09.04.2013 Views

Dissertation_A Bick_May 25 - DataSpace at Princeton University

Dissertation_A Bick_May 25 - DataSpace at Princeton University

Dissertation_A Bick_May 25 - DataSpace at Princeton University

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

trouble paying its bills, especially for the defense of Brazil. <strong>25</strong> Financial problems plagued the<br />

WIC throughout its early history. Although the company was able to raise more than seven<br />

million guilders in priv<strong>at</strong>e capital between 1622-1626, <strong>at</strong>tacks on Salvador da Bahia, Loanda,<br />

and Elmina in 16<strong>25</strong> badly depleted the company's coffers. Were it not for Piet Heyn's celebr<strong>at</strong>ed<br />

capture of a Spanish silver fleet off M<strong>at</strong>anzas in 1628—which brought home booty worth a<br />

staggering 11.5 million guilders—the company might have quietly fallen into obscurity. R<strong>at</strong>her<br />

than being used to replenish the capital stock, however, these funds were distributed amongst the<br />

Prince of Orange (in his capacity as Admiral General), sailors and soldiers who particip<strong>at</strong>ed in<br />

the mission, and the company's directors and shareholders, all of whom clamored for part of the<br />

spoils. Investors received dividends of <strong>25</strong>% in 1628 and a further 50% in 1629. 26 The remaining<br />

funds were devoted to prepar<strong>at</strong>ions for the assault on Pernambuco. The mission was successful,<br />

but expenditures on men and provisions dram<strong>at</strong>ically exceeded the income from looted sugar and<br />

other goods. To compound the problem, beginning in 1633 several provinces, including Holland,<br />

fell into arrears on promised subsidies. Deleg<strong>at</strong>ions sent to lobby them and the St<strong>at</strong>es General for<br />

the most part came home empty-handed, leaving the company on the verge of bankruptcy once<br />

more, <strong>at</strong> precisely the moment th<strong>at</strong> its most promising colony was beginning to bear fruit. 27 This<br />

was especially problem<strong>at</strong>ic in 1636, when plans were being made to appoint a new colonial<br />

government and to disp<strong>at</strong>ch additional soldiers in Brazil. 28<br />

Without access to either adequ<strong>at</strong>e income or reliable public subsidies, the company's<br />

directors determined th<strong>at</strong> their best option for maintaining a steady supply of provisions and men<br />

to the colony was to raise additional priv<strong>at</strong>e capital. This idea was flo<strong>at</strong>ed in April of 1636 and<br />

























































<br />

<strong>25</strong><br />

Cornelis Goslinga <strong>at</strong>tributed the deb<strong>at</strong>e over free trade to the “sheer priv<strong>at</strong>e greed and cupidity” of the company's<br />

directors. See Goslinga, The Dutch in the Caribbean and on the Wild Coast 1580-1680, 292.<br />

26<br />

Den Heijer, De Geschiedenis van de WIC.<br />

27<br />

Den Heijer, De Geoctrooieerde Compagnie, 58-63.<br />

28<br />

NA 1.01.04, inv.nr. 5754, fol. 199. Beschrijving Poincten [...], <strong>May</strong> 22, 1622.<br />


 180

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!