Merchants Guilds are supposed to increase the trade in which city it was built, right?

if you look at these "facts" I would say Antioch hands down, followed closely by Constantinople and then Venice the 4th is Sofia and followed closely by Thessalonica

keep in your mind that I'm ignoring the merchants factor. Btw keep in your mind also that Antioch, while has the highest trade income, it is likely to be the most dangerous investment if you are playing with western factions since it would probably has much corruption, if you're playing Muslim/Russ/Byzantium it would be a constant target for Crusades; it also would be the main target for Mongols and Timurids. And at least keep in your mind that I had trade agreements with almost everyone.










hope this help?