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Former type
Public company
Industry
Trade
Fate
Dissolved
Founded
20 March 1602[1]
Defunct
31 December 1799
Contents
1 History
1.1 Background
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History
Background
During the 14th century, the spice trade was dominated by the British
who used India as a staple port. Before the Dutch Revolt, Antwerp
had played an important role as a distribution centre in northern
Europe. However, after 1591 the Portuguese used an international
syndicate of the German Fuggers and Welsers, and Spanish and
Italian firms, that used Hamburg as its northern staple port to
distribute their goods, thereby cutting Dutch merchants out of the
trade.
At the same time, the Portuguese trade system was unable to
increase supply to satisfy growing demand, in particular the demand
for pepper. Demand for spices was relatively inelastic, and therefore
each lag in the supply of pepper caused a sharp rise in pepper prices.
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East of Solor, on the island of Timor, Dutch advances were halted by an autonomous and powerful group of
Portuguese Eurasians called the Topasses. They remained in control of the Sandalwood trade and their
resistance lasted throughout the 17th and 18th century, causing Portuguese Timor to remain under the
Portuguese sphere of control.[13][14]
Formation (1602)
At the time, it was customary for a company to be set up only for the
duration of a single voyage, and to be liquidated upon the return of
the fleet. Investment in these expeditions was a very high-risk
venture, not only because of the usual dangers of piracy, disease and
shipwreck, but also because the interplay of inelastic demand and
relatively elastic supply[15] of spices could make prices tumble at
just the wrong moment, thereby ruining prospects of profitability. To
manage such risk the forming of a cartel to control supply would
seem logical. The English had been the first to adopt this approach,
by bundling their resources into a monopoly enterprise, the English
East India Company in 1600, thereby threatening their Dutch
competitors with ruin.[16]
In 1602, the Dutch government followed suit, sponsoring the creation of a single "United East Indies
Company" that was also granted monopoly over the Asian trade. With a capital of 6,440,200 guilders,[17] the
charter of the new company empowered it to build forts, maintain armies, and conclude treaties with Asian
rulers. It provided for a venture that would continue for 21 years, with a financial accounting only at the end
of each decade.[16]
In February 1603, the Company seized the Santa Catarina (ship) off
Singapore, a 1500-ton Portuguese merchant carrack.[18] She was
such a rich prize that her sale proceeds increased the capital of the
V.O.C by more than 50%.[19]
In that same year the first permanent Dutch trading post in Indonesia
was established in Banten, West Java and in 1611, another was
established at Jayakarta (later "Batavia" and then "Jakarta").[20] In
1610, the VOC established the post of Governor General to more
firmly control their affairs in Asia. To advise and control the risk of
despotic Governors General, a Council of the Indies (Raad van
Indi) was created. The Governor General effectively became the
main administrator of the VOC's activities in Asia, although the
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Heeren XVII, a body of 17 shareholders representing different chambers, continued to officially have overall
control.[12]
VOC headquarters were located in Ambon during the tenures of the first three Governors General
(16101619), but it was not a satisfactory location. Although it was at the centre of the spice production
areas, it was far from the Asian trade routes and other VOC areas of activity ranging from Africa to India to
Japan.[21][22] A location in the west of the archipelago was thus sought; the Straits of Malacca were
strategic, but had become dangerous following the Portuguese conquest and the first permanent VOC
settlement in Banten was controlled by a powerful local ruler and subject to stiff competition from Chinese
and English traders.[12]
In 1604, a second English East India Company voyage commanded
by Sir Henry Middleton reached the islands of Ternate, Tidore,
Ambon and Banda; in Banda, they encountered severe VOC
hostility, which saw the beginning of Anglo-Dutch competition for
access to spices.[20] From 1611 to 1617, the English established
trading posts at Sukadana (southwest Kalimantan), Makassar,
Jayakarta and Jepara in Java, and Aceh, Pariaman and Jambi in
Sumatra which threatened Dutch ambitions for a monopoly on East
Indies trade.[20]
The Isle of Amboina
Growth
In 1619, Jan Pieterszoon Coen was appointed Governor-General of
the VOC. He saw the possibility of the VOC becoming an Asian
power, both political and economic. On 30 May 1619, Coen, backed
by a force of nineteen ships, stormed Jayakarta, driving out the
Banten forces; and from the ashes established Batavia as the VOC
headquarters. In the 1620s almost the entire native population of the
Banda Islands was driven away, starved to death, or killed in an
attempt to replace them with Dutch plantations.[24] These plantations
were used to grow cloves and nutmeg for export. Coen hoped to
settle large numbers of Dutch colonists in the East Indies, but
implementation of this policy never materialised, mainly because
very few Dutch were willing to emigrate to Asia.[25]
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The VOC traded throughout Asia. Ships coming into Batavia from
the Netherlands carried supplies for VOC settlements in Asia. Silver
and copper from Japan were used to trade with India and China for
silk, cotton, porcelain, and textiles. These products were either
traded within Asia for the coveted spices or brought back to Europe.
The VOC was also instrumental in introducing European ideas and
technology to Asia. The Company supported Christian missionaries
and traded modern technology with China and Japan. A more
peaceful VOC trade post on Dejima, an artificial island off the coast
Trade lodge of the VOC in Hooghly,
of Nagasaki, was for more than two hundred years the only place
Bengal, by Hendrik van
where Europeans were permitted to trade with Japan.[27] When the
Schuylenburgh, 1665.
VOC tried to military force Ming dynasty China to open up to Dutch
trade, the Chinese defeated the Dutch in a war over the Penghu
islands from 1623-1624 and forced the VOC to abandon Penghu for Taiwan. The Chinese defeated the VOC
again at the Battle of Liaoluo Bay in 1633.
The Vietnamese Nguyen Lords defeated the VOC in a 1643 battle during the TrnhNguyn War, blowing
up a Dutch ship. The Cambodians defeated the VOC in a war from 1643-44 on the Mekong River.
In 1640, the VOC obtained the port of Galle, Ceylon, from the Portuguese and broke the latter's monopoly
of the cinnamon trade. In 1658, Gerard Pietersz. Hulft laid siege to Colombo, which was captured with the
help of King Rajasinghe II of Kandy. By 1659, the Portuguese had been expelled from the coastal regions,
which were then occupied by the VOC, securing for it the monopoly over cinnamon. To prevent the
Portuguese or the English from ever recapturing Sri Lanka, the VOC went on to conquer the entire Malabar
Coast from the Portuguese, almost entirely driving them from the west coast of India. When news of a peace
agreement between Portugal and the Netherlands reached Asia in 1663, Goa was the only remaining
Portuguese city on the west coast.[28]
In 1652, Jan van Riebeeck established an outpost at the Cape of
Good Hope (the southwestern tip of Africa, now Cape Town, South
Africa) to re-supply VOC ships on their journey to East Asia. This
post later became a full-fledged colony, the Cape Colony, when more
Dutch and other Europeans started to settle there.
VOC trading posts were also
established in Persia, Bengal,
Malacca, Siam, Canton,
Formosa (now Taiwan), as
VOC Monogram formerly above the
well as the Malabar and
entrance to the Castle of Good Hope
Coromandel coasts in India.
In 1662, however, Koxinga
expelled the Dutch from Taiwan[29] (see History of Taiwan).
Dutch factory of Hugly-Chinsurah in
Bengal
In 1663, the VOC signed "Painan Treaty" with several local lords in
the Painan area that were revolting against the Aceh Sultanate. The
treaty resulted in VOC to build a trading post in the area and
eventually monopolise the trade there, especially in gold trade.[30]
By 1669, the VOC was the richest private company the world had ever seen, with over 150 merchant ships,
40 warships, 50,000 employees, a private army of 10,000 soldiers, and a dividend payment of 40% on the
original investment.[31]
Many of the VOC employees inter-mixed with the indigenous peoples and expanded the population of Indos
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Reorientation
Around 1670, two events caused the growth of VOC trade to stall. In
the first place, the highly profitable trade with Japan started to
decline. The loss of the outpost on Formosa to Koxinga in the 1662
Siege of Fort Zeelandia and related internal turmoil in China (where
the Ming dynasty was being replaced with the Qing dynasty) brought
an end to the silk trade after 1666. Though the VOC substituted
Bengali for Chinese silk other forces affected the supply of Japanese
silver and gold. The shogunate enacted a number of measures to
limit the export of these precious metals, in the process limiting
VOC opportunities for trade, and severely worsening the terms of
trade. Therefore, Japan ceased to function as the lynchpin of the
intra-Asiatic trade of the VOC by 1685.[34]
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The tonnage of the returning ships rose by 125 percent in this period. However, the Company's revenues
from the sale of goods landed in Europe rose by only 78 percent. This reflects the basic change in the VOC's
circumstances that had occurred: it now operated in new markets for goods with an elastic demand, in which
it had to compete on an equal footing with other suppliers. This made for low profit margins.[42]
Unfortunately, the business information systems of the time made this difficult to discern for the managers
of the company, which may partly explain the mistakes they made from hindsight. This lack of information
might have been counteracted (as in earlier times in the VOC's history) by the business acumen of the
directors. Unfortunately by this time these were almost exclusively recruited from the political regent class,
which had long since lost its close relationship with merchant circles.[43]
Low profit margins in themselves do not explain the deterioration of revenues. To a large extent the costs of
the operation of the VOC had a "fixed" character (military establishments; maintenance of the fleet and
such). Profit levels might therefore have been maintained if the increase in the scale of trading operations
that in fact took place, had resulted in economies of scale. However, though larger ships transported the
growing volume of goods, labour productivity did not go up sufficiently to realise these. In general the
Company's overhead rose in step with the growth in trade volume; declining gross margins translated
directly into a decline in profitability of the invested capital. The era of expansion was one of "profitless
growth".[44]
Concretely: "[t]he long-term average annual profit in the VOC's 163070 'Golden Age' was 2.1 million
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guilders, of which just under half was distributed as dividends and the remainder reinvested. The long-term
average annual profit in the 'Expansion Age' (16801730) was 2.0 million guilders, of which three-quarters
was distributed as dividend and one-quarter reinvested. In the earlier period, profits averaged 18 percent of
total revenues; in the latter period, 10 percent. The annual return of invested capital in the earlier period
stood at approximately 6 percent; in the latter period, 3.4 percent."[44]
Nevertheless, in the eyes of investors the VOC did not do too badly. The share price hovered consistently
around the 400 mark from the mid-1680s (excepting a hiccup around the Glorious Revolution in 1688), and
they reached an all-time high of around 642 in the 1720s. VOC shares then yielded a return of 3.5 percent,
only slightly less than the yield on Dutch government bonds.[45]
Dutch church at
Batavia, 1682
Engraving of Colombo,
circa 1680
Kraak porcelain in a
museum in Malacca
Panorama of Ayutthaya
in the Bushuis,
Amsterdam
Anonymous painting
with Table Mountain in
the background, 1762
Decline
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However, from there on the fortunes of the VOC started to decline. Five major problems, not all of equal
weight, can be used to explain its decline in the next fifty years to 1780.[46]
There was a steady erosion of intra-Asiatic trade because of changes in the Asiatic political and
economic environment that the VOC could do little about. These factors gradually squeezed the
company out of Persia, Suratte, the Malabar Coast, and Bengal. The company had to confine its
operations to the belt it physically controlled, from Ceylon through the Indonesian archipelago. The
volume of this intra-Asiatic trade, and its profitability, therefore had to shrink.
The way the company was organised in Asia (centralised on its hub in Batavia) that initially had
offered advantages in gathering market information, began to cause disadvantages in the 18th century,
because of the inefficiency of first shipping everything to this central point. This disadvantage was
most keenly felt in the tea trade, where competitors like the EIC and the Ostend Company shipped
directly from China to Europe.
The "venality" of the VOC's personnel (in the sense of corruption and non-performance of duties),
though a problem for all East-India Companies at the time, seems to have plagued the VOC on a
larger scale than its competitors. To be sure, the company was not a "good employer". Salaries were
low, and "private-account trading" was officially not allowed. Not surprisingly, it proliferated in the
18th century to the detriment of the company's performance.[47] From about the 1790s onward, the
phrase perished under corruption (vergaan onder corruptie, also abbreviated VOC in Dutch) came to
summarise the company's future.
A problem that the VOC shared with other companies was the high mortality and morbidity rates
among its employees. This decimated the company's ranks and enervated many of the survivors.
A self-inflicted wound was the VOC's dividend policy. The dividends distributed by the company had
exceeded the surplus it garnered in Europe in every decade but one (17101720) from 1690 to 1760.
However, in the period up to 1730 the directors shipped resources to Asia to build up the trading
capital there. Consolidated bookkeeping therefore probably would have shown that total profits
exceeded dividends. In addition, between 1700 and 1740 the company retired 5.4 million guilders of
long-term debt. The company therefore was still on a secure financial footing in these years. This
changed after 1730. While profits plummeted the bewindhebbers only slightly decreased dividends
from the earlier level. Distributed dividends were therefore in excess of earnings in every decade but
one (17601770). To accomplish this, the Asian capital stock had to be drawn down by 4 million
guilders between 1730 and 1780, and the liquid capital available in Europe was reduced by 20 million
guilders in the same period. The directors were therefore constrained to replenish the company's
liquidity by resorting to short-term financing from anticipatory loans, backed by expected revenues
from home-bound fleets.
Despite of all this, the VOC in 1780 remained an enormous operation. Its capital in the Republic, consisting
of ships and goods in inventory, totalled 28 million guilders; its capital in Asia, consisting of the liquid
trading fund and goods en route to Europe, totalled 46 million guilders. Total capital, net of outstanding
debt, stood at 62 million guilders. The prospects of the company at this time therefore need not have been
hopeless, had one of the many plans to reform it been taken successfully in hand. However, then the Fourth
Anglo-Dutch War intervened. British attacks in Europe and Asia reduced the VOC fleet by half; removed
valuable cargo from its control; and devastated its remaining power in Asia. The direct losses of the VOC
can be calculated at 43 million guilders. Loans to keep the company operating reduced its net assets to
zero.[48]
From 1720 on, the market for sugar from Indonesia declined as the competition from cheap sugar from
Brazil increased. European markets became saturated. Dozens of Chinese sugar traders went bankrupt which
led to massive unemployment, which in turn led to gangs of unemployed coolies. The Dutch government in
Batavia did not adequately respond to these problems. In 1740, rumours of deportation of the gangs from the
Batavia area led to widespread rioting. The Dutch military searched houses of Chinese in Batavia for
weapons. When a house accidentally burnt down, military and impoverished citizens started slaughtering
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and pillaging the Chinese community.[49] This massacre of the Chinese was deemed sufficiently serious for
the board of the VOC to start an official investigation into the Government of the Dutch East Indies for the
first time in its history.
After the Fourth Anglo-Dutch War, the VOC was a financial wreck, and after vain attempts by the provincial
States of Holland and Zeeland to reorganise it, was nationalised on 1 March 1796[50] by the new Batavian
Republic. Its charter was renewed several times, but allowed to expire on 31 December 1799.[50] Most of
the possessions of the former VOC were subsequently occupied by Great Britain during the Napoleonic
wars, but after the new United Kingdom of the Netherlands was created by the Congress of Vienna, some of
these were restored to this successor state of the old Dutch Republic by the Anglo-Dutch Treaty of 1814.
Organization
The VOC had two types of shareholders: the participanten, who could be seen as non-managing members,
and the 76 bewindhebbers (later reduced to 60) who acted as managing directors. This was the usual set-up
for Dutch joint-stock companies at the time. The innovation in the case of the VOC was, that the liability of
not just the participanten, but also of the bewindhebbers was limited to the paid-in capital (usually,
bewindhebbers had unlimited liability). The VOC therefore was a limited liability company. Also, the
capital would be permanent during the lifetime of the company. As a consequence, investors that wished to
liquidate their interest in the interim could only do this by selling their share to others on the Amsterdam
Stock Exchange.[53] Confusion of confusions, a 1688 dialogue by the Sephardi Jew Joseph de la Vega
analysed the workings of this one-stock exchange.
The VOC consisted of six Chambers (Kamers) in port cities: Amsterdam, Delft, Rotterdam, Enkhuizen,
Middelburg and Hoorn. Delegates of these chambers convened as the Heeren XVII (the Lords Seventeen).
They were selected from the bewindhebber-class of shareholders.[54]
Of the Heeren XVII, eight delegates were from the Chamber of Amsterdam (one short of a majority on its
own), four from the Chamber of Zeeland, and one from each of the smaller Chambers, while the seventeenth
seat was alternatively from the Chamber of Middelburg-Zeeland or rotated among the five small Chambers.
Amsterdam had thereby the decisive voice. The Zeelanders in particular had misgivings about this
arrangement at the beginning. The fear was not unfounded, because in practice it meant Amsterdam
stipulated what happened.
The six chambers raised the start-up capital of the Dutch East India Company:
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469,400
Hoorn
266,868
Rotterdam 173,000
Total:
6,424,588
The Heeren XVII (Lords Seventeen) met alternately 6 years in Amsterdam and 2
years in Middelburg-Zeeland. They defined the VOC's general policy and divided
the tasks among the Chambers. The Chambers carried out all the necessary work,
built their own ships and warehouses and traded the merchandise. The Heeren XVII
sent the ships' masters off with extensive instructions on the route to be navigated,
prevailing winds, currents, shoals and landmarks. The VOC also produced its own
charts.
VOC outposts
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Organization and leadership structures were varied as necessary in the various VOC outposts:
Opperhoofd is a Dutch word (pl. Opperhoofden) which literally means 'supreme chief'. In this VOC context,
the word is a gubernatorial title, comparable to the English Chief factor, for the chief executive officer of a
Dutch factory in the sense of trading post, as led by a factor, i.e. agent.
See more at VOC Opperhoofden in Japan
Use of slaves
By the time the settlement was established at the Cape in 1652, the VOC already had a long experience of
practising slavery in the East Indies. Jan van Riebeeck concluded within two months of the establishment of
the Cape settlement that slave labor would be needed for the hardest and dirtiest work. Initially, the Dutch
East India Trading Company considered enslaving men from the indigenous Khoikhoi population, but the
idea was rejected on the grounds that such a policy would be both costly and dangerous. Most Khoikhoi had
chosen not to labor for the Dutch because of low wages and harsh conditions. In the beginning, the settlers
traded with the Khoikhoi but the harsh working conditions and low wages imposed by the Dutch led to a
series of wars. The European population remained under 200 during the settlement's first five years, and war
against neighbors numbering more than 20,000 would have been foolhardy. Moreover, the Dutch feared that
Khoikhoi people, if enslaved, could always escape into the local community, whereas foreigners would find
it much more difficult to elude their "masters."[58]
Between 1652 and 1657, a number of unsuccessful attempts were made to obtain men from the Dutch East
Indies and from Mauritius. In 1658, however, the VOC landed two shiploads of slaves at the Cape, one
containing more than 200 people brought from Dahomey (later Benin), the second with almost 200 people,
most of them children, captured from a Portuguese slaver off the coast of Angola. Except for a few
individuals, these were to be the only slaves ever brought to the Cape from West Africa.[58]
From 1658 to the end of the Companys rule, many more slaves were brought regularly to the Cape in
various ways, chiefly by Company-sponsored slaving voyages and slaves brought to the Cape by its return
fleets. From these sources and by natural growth, the slave population increased from zero in 1652 to about
1,000 by 1700. During the 18th century, the slave population increased dramatically to 16,839 by 1795.[59]
After the slave trade was initiated, all of the slaves imported into the Cape until the British stopped the trade
in 1807 were from East Africa, Mozambique, Madagascar, and South and Southeast Asia. Large numbers
were brought from India, Ceylon, and the Indonesian archipelago. Prisoners from other countries in the
VOC's empire were also enslaved. The slave population, which exceeded that of the European settlers until
the first quarter of the nineteenth century, was overwhelmingly male and was thus dependent on constant
imports of new slaves to maintain and to augment its size.[58]
By the 1660s the Cape settlement was importing slaves from India, Malaya (Malaysia), and Madagascar to
work on the farms.[60]
Conflict between Dutch farmers and Khoikhoi broke out once it became clear to the latter that the Dutch
were there to stay and that they intended to encroach on the lands of the pastoralists. In 1659 Doman, a
Khoikhoi who had worked as a translator for the Dutch and had even traveled to Java, led an armed attempt
to expel the Dutch from the Cape peninsula. The attempt was a failure, although warfare dragged on until an
inconclusive peace was established a year later. During the following decade, pressure on the Khoikhoi grew
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as more of the Dutch became free burghers, expanded their landholdings, and sought pastureland for their
growing herds. War broke out again in 1673 and continued until 1677, when Khoikhoi resistance was
destroyed by a combination of superior European weapons and Dutch manipulation of divisions among the
local people. Thereafter, Khoikhoi society in the western Cape disintegrated. Some people found jobs as
shepherds on European farms; others rejected foreign rule and moved away from the Cape. The final blow
for most came in 1713 when a Dutch ship brought smallpox to the Cape. Hitherto unknown locally, the
disease ravaged the remaining Khoikhoi, killing 90 percent of the population.[61]
Throughout the eighteenth century, the settlement continued to expand through internal growth of the
European population and the continued importation of slaves. The approximately 3,000 Europeans and
slaves at the Cape in 1700 had increased by the end of the century to nearly 20,000 Europeans, and
approximately 25,000 slaves.[61]
VOC Amsterdam replicates the threemasted, full-rigged VOC vessel which was
launched in 1748 and sunk in 1749.
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Texel
Utrecht
Vergulde Draeck ("Gilded Dragon")
Vianen
Vliegende Hollander ("Flying Dutchman")
Vliegende Swaan ("Flying Swan")
Walvisch ("Whale")
Wapen van Hoorn ("Arms of Hoorn")
Wezel ("Weasel")
Zeehaen ("Sea Cock")
Zeemeeuw ("Seagull")
Zeewijk
Zuytdorp ("South Village")
See also
https://en.wikipedia.org/wiki/Dutch_East_India_Company
Chartered companies
Corporatocracy
List of trading companies
Spice wars
Whampoa anchorage
Dutch Occupation of the Thiruchendur Temple
Other trade companies of the age of the sail
Muscovy Company, English trading company chartered in
1555 as the first major chartered joint stock company
The British East India Company, founded in 1600
The Danish East India Company, founded in 1616
The Danish West India Company, founded in 1671
The Dutch West India Company, founded in 1621
The Portuguese East India Company, founded in 1628
The French East India Company, founded in 1664
The Swedish East India Company, founded in 1731
The Emden Company, founded 1751
The Swedish West India Company, founded in 1786
Governors General of the Dutch East India Company
References
1. "The Dutch East India Company (VOC)". Canon van Nederland. Retrieved 19 March 2011.
2. THE DUTCH EAST INDIA COMPANY (http://european-heritage.org/netherlands/alkmaar/dutch-east-indiacompany), European Heritage Project, "The Dutch name was Vereenigde Oost-Indische Compagnie, what
literally means the United East Indian Company."
3. http://www.kb.nl/themas/geschiedenis-en-cultuur/koloniaal-verleden/voc-1602-1799 VOC at the National Library
of the Netherlands (in Dutch)
4. Mondo Visione web site: Chambers, Clem. "Who needs stock exchanges?" (http://www.mondovisione.com
/exchanges/handbook-articles/who-needs-stock-exchanges/) Exchanges Handbook. retrieved 21 August 2011.
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5. "Slave Ship Mutiny: Program Transcript". Secrets of the Dead. PBS. 11 November 2010. Retrieved 12 November
2010.
6. Ames, Glenn J. (2008). The Globe Encompassed: The Age of European Discovery, 15001700. pp. 102103.
7. Van Boven, M. W. "Towards A New Age of Partnership (TANAP): An Ambitious World Heritage Project
(UNESCO Memory of the World reg.form, 2002)". VOC Archives Appendix 2, p.14.
8. Vickers (2005), p. 10
9. Ricklefs, M.C. (1991). A History of Modern Indonesia Since c.1300, 2nd Edition. London: MacMillan. p. 110.
ISBN 0-333-57689-6.
10. De Vries and Van der Woude, p. 383
11. Ricklefs, M.C. (1991). A History of Modern Indonesia Since c.1300, 2nd Edition. London: MacMillan. p. 27.
ISBN 0-333-57689-6.
12. Ricklefs, M.C. (1991). A History of Modern Indonesia Since c.1300, 2nd Edition. London: MacMillan.
pp. 2528. ISBN 0-333-57689-6.
13. (Portuguese) Matos, Artur Teodoro de (1974), Timor Portugues, 15151769, Lisboa: Instituto Histrico Infante
Dom Henrique.
14. (Dutch) Roever, Arend de (2002), De jacht op sandelhout: De VOC en de tweedeling van Timor in de zeventiende
eeuw, Zutphen: Walburg Pers.
15. In the medium term, as new suppliers could enter the market. In the short term the supply was, of course, also
inelastic.
16. De Vries and Van der Woude, p. 384385
17. Bruce, John (1810). Annals of the Honorable East-India Company. Black, Parry, and Kingsbury. p. 28.
18. Boxer, C. R. (1948). Fidalgos in the Far East, 15501770. The Hague: Martinus Nijhoff. p. 50.
19. Boyajian, James C. (2008). Portuguese Trade in Asia under the Habsburgs, 15801640. JHU Press. p. 151.
ISBN 0-8018-8754-2.
20. Ricklefs, M.C. (1991). A History of Modern Indonesia Since c.1300, 2nd Edition. London: MacMillan. p. 29.
ISBN 0-333-57689-6.
21. Om Prakash, The Dutch East India Company and the Economy of Bengal, 16301720 (Princeton University
Press, 1985)
22. William De Lange, Pars Japonica: the first Dutch expedition to reach the shores of Japan, (2006)
23. Miller, George (ed.) (1996). To The Spice Islands and Beyond: Travels in Eastern Indonesia. New York: Oxford
University Press. xvi. ISBN 967-65-3099-9.
24. Ricklefs, M.C. (1991). A History of Modern Indonesia Since c.1300, 2nd Edition. London: MacMillan. p. 30.
ISBN 0-333-57689-6.
25. The Dutch Seaborne Empire 16001800, p.218
26. De Vries and Van der Woude, p. 386
27. Ames, Glenn J. (2008). The Globe Encompassed: The Age of European Discovery, 15001700. p. 115.
28. "Calling the shots: political interaction".
29. Andrade, Tonio (2005). How Taiwan Became Chinese: Dutch, Spanish and Han Colonization in the Seventeenth
Century. Columbia University Press.
30. http://majalah.tempointeraktif.com/id/arsip/1982/07/31/BK/mbm.19820731.BK47129.id.html
31. The share price had appreciated significantly, so in that respect the dividend was less impressive
32. De Witt, D. "The Easternization of the West: The Role of Melaka, the Malay-Indonesian archipelago and the
Dutch (VOC). (International seminar by the Melaka State Government, the Malaysian Institute of Historical and
Patriotism Studies (IKSEP), the Institute of Occidental Studies (IKON) at the National University of Malaysia
(UKM) and the Netherlands Embassy in Malaysia. Malacca, Malaysia, 27 July 2006". Children of the VOC at.
33. Blusse, Leonard. Strange company: Chinese settlers, Mestizo women, and the Dutch in VOC Batavia. (DordrechtHolland; Riverton, U.S.A., Foris Publications, 1986. xiii, 302p.) number: 959.82 B659.
34. De Vries and Van der Woude, pp. 434435
35. De Vries and Van der Woude, pp. 430433
36. During the Nine Years' War, the French and Dutch companies came to blows on the Indian Subcontinent. The
French sent naval expeditions from metropolitan France, which the VOC easily countered. On the other hand, the
VOC conquered the important fortress of Pondichry after a siege of only 16 days by an expedition of 3,000 men
and 19 ships under Laurens Pit from Negapatnam in September 1693. The Dutch then made the defenses of the
fortress impregnable, which they came to regret when the Dutch government returned it to the French by the
Treaty of Ryswick in exchange for tariff concessions in Europe by the French. Chauhuri and Israel, p 424
37. De Vries and Van der Woude, pp. 433434
38. Chaudhuri and Israel, pp. 428429
39. However, the VOC had been defeated many times before. On the Indian Subcontinent, the EIC had suffered a
resounding defeat from the Mughal forces in its 1689 Mughal War; Chaudhury and Israel, pp. 435436
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40. It was also helpful that the price war with the EIC in the early decade had caused the accumulation of enormous
inventories of pepper and spices, which enabled the VOC to cut down on shipments later on, thereby freeing up
capital to increase shipments of other goods; De Vries and Van der Woude, p. 436
41. De Vries and Van der Woude, pp. 436437
42. De Vries and Van der Woude, pp. 437440
43. De Vries and Van der Woude, pp. 441442
44. De Vries and Van der Woude, p. 447
45. De Vries and Van der Woude, p. 448
46. De Vries and Van der Woude, pp. 449455
47. A particularly egregious example was that of the "Amfioen Society". This was a business of higher
VOC-employees that received a monopoly of the opium trade on Java, at a time when the VOC had to pay
monopoly prices to the EIC to buy the opium in Bengal; Burger, passim
48. De Vries and Van der Woude, pp. 454455
49. Kumar, Ann (1997). Java and Modern Europe: Ambiguous Encounters. p. 32.
50. TANAP, The end of the VOC
51. "The AOTM Landings List 1606 1814". history and heritage division of the Australasian Hydrographic
Society. Australia on the Map. 6 February 2008. Archived from the original on 2 April 2013. Retrieved 2 April
2013. "After leaving Banda on 18 November 1605, at about the end of March 1606 VOC Captain Willem
Janszoon,* Supercargo Jan Lodewijkszoon van Rosingeyn and their crew onboard the Duyfken, charted about
300 km of the west coast of Cape York Peninsula in Queensland. First documented visit of Europeans to the
shores of Australia."
52. Tim Treadgold (13 March 2006). "Cross-Breeding". Forbes. Archived from the original on 2 April 2013.
Retrieved 2 April 2013. "Michael Wright replicates the Dutch East India Company at his winery in Western
Australia."
53. De Vries and Van der Woude, p. 385
54. De Vries and Van der Woude, pp. 384385
55. Ames, Glenn J. (2008). The Globe Encompassed: The Age of European Discovery, 15001700. p. 103.
56. Hanna, Willard A. (1991). Indonesian Banda: Colonialism and its Aftermath in the Nutmeg Islands. Bandanaira:
Yayasan Warisan dan Budaya Banda Naira.
57. Ames, Glenn J. (2008). The Globe Encompassed: The Age of European Discovery, 15001700. p. 111.
58. Byrnes, Rita (1996). South Africa: A Country Study. Washington: GPO for the Library of Congress.
pp. Establishing a Slave Economy.
59. 5.2 Numbers, Origins, and Trades in Which Slaves were Engaged.
60. Appiah, Anthony; Henry Louis Gates (2004). Africana: The Encyclopedia of the African and African American
Experience. Oxford University Press. p. 732.
61. Byrnes, Rita (1996). South Africa: A Country Study. Washington: GPO for the Library of Congress.
pp. Emergence of a Settler Society.
62. Worden, N. van Heyningen, E. and Bickford-Smith, S.: Cape Town: The making of a City Cape Town: David
Philip Publishers. ISBN 978-0-86486-435-2
63. "De VOCsite : gegevens VOC-schip Haarlem (1636)".
Further reading
Ames, Glenn J. The Globe Encompassed: The Age of European Discovery, 15001700. Pearson Prentice Hall,
2008.
Blusse, Leonard. An Insane Administration and Insanitary Town: The Dutch East India Company and Batavia
(16191799) (Springer Netherlands, 1985)
Borschberg, Peter, Journal, Memorials and Letters of Cornelis Matelieff de Jonge. Security, Diplomacy and
Commerce in 17th-Century Southeast Asia (Singapore: NUS Press, 2015) https://www.academia.edu/4302783
Boxer, Charles Ralph. Jan Compagnie in War and Peace, 1602-1799: A Short History of the Dutch East-India
Company (Heinemann Asia, 1979)
Boxer, Charles R. Jan Compagnie in Japan, 16001850: An Essay on the Cultural Artistic and Scientific
Influence Exercised by the Hollanders in Japan from the Seventeenth to the Nineteenth Centuries. Den Haag,
1950.
Boxer, Charles R. The Dutch Seaborne Empire: 16001800 (London, 1965.)
Braam Houckgeest, Andre Everard Van (1798), An authentic account of the embassy of the Dutch East-India
Company, to the court of the emperor of China, in the years 1794 and 1795, London: R. Phillips,
OCLC 002094734 v.2 (https://archive.org/stream/authenticaccount02vanb#page/n5/mode/2up)
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Bruijn, J.R., Femme Gaastra, and I. Schffer, eds., Dutch-Asiatic shipping in the 17th and 18th centuries. Rijks
geschiedkundige publicatin. Grote serie, vol. 165-167. (The Hague: Nijhoff, 1979, 1987).
Burger, M. "The Forgotten Gold? The Importance of the Dutch opium trade in the Seventeenth Century", in
Eidos. University College Utrecht Academic Magazine. (2003), Issue 2/2003 Utrecht University
(http://students.ucu.uu.nl/eidos/issues/eidos2.pdf)
Chaudhuri, K.N., and Israel, J.I. "The English and Dutch East India Companies and the Glorious Revolution of
1688-9", in Jonathan I. Israel, ed. The Anglo-Dutch moment. Essays on the Glorious Revolution and its world
impact (Cambridge U.P. 1991), ISBN 0-521-39075-3, pp. 407438
De Lange, William. Pars Japonica: the first Dutch expedition to reach the shores of Japan, (Floating World
Editions 2006) . ISBN 1-891640-23-2
Furber, Holden, Rival Empires of Trade in the Orient 16001800. Minneapolis, 1976
Gelderblom, Oscar, and Joost Jonker. "Completing a financial revolution: The finance of the Dutch East India
trade and the rise of the Amsterdam capital market, 15951612." Journal of Economic History 64.03 (2004):
641-672. online (http://www.parisschoolofeconomics.com/hautcoeur-pierre-cyrille/M1_histoireeco/GelderblomJonker_revolutionAmsterdam.pdf)
Glamann, Kristof., Dutch-Asiatic Trade 16201740. (The Hague, 1958)
Irwin, Douglas A. (January 1991). "Mercantilism as Strategic Trade Policy: The Anglo-Dutch Rivalry for the
East India Trade". Journal of Political Economy. 99 (6): 12961314. doi:10.1086/261801 via JSTOR.
Israel, Jonathan I., Dutch Primacy in World Trade 15851740. (Oxford, 1989)
Prakash, Om. The Dutch East India Company and the Economy of Bengal1630-1720 (Princeton University Press,
1985)
Bhawan Ruangsilp (2007). Dutch East India Company Merchants at the Court of Ayutthaya: Dutch Perceptions
of the Thai Kingdom, Ca. 1604-1765. BRILL. ISBN 90-04-15600-3.
Steengaard, Niels. The Dutch East India Company as an Institutional Innovation (1982)
Taylor, Jean Gelman. The Social World of Batavia: Europeans and Eurasians in Colonial Indonesia (University
of Wisconsin Press, 2nd ed. 2009)
Theal, George McCall. History of South Africa Under the Administration of the Dutch East India Company 1652
to 1795 Vol. 2. (1897) online (https://books.google.com/books?hl=en&lr=&id=xzIPAAAAYAAJ).
Vries, Jan de, and A. van der Woude. The First Modern Economy. Success, Failure, and Perseverance of the
Dutch Economy, 15001815, (Cambridge University Press, 1997), ISBN 978-0-521-57825-7
Wills, John Elliot. Pepper, Guns, and Parleys: The Dutch East India Company and China, 1662-1681 (Harvard
University Press, 1974)
Dutch sources
Femme Gaastra, The Dutch East India Company: expansion and decline. Zutphen: Walburg Pers,
2003.
Femme Gaastra, Particuliere geldstromen binnen het VOC-bedrijf 16401795. Leiden: Rijksmuseum
Het Koninklijk Penningkabinet, 2002.
On the eighteenth century as a category of Asian history: Van Leur in retrospect, edited by Leonard
Bluss and Femme Gaastra. Aldershot: Ashgate, 1998.
Ships, sailors and spices: East India companies and their shipping in the 16th, 17th and 18th
centuries, ed. by Jaap R. Bruijn and Femme Gaastra. Amsterdam: NEHA, 1993.
De archieven van de Verenigde Oostindische Compagnie = The archives of the Dutch East India
Company: (16021795), M.A.P. Meilink-Roelofsz (inventaris); R. Raben en H. Spijkerman. eds.
's-Gravenhage: Sdu Uitgeverij, 1992.
Dutch-Asiatic shipping in the 17th and 18th centuries, by J. R. Bruijn, Femme Gaastra and I.
Schffer; with assist. from A.C.J. Vermeulen. Three Volumes. Rijks geschiedkundige publicatin,
Grote serie, 165-167. The Hague: Nijhoff, 19791987.
Companies and trade: essays on overseas trading companies during the Ancien Rgime, by P. H.
Boulle et al.; ed. by Leonard Bluss and Femme Gaastra. The Hague: Leiden University Press, 1981.
Bewind en Belied bij de VOC: De financile politik van de bewindhebbers, 16721702 by Femme
Gaastra. Zutphen: De Walburg Pers, 1968.
External links
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