Venice's wealth during the Renaissance stemmed from its position as a major trading hub between the East and the West. Venice was located at the head of the Adriatic Sea and had a well-developed port, which made it a convenient location for merchants to trade goods from the Orient, such as spices, silks, and precious stones, with those from Europe, such as wool, cloth, and timber. Venice's fleet of merchant ships was one of the largest in Europe and its merchants were known for their skill and enterprise. In addition to trade, Venice also profited from its role as a financial center, with its banks lending money to European monarchs and merchants.