Chapter V.); and in the following year the Settle Cave Committee
began their work in Yorkshire under my advice. And this has led to
the important conclusion, that a group of caves, extending over a
wide area in the centre and north of England, was occupied by the
Brit-Welsh in the obscure interval which elapsed between the
departure of the Roman legions and the English conquest.
France.—The researches of Buckland into the caves of Great
Britain, and of Goldfuss and others into those of Germany, and more
especially the publication of the “Ossemens Fossiles,” by Cuvier, gave
an impetus to cave-exploration in France which yielded the same
results as in our own country. The mammalia obtained from the cave
of Fouvent (Haut Saone) in 1800 were described in the “Ossemens,”
as well as those from Gondenans. In the Gironde, the Cave of Avison
was explored by M. Billaudel in 1826–27. In the south, Marcel de
Serres, aided by MM. Dubrueil and Jeanjean, examined the
important Cave of Lunel-viel in 1824, and published their results in a
work that holds the same position in France as the “Reliquiæ
Diluvianæ” in England. The caverns of Pondres, Souvignargues, and
of Bize were explored, the two first by M. Christol in 1829, the last
by M. Tournal in 1833, and those of Villefranche (Pyrénées-orient),
Mialet (Gard), and Nabrigas (Lozère) were described by De Serres in
1839, who subsequently added those of Carcas-sonne to the list in
1842. In this year MM. Prevost and J. Desnoyers explored the caves
of Montmorency in the neighbourhood of Paris, and described the
remains discovered in those of Bicêtre. The Cave of Pontil (Hérault)
described by M. de Serres in 1847, was proved in 1864, by Professor

Gervais, to contain two distinct strata, the neolithic lying over the
palæolithic, as in Kent’s Hole.
16
In 1860,
17
the famous Cave of Aurignac was proved, by the
investigations of Professor Lartet, to have been inhabited by man in
the life-time of the extinct mammalia. Three years later the caves of
Périgord were explored by that gentleman, along with Mr. Christy,
and yielded results which mark a new era in the history of man in
the remote past. From the remarkable collection of implements and
weapons, the habits and mode of life of the occupants can be
ascertained with tolerable certainty, and from their comparison with
the like articles now in use among savage tribes, it may be
reasonably inferred that they were closely related in blood to the
Eskimos. This most important question will be investigated in its
proper place, in the chapter relating to the palæolithic caves of
France. Professor Lartet, M. Louis Lartet, Sir Charles Lyell, and other
eminent observers believe further, that the interments that have
been discovered in Aurignac and in Cro Magnon,
18
in Périgord, are to
be assigned to the same relative age as the occupation of the caves
by man. From the fact, however, that the skeletons in both these
cases were above the strata accumulated by the palæolithic cave-
dwellers, it may be concluded that they were deposited after those
strata were formed, in other words, that they are of a later age.
From 1863 down to the present time very many caves have been
explored in France without any further addition to our knowledge,
excepting the verification of the facts, afforded by the caves of
Brixham and of Périgord, as to the co-existence of man with the
extinct mammalia, and his probable identity in race with the
Eskimos.
Belgium.—The caves of Belgium
19
have afforded evidence of
precisely the same nature as those of England and France. Dr.
Schmerling, of Liège, published the results of his researches, begun
in 1829, into the bone-caves on the banks of the Meuse and its
tributaries, in 1833–4, and proved that the mammoth, rhinoceros,

cave-bear, and hyæna formerly lived in that district. He also arrived
at the conclusion that man was living at that remote time, from the
discovery of flint-flakes and human bones along with the remains of
those animals in the caves of Engis and Engihoul. In 1853,
20
Professor Spring discovered a quantity of burned, broken, and cut
bones belonging to women and children, in the Cave of Chauvaux,
which he considered to imply that it had been inhabited by a family
of cannibals. Axes of polished stone were also met with, that
indicated the relative age to be neolithic.
To pass over the human skeleton found in the Neanderthal Cave
in 1857 by Dr. Fuhlroth, which is of doubtful antiquity, the next
discoveries of importance are those made by M. Dupont in the years
1864–70, in the province of Namur, that established the fact that the
same race of men who inhabited Auvergne in the palæolithic age
had also lived in Belgium. M. Dupont considers that the interments
in the Trou de Frontal
21
belong also to the palæolithic age, and that
therefore man at that remote time was possessed of religious ideas.
Before, however, this view can be accepted, it will be necessary to
show the exact relation of the bones of the reindeer, chamois,
mammoth, and other animals found outside the slab of stone, at the
mouth of the sepulchral chamber, to the human remains within. In
this case, as in Aurignac and Cro Magnon, the evidence seems to me
insufficient to establish so important a conclusion.
Southern Europe.—In southern Europe the bone-caves of Sicily,
worked in 1829 for the sake of the animal remains to be used in
sugar refining, were scientifically examined by Dr. Falconer in 1859;
those of Malta by Captain Spratt in the same year; and those of
Gibraltar by Captain Broome in the years 1862–8. They established
the existence of the serval and the African elephant, and other
characteristic African species, in Europe, and offer as we shall see in
this work, important testimony as to the geography of the
Mediterranean area in the Pleistocene age.

In this outline of the history of cave-exploration it will be seen,
that the additions to our knowledge of the past have been neither
few nor insignificant, nor in one line of inquiry. And if the attention
which is now being directed to the subject be due to the general
development of scientific thought, it is equally true, that the results
have reacted on scientific thought in general, and have especially
benefited the sciences of geology, archæology, and history. A rich
field of investigation lies before the cave-hunter, in Greece, Palestine,
Lycia, Persia, and the limestone plateaux of central Asia; and since
these discoveries have been so valuable in central and north-western
Europe, what may we not recover from the grasp of oblivion, of the
infancy and early culture of mankind in the very birth-place and
“pathway of the nations”?

CHAPTER II.
PHYSICAL HISTORY OF CAVES.
Caves formed by the Sea and by Volcanic Action.—Caves in Arenaceous
Rocks.—Caves in Calcareous Rocks of various ages.—Their Relation to
Pot-holes, “Cirques,” and Ravines.—The Water-cave of Wookey Hole.—
The Goatchurch Cave.—The Water-caves of Derbyshire.—Of Yorkshire.
—The Ingleborough Cave.—The Rate of Deposit of Stalagmite.—The
Descent into Helln Pot.—The Caves and Pots round Weathercote.—The
Formation of Caves, Pot-holes, and Ravines.—Caverns not generally
formed in line of Faults.—Of various Ages.—Their Filling-up.—The Cave
of Caldy.—The Blackrock Cave.—Great quantity of Carbonate of Lime
dissolved by Atmospheric Water.—The Circulation of Carbonate of
Lime.—The Temperature of Caves.—Conclusion.
Caves formed by the Sea and by Volcanic Action.
In this chapter we shall treat of the origin of caves and of their place
in physical geography. The most obvious agent in hollowing out
caves is the sea. The set of the current, the tremendous force of the
breakers, and the grinding of the shingle, inevitably discover the
weak places in the cliff, and leave caves as the results of their work,
modified in each case by the local conditions of the rock. Caves
formed in this manner have certain characters which are easily
recognized. Their floors are very rarely much out of the horizontal,
their outlook is over the sea, and they very seldom penetrate far into
the cliff. A general parallelism is also to be observed in a group in
the same district, and their entrances are all in the same horizontal

plane, or in a succession of horizontal and parallel planes. In some
cases they are elevated above the present reach of the waves, and
mark the line at which the sea formerly stood. From their generally
inaccessible position sea-caves have very rarely been occupied by
man, and the history of their formation is so obvious that it requires
no further notice. Among them the famous Fingal’s Cave, off the
north coast of Ireland, and that of Staffa, on the opposite shore of
Scotland, hollowed out of columnar basalt, are perhaps the most
remarkable in Europe.
In volcanic regions also there are caves formed by the passage
of lava to the surface of the ground, or by the imprisoned steam and
gases in the lava while it was in a molten state: but these are of
comparatively little importance so far as relates to the general
question of caves, from the very small areas which are occupied by
active volcanoes in Europe. They have been observed in Vesuvius,
Etna, Iceland, and Teneriffe.
Caves in Arenaceous Rocks.
Caves also occur sometimes in sandstones, in which case they
are the result of the erosion of the lines of the joints by the passage
of subaërial water, and if the joints happen to traverse a stratum less
compacted than the rest, the weak point is discovered, and a hollow
is formed extending laterally from the original fissure. The massive
millstone grit of Derbyshire and Yorkshire present many examples of
this, as for instance in Kinderscout in the former county. The rocks at
Tunbridge Wells also show to what extent the joints in the Wealden
sandstones may become open fissures, more or less connected with
caves, on a small scale, by the mere mechanical action of water. M.
Desnoyers gives instances of the same kind in the Tertiary
sandstones of the Paris basin, which have furnished remains of
rhinoceros, reindeer, hyæna, and bear. Caverns, however, in the
sandstone are rarely of great extent, and may be passed over as

being of small importance in comparison with those in the
calcareous rocks.
Caves in Calcareous Rocks of various ages.
It has long been known that wherever the calcareous strata are
sufficiently hard and compact to support a roof, caves are to be
found in greater or less abundance. Those of Devonshire occur in
the Devonian limestone; those of Somerset, Nottinghamshire,
Yorkshire, Derbyshire, and Northumberland, as well as of Belgium
and Westphalia, in that of the carboniferous age. In France also,
those of Maine and Anjou, and most of those of the Pyrenees and in
the department of Aude, are hollowed in carboniferous limestone, as
well as the greater part of those in North America, in Virginia, and
Kentucky. The cave of Kirkdale in Yorkshire, and most of those in
Franconia and in Bavaria penetrate Jurassic limestones, which have
received the name of Hohlenkalkstein from the abundance of
caverns which they contain. They are developed on a large scale in
the Swiss and French Jura, and in some cases afford passage to
powerful streams, and in others are more or less filled with ice, thus
constituting the singular “glacières” that have been so ably explored
by the Rev. G. F. Browne.
22
The compact Neocomian and Cretaceous limestones contain
most of the caverns of Périgord, Quercy, and Angoumois, and some
of those in Provence and Languedoc, those of Northern Italy, Sicily,
Greece, Dalmatia, Carniola, and Turkey in Europe, of Asia Minor and
Palestine.
The tertiary limestones, writes M. Desnoyers,
23
offer sometimes,
but very rarely, caves that have become celebrated for the bones
which they contain, such as those of Lunel-Viel, near Montpelier,
those of Pondres and Souvignargues, near Sommières (Gard), and of

Saint Macaire (Gironde). The same may also be said of the calcaire
grossier of the basin of Paris.
Certain rocks composed of gypsum also contain caverns of the
same sort as those in the limestones. In Thuringia, for example,
near Eisleben, they occur in the saliferous and gypseous strata of
the zechstein, and are connected with large gulfs and cirques on the
surface, which are sometimes filled with water. In the
neighbourhood of Paris, and especially at Montmorency, they contain
numerous bones of the extinct mammalia. M. Desnoyers points out
their identity, in all essentials, with those in calcareous strata, and
infers that they have been produced in the same way. Some of them
may have been formed by the removal of the salt, which is very
frequently interbedded with the gypsum, by the passage of water. In
Cheshire the pumping of the brine from the saliferous and gypseous
strata produces subterranean hollows, which sometimes fall in and
eventually cause depressions on the surface, such as those which
are now destroying the town of Northwich, and causing the
neighbouring tidal estuary to extend over what was formerly
meadow land. This explanation, however, will not apply to those in
the neighbourhood of Paris, because there is no trace of their ever
having contained salt.
The Relation of Caves to Pot-holes, “Cirques,” and
Ravines.
The caverns hollowed in calcareous rocks present features by
which they are distinguished from any others. They open, for the
most part, on the abrupt sides of valleys and ravines at various
levels, being arranged round the main axis of erosion just as
branches are arranged round the trunk of a tree—as, for example, in
Cheddar Pass. The transition in some cases from the valley to the
ravine, and from the ravine to the cave, is so gradual, that it is
impossible to deny that all three are due to the same cause. The

caves themselves ramify in the same irregular fashion as the valleys,
and are to be viewed merely as the capillaries in the general valley
system, through which the rainfall passes to join the main channels.
Very frequently, however, the drainage has found an outlet at a
lower level, and its ancient passage is left dry; but in all cases
unmistakeable proof of the erosive action of water is to be seen in
the sand, gravel, and clay which compose the floor, as well as in the
worn surfaces of the sides and the bottom.
In all districts in which caves occur are funnel-shaped cavities of
various sizes, known as “pot-holes” or “swallow-holes” in Britain, as
“betoires,” “chaldrons du diable,” “marmites de géants,” in France,
and as “kata-vothra” in Greece, in which the rainfall is collected
before it finally disappears in the subterranean passages. They are
to be seen in all stages; sometimes being mere shallow funnels, that
only contain water after excessive rain, and at others as profound
vertical shafts, into which the water is continually falling, as in Helln
Pot, in Yorkshire. The cirques, also, described by M. Desnoyers,
belong to the same class of cavities, although all those which are
mentioned by the Rev. T. G. Bonney,
24
at the head of valleys, and in
some cases hollowed in shale and igneous rocks, are most probably
to be referred to the vertical, chisel-like action of streams flowing
under physical conditions, that resemble those under which the
cañons of the Colorado, or of the Zambesi, are being excavated, and
in which frost, ice, and snow have played a very subordinate part.
The intimate relation between pot-holes, caves, ravines, and
valleys will be discussed in the rest of this chapter, and illustrated by
English examples; and then we shall proceed to show that the
chemical action of the carbonic acid in the rain-water, and the
mechanical friction of the sand and gravel, set in motion by the
water, by which Professor Phillips explains the origin of caves, will
equally explain the pot-holes and ravines by which they are
invariably accompanied.

The Water-Cave of Wookey Hole, near Wells,
Somerset.
Caves may be divided into two classes: those which are now
mere passages for water, in which the history of their formation may
be studied, and those which are dry, and capable of affording shelter
to man and the lower animals. Among the water-caves, that of
Wookey Hole
25
is to be noticed first, since its very name implies that
it was known to the Celtic inhabitants of the south of England, and
since it was among the first, if not the first, of those examined with
any care in this country, Mr. John Beaumont
26
having brought it
before the notice of the Royal Society in the year 1680.
The hamlet of Wookey Hole nestles in a valley, through which
flows the river Axe, and the valley passes insensibly, at its upper
end, into a ravine, which is closed abruptly by a wall of rock (Fig. 1),
about two hundred feet high, covered with long streamers and
festoons of ivy, and affording scanty hold, on its ledges and in its
fissures, to ferns, brambles, and ash saplings. At its base the river
Axe issues, in full current, out of the cave, the lower entrance of
which it completely blocks up, since the water has been kept back by
a weir, for the use of a paper-mill a little distance away. A narrow
path through the wood, on the north side of the ravine, leads to the
only entrance now open.
27
Thence a narrow passage leads
downward into the rock, until, suddenly, you find yourself in a large
chamber, at the water level. Then you pass over a ridge, covered
with a delicate fretwork of dripstone, with each tiny hollow full of
water, and ornamented with brilliant lime crystals. One shapeless
mass of dripstone is known in local tradition as the Witch of Wookey,
turned into stone by the prayers of a Glastonbury monk. Beyond this
the chamber expands considerably, being some seventy or eighty
feet high, and adorned with beautiful stalactites, far out of the reach
of visitors. The water, which bars further entrance, forms a deep
pool, which Mr. James Parker managed to cross on a raft (see

Appendix I.) into another chamber, which was apparently easy of
access before the construction of the weir. It was in this further
chamber that Dr. Buckland found human remains and pottery.
Fig. 1.—Diagram of Wookey Hole Cave and Ravine.
The cave has been proved to extend as far as the village of
Priddy, about two miles off, on the Mendip hills, by the fact observed
by Mr. Beaumont, that the water used in washing the lead ore at
that spot, in his time, found its way into the river Axe, and poisoned
cattle in the valley of Wookey. And this observation has been verified
during the last few years by throwing in colour and chopped straw.
The stream at Priddy sinks into a swallow-hole (Fig. 1), and has its
subterranean course determined by the southerly dip of the rock, by
which the joints running north and south afford a more free passage
to the water than those running east and west. The cave is merely a
subterranean extension of the ravine in the same line, as far as the
swallow-hole, and all three have been hollowed, as we shall see
presently, by the action of the stream and of carbonic acid in the
water.
The Goatchurch Cave.

The largest cavern in the Mendip hills is that locally known as
the Goatchurch, which opens on the eastern side of the lower of the
two ravines that branch from the magnificent defile of Burrington
Combe, about two miles from the village of Wrington, at the height
of about 120 feet from the bottom of the ravine. After creeping
along a narrow, muddy passage, with a steep descent to the west,
at an angle of about 30°, you suddenly pass into a stalactitic
chamber of considerable height and size. From it two small vertical
shafts lead into the lower set of chambers and passages; the first
being blocked up, and the second being close to a large barrel-
shaped stalagmite, to which Mr. Ayshford Sanford, Mr. James Parker,
and myself fastened our ropes when we explored the cave in 1864.
The latter affords access into a passage, beautifully arched, and
passing horizontally east and west, and just large enough to admit a
man walking upright. At the further end numerous open fissures,
caused by the erosion of the joints in the limestone, cross it at right
angles, and pass into several ill-defined chambers, partially
stalactitic, but for the most part filled with loose, bare, cubical
masses of limestone. Two of the transverse fissures lead into a large
chamber, at a lower level. At its lower end, on crawling along a
narrow passage, we came into a second chamber, also of
considerable height and depth, at the bottom of which the noise of
flowing water can be heard through two vertical holes, just large
enough to admit of access. On sliding down one of these we found
ourselves in a third chamber, which was traversed by a subterranean
stream, doubtless in part the same which disappears in the ravine,
at a point eighty feet above by aneroid measurement. The
temperature of the water, as compared with that of the stream
outside (49° : 59°), renders it very probable that, between the point
of disappearance in the ravine and reappearance in the cave, it is
joined by a stream of considerable subterranean length, since the
water could not have lost ten degrees in the short interval which it
had to traverse, were it supplied only from the stream in the ravine.
From the point of its disappearance in the cave, the water passes
downwards to join the main current flowing underneath Burrington
Combe, that gushes forth in great volume at Rickford. The lowest

portion of the cave was eighteen or twenty feet below the stream,
and 220 feet below the entrance of the cavern.
On examining the floors of the chambers and passages, we
discovered that they were composed of the same kind of sediment
as that which is now being deposited by the water in Wookey Hole,
and there could be no doubt but that they had been originally
traversed by water. For this to have taken place it is necessary to
suppose that, while the Goatchurch was a water cave, the ravine on
which it opens was not deeper than the entrance—in other words,
that in the interval between the formation and excavation of the
chambers and passages, to the present time, the ravine has been
excavated in the limestone to a depth of a hundred and twenty feet,
and the water which originally passed through the entrance has
found its way, by a new series of passages, to the point where it
appears at the bottom of the cave.
We obtained evidence that the horizontal passage, immediately
below the first vertical descent, had been inhabited at a very remote
period. At the spot where Mr. Beard, of Banwell, obtained a fine tusk
of mammoth, we found a molar of bear, and a fragment of flint,
which were imbedded in red earth, and were underneath a crust of
stalagmite of about two inches in thickness. It would follow from
this, that the date of the formation of this part of the cave was
before the time when the traces of elephants, bears, and of man
were introduced.
The cave is the resort of numerous badgers. On hiding ourselves
in one of the transverse fissures, and throwing our light across the
horizontal passage, these animals ran to and fro across the lighted
field with extraordinary swiftness, and had it not been for the white
streaks on the sides of their heads, which flashed back the light,
they would not have been observed. Though they are rarely caught,
they must be abundant in the district.
Like all the other large caverns in the district, it has its legends.
The dwellers in the neighbourhood, who have never cared to explore
its recesses, relate that a certain dog put in here found its way out,

after many days, at Wookey Hole, having lost all its hair in
scrambling through the narrow passages. At Cheddar the same
legend is appropriated to the Cheddar cave. At Wookey the dog is
said to have travelled back to Cheddar. Some eighteen years ago,
while exploring the limestone caves at Llanamynech, on the English
border of Montgomeryshire, I met with a similar story. A man playing
the bagpipes is said to have entered one of the caves, well
provisioned with Welsh mutton, and after he had been in for some
time his bagpipes were heard two miles from the entrance,
underneath the small town of Llanamynech. He never returned to
tell his tale. The few bones found in the cave are supposed to be
those which he had picked on the way. This is doubtless another
form of the story of the dog; both owe their origin to the vague
impression, which most people have, of the great extent of caverns,
and both versions are equally current in France and Germany.
The Water-caves of Derbyshire.
The celebrated cavern of the Peak, at Castleton in Derbyshire,
presents the same essential character as that of Wookey Hole. It
runs into the hill-side at the end of the ravine, and is traversed by a
powerful stream of water, which has been met with in driving an
horizontal adit in lead-mining at a considerable distance from the
entrance, and finally traced to a distant swallow-hole. At a little
distance from Buxton a smaller cave, known as Poole’s Cavern, is in
part traversed by water, which has found an outlet at a lower level,
and allowed of the present entrance being used by the Brit-Welsh
(Romano-Celtic) inhabitants of the district as a habitation in the fifth
and sixth centuries.
28
There are, besides these, very many others,
some known, others unknown, that debouch on the sides of the
dales in Derbyshire and Staffordshire, and are all well worthy of
examination, since they illustrate not merely the history of the
formation of caves, but also have been proved to contain works of

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Contemporary Issues in Sustainable Finance: Creating an Efficient Market through Innovative Policies and Instruments 1st ed. Edition Mario La Torre

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Contemporary Issues in Sustainable Finance: Creating an Efficient Market through Innovative Policies and Instruments 1st ed. Edition Mario La Torre