the life, work and finances of pieter harmensz, the owner

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The life, work and finances of Pieter Harmensz, the owner of the world’s oldest share1 On 9 September 2010 the discovery of the oldest share in the world was announced in the Westerkerk in Enkhuizen. This share, originating from the Enkhuizen chamber of the Dutch East India Company (“Verenigde Oost-Indische Compagnie” or “VOC”), is dated 9 September 1606. In 1602 it was purchased by Pieter Harmensz, a messenger in Enkhuizen, for an amount of 150 Dutch guilders. The largely printed proof of payment of this share was handed to him by the accountants of the Enkhuizen chamber of the VOC on the above mentioned day.

1 The primary sources referred to below originate from the Westfries Archief in Hoorn, unless indicated otherwise. Thanking Piet Boon, Oscar Gelderblom and Joost Jonker who commented on an earlier version of this article.

Front page of the oldest share in the world, 9 September 1606 (Westfries Archief, city archives of Enkhuizen).

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Even though older forms of “share” participation in companies are known, VOC shares are generally considered as the oldest examples of modern share certificates2. Namely, they were freely transferable and the holder was exclusively liable for the subscribed amount. The issue of the shares of the VOC, which resulted in more than six million Dutch guilders, did not only form the basis for share trading and stock exchange speculation, it also resulted in large-scale Asian trade. Moreover, the start-up capital guaranteed the continuation of the warfare of the Dutch Republic against Spain in Asia. Notwithstanding the varying successes the VOC realised considerable profits, in particular as from the second half of the seventeenth century. Eventually the company would continue its existence up to the end of the eighteenth century. Last year the original owner of the oldest share remained underexposed in the publicity campaign. How did the life of a person who invested a relatively small amount in the VOC look like? To put it briefly, who was this Pieter Harmensz exactly? What is known about his family and his personal life? How did he make his money? These are some of the questions that we try to answer in this contribution, in order to provide more information about the man behind the share. In addition, his investments shall be placed in the context of the financial market of Enkhuizen in the seventeenth century, so that we can compare his financial affairs with those of other inhabitants of Enkhuizen. Thus a broader picture is created of the man who more than four hundred years ago invested 150 Dutch guilders in the exotic Asian trade.

Signatures of Pieter Harmensz in 1587, 1603, 1616 and 1633, respectively. The typical decoration evidences that it always regards the same person.

Family Not only many, but also well accessible sources are available from the period of Pieter Harmensz’ life. Essential is the alphabetical index of the Noord-Hollands Archief in Haarlem on personal names occurring in the notarial archives of, among other municipalities, Enkhuizen. It contains dozens of references to deeds in which Pieter Harmensz is mentioned. That it does always regard the right person can be deduced from two indications: his profession is always specified and his signature is very identifiable, among other things because of a decoration used fairly consistently as from 15873. Other important sources are the records of baptisms, marriages and deaths in Enkhuizen that have been kept since as early 2 Lodewijk Petram, The world’s first stock exchange. How the Amsterdam market for Dutch East India Company shares became a modern securities market, 1602-1700 (Amsterdam, 2011). Available on http://dare.uva.nl/document/201694. 3 Thanking Mr Willem Blok of the Noord-Hollands Archief who researched the references to the deeds about Pieter Harmensz for us.

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as the 1570s and are stored in the Westfries Archief in Hoorn. All in all we were able to collect enough information to give an accurate picture of Pieter Harmensz. An overview of his family is included in the appendix.

Pieter Harmensz was born in about 15604. It is unknown who his parents were, but he did have a half-brother: Gerrit Harmensz. Pieter Harmensz entered into the employ of the city administration at a relativily young age. His first accounts as a messenger date from 1587. In the course of the years his profession is referred to in different ways: sworn (‘gheswooren’) messenger or chamber messenger to the mayors, but also ‘city messenger’. Once he is referred to as a sworn tipstaff bearer (‘gheswooren roedrager’), an indication that refers to the staff or sceptre that a messenger bore as a symbol of the public authority that he represented. Often a messenger also worked for the court (sheriff and aldermen). This does, however, not appear to have been the case in Enkhuizen, as in notarial deeds a clear distinction is made between the position of messenger to the mayor and that of messenger to the aldermen5. Only once does it appear as if Pieter Harmensz acted on behalf of the sheriff or the aldermen. In 1626 he arrested one Barent Jansz den Boer as the latter refused to pay wages to an employee6. More particularities about this case are unknown to us.

In September 1618, when Pieter Harmensz was already approaching his 60s, his intended marriage to Jannetgen Reijners was announced. A deed containing matrimonial terms was drawn up before civil-law notary Jan Codde on 28 September7. This indicates that Jannetgen Reijners had a brother named Dirck. The document contains various clauses about the inheritance in the event the marriage would remain childless. Everything appears to have been well thought-out and to have been accomplished harmoniously with attention to the interests of both families. The marriage was solemnised on 30 September. There are no indications that he had been married before.

Pieter and the, undoubtedly, much younger Jannetgen would have two daughters. Both girls were baptised according to the Reformed tradition: Ada on 3 November 1622 and Trijntje, who would die at a young age, on 29 July 1625. The family lived in the Breedstraat, next to the old city hall, on the southern side8. Previously it was assumed that Pieter Harmensz lived in the Comenstraat – the small piece of the Westerstraat between the Kaasmarkt-Nieuwstraat and the Breedstraat9. This was based on an indication of a ‘Pieter Hermsz’ in the assessment register of the land tax – a tax on the lettable value of immovable property – of Enkhuizen from 1630. He was assessed as the owner of a dwelling at the Comenstraat. It cannot be established as to whether the messenger to the mayor or a namesake

4 Deeds of 14 February 1598 and 10 May 1600 refer to an age of 36 and 40, respectively. Hence he was born at the earliest in 1559 and at the latest in 1562: Old notarial archives of Enkhuizen (hereinafter referred to as: ONA) 818 (deed 626) and 834 (deed 263). 5 Reference is, for instance, made to ONA 918 (deed 170), 11 December 1618. 6 ONA 905 (deed 21), 29 September 1626. 7 ONA 849 (deed 233), 28 September 1618. 8 ONA 818 (deed 626), 14 February 1598. Other references to the address at the Breedstraat with the registration of the marriage and the prenuptial agreement. In ONA 914 (deeds 147 and 151), 30 January and 5 February 1626, various witnesses declare that the street or quay wall next to the city hall and the house in which the messenger Pieter Harmensz lives used to be an open quay wall, so that one could walk from the Breedstraat to the Oosterhaven and vice versa; a door of a brewery opened onto the quay wall and the owner used it as an open street. 9 Reference is, for instance, made on the website www.oudsteaandeel.nl or www.worldsoldestshare.com.

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was the owner of this dwelling10. It is unclear why Pieter Harmensz is not included among the persons assessed at the Breedstraat. Perhaps his house was city property and was he entitled to lodging on account of his position.

Pieter Harmensz lived close to the city hall, on the southern side. His house must have been one of the two dwellings that are depicted on the city map by Lucas Jansz Waghenaer left from the city hall.

Pieter Harmensz worked up to an old age, which follows from, among other things, a notarial statement from 1633 about the involvement of the alderman Van Grootebroek on behalf of the heirs of Isaac Lemaire in the embankment of the Koegras. In this document Pieter Harmensz is still expressly referred to as the ‘city messenger to the mayors’11. In April 1634 he fell sick. Sick and moved (‘sieckelijck ende geroert’) the then aged man ordered a civil-law notary to his bed box in order to draft his last will and testament. The messenger left bequests to some

10 City Archives of Enkhuizen (hereinafter referred to as: SAE), storage number 944 (fol. 41r, 139r and 279r). Other indications of a ‘Pieter Hermsz’ regard houses at the Oude Gracht and at the ‘Vloyenburch’ (corner of the Prinsengracht and the Zuiderboerenvaart), hence not the neighbourhood of the city hall. According to the records of baptisms according to the Reformed tradition from the years 1618-1638 at least two namesakes of Pieter Harmensz lived in Enkhuizen. 11 ONA 928 (deed 116), 25 May 1633.

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charitable institutions and to the children of his meanwhile deceased half-brother Gerrit. Daughter Ada was appointed as sole beneficiary12. The latter did, for that matter, not take place at the expense of Jannetgen Reijners. As shall soon become apparent, her rights to the inheritance remained unimpaired in accordance with the common laws of inheritance13. It would, however, still take a while before the last will and testament of Pieter Harmensz was read. He passed away in October 1638, between 75 and 80 years old, after having lived a life that runs almost parallel to all major historical events of Enkhuizen: the joining in with the group of insurgents of the revolt in 1572, the turbulent history of the development of the young Republic, the incorporation of the VOC, the years of crisis during the Twelve Years’ Truce and the gale economic development of his home city of which Pieter Harmensz also personally took advantage.

Following the death of her husband Jannetgen Reijners did not remarry. There was, in any case, no financial need for this as, which shall be shown later on, the inheritance of no less than 22,000 Dutch guilders permitted her and Ada to live very well. After the death of her husband Jannetgen Reijners personally made an effort to comply with that which they had jointly agreed on. For instance, in 1642 she made sure that the interest over an amount of 2,000 Dutch guilders was paid to two charitable institutions in Enkhuizen. The principal amount would even need to be paid out in cash if her heirs would object to the donation, all because she was moved by important reasons of conscience, but also because on his sickbed her beloved husband had expressed the desire that the aforementioned principal amounts and interest would not be inherited by her heirs14.

A final, curious chapter from the life of Jannetgen Reijners took place in 1658. One Anna Volckers, an aged spinster, accused her of witchcraft, namely that said Jantjen Reijners would have bewitched or would have casted a spell on her. It required the intervention of intermediaries to ensure that Anna Volckers would recant her words. The company appeared before a civil-law notary to also establish this formally. Anna had to bend over backwards. In the presence of the minister Johannes Ursinus, the mayor and the elder Krijn Takes she confessed to have sinned considerably and to have acted against love. Finally she declared to know nothing of Jannetgen Reijners other than honour, virtue and piety and she asked her for forgiveness15. To what extent the reputation of the widow of Pieter Harmensz was prejudiced by this event is unknown. She passed away a year later and was buried on 1 December 1659, at the same grave site as her husband.

Pieter Harmensz did not belong to the regency class but to the bourgeoisie. On 3 June 1640 his daughter Ada, only 17 years old, married Claes Jansz Uyl. In the 1670s he would twice be elected alderman and also held various other public offices16.Even though Claes Jansz Uyl pertained to the lower regency, he was clearly higher on the social ladder than a

12 ONA 898 (deed 80), 20 April 1634. Also in: Old judicial archives of Enkhuizen (hereinafter referred to as: ORA) 5089 (estate 736). 13 For the Dutch laws of inheritance see Ariadne Schmidt, ‘’Touching inheritance’. Mannen, vrouwen en de overdracht van bezit in Holland in de 17e eeuw’, in: Holland, vol. 33 (2001) 175-189. 14 ONA 1016 (deed 23), 23 July 1642. 15 ONA 1056 (deed 257), 29 April 1658. 16 Claes Uyl held the following offices: small claims commissioner (1672), guardian of the Old Orphanage for the Poor (1655-1671), sheriff (1673, 1677; appointed by William Willem III), company lieutenant A 1670-1671, company captain A 1671-1679 and orphan master 1678-1681.

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messenger to the mayor. Perhaps the assets accumulated by her father had turned Ada into an attractive marriage candidate.

Ada’s son Pieter followed in the steps of his father. After his death he took over many of his offices and in 1679 and 1693 he was elected as alderman17. Only a son named Jan is known of Pieter Uyl, who only made it to the age of one. With Jan Uyl the family in the direct line died out. Most of the relatives of Pieter Harmensz were, just like him, buried in the Westerkerk at the centre isle grave site with number 386.

Messenger to the mayor One of the reasons why a messenger had to live close to the city hall is described in a deed from 1598. Herein Pieter Harmensz and a fellow chamber messenger to the mayor (‘burgemeesteren camerbode’) declare, together with a chamber messenger to an alderman (‘schepenen camerbode’) that they, and nobody else, daily open and close the city hall for those who have any business there, like bailiffs or the city secretary; then they also had to set the clock of the city hall18. Pieter Harmensz and his colleagues were therefore available to the regents at any time during the day.

The old city hall in “1590”, according to a fantasised drawing by Jacobus Stellingwerf from the beginning of the eighteenth century. Stellingwerf based his drawings on old city maps.

17 Pieter Uyl was small claims commissioner (1674, 1676), guardian of the hospital (1678), sheriff (1679, 1693; appointed by William Willem III), company captain A 1679-1693, church master (1682-1685) and orphan master (1687-1693). 18 ONA 818 (deed 626), 14 February 1598.

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For a position that does not or barely leave room for ancillary activities you would in compensation expect to receive a fixed salary. This was indeed the case. At the start of his career Pieter Harmensz received an annual salary of 100 Dutch guilders. In 1590 the city council increased this amount to 125 Dutch guilders per year19. This seems to be insufficient to explain his bequeathed inheritance in 1638. As to whether his position also offered possibilities for incidental earnings is, unfortunately, not easy to verify as the city archives of Enkhuizen do not hold any mayor’s accounts. The only two preserved seventeenth century treasury accounts, from 1642 and 1661, neither provide any useful information.

The city archives of Hoorn contain sources that can serve as comparative material. First of all it seems that in about 1600 the three assistants of the mayor (‘drie dienaren van de heeren burgemeesteren’) enjoyed a salary of 50 Dutch guilders per quarter, or rather 200 Dutch guilders per annum20. They made an additional four Dutch guilders and ten Dutch stuivers because they had served the mayors during the Easter and Pentecost meals21. Hoorn also employed a travelling city messenger (‘stadts loopende bode’), Jan Sijmonsz. He received 25 Dutch guilders per year instead of lodging (‘in plaetse van huyshuyre’)22. Jan Sijmonsz is frequently mentioned in the mayor’s accounts as he often accompanied the mayors during day voyages to the States of Holland and West-Friesland in The Hague. In 1605/06 and 1610/11 he stayed there for a total of 200 days23. Unfortunately the accounts only state the total amounts of the expenses statements submitted by the mayors. This included the daily fee for Jan Sijmonsz, so that we do not know how much this was exactly. It probably would not have been more than a guilder and a half. Occasionally Jan Sijmonsz also travelled alone. For instance, he received eight Dutch guilders for a voyage to The Hague in 1606 and fourteen Dutch guilders and four Dutch stuivers for a voyage to The Hague and Amsterdam plus expenses in 161024.

The need to bring along a messenger during the day voyages was probably not a specific peculiarity of the mayors of Hoorn. It is certainly plausible that Pieter Harmensz also regularly accompanied voyages to The Hague. We did, however, not find any concrete indications for this so that it remains unclear if he could thus make some incidental earnings. And the question remains if we can indeed compare Jan Sijmonsz with Pieter Harmensz due to the difference in wages.

Nowadays the messenger profession is a modest profession. But in the times of Pieter Harmensz it enjoyed a certain prestige. This shall also be the reason why he was frequently asked to act as witness to notarial deeds. This often regarded routine matters like last wills and testaments or statements. However sometimes the choice of the witnesses appeared to be clearly connected to the importance of the case. For instance, in 1628 Pieter Harmensz acted

19 SAE, storage number 250 (15 September 1590). Thanking Mr A.E. Groot in Enkhuizen. 20 City Archives of Hoorn (hereinafter referred to as: SAH), storage number 1980. 21 SAH, storage numbers 240 and 250, editions of 9 June 1605 and 27 June 1610. 22 SAH, storage number 1980. Thanking Mr A.E. Groot in Enkhuizen. 23 Ibidem, editions of 1605/06 on 3 August, 5 October, 27 October, 24 December and 20 March; editions of 1610/11 on 19 June, 29 June, 15 September, 19 November, 31 December and 30 March. 24 Ibidem, editions of 21 March 1606 and 24 August 1610.

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as a witness when some regents and directors of the VOC authorised a number of colleagues to carry out transactions at the Bank of Amsterdam25.

There are also descriptions of his daily duties, even though we need to satisfy ourselves with incidental but occasionally entertaining information. Pieter Harmensz was, for example, present during inspections for taxes on brandy, bags of milled grain and beer. These kinds of duties did probably result in additional earnings. After all, in that case Pieter Harmensz did not work for the city council but for private tax collectors. In 1621 he participated in an inspection at the house of one Hans Jansz. A day earlier his wife had allegedly stated that the considerable amount of beer at the house was meant for personal consumption and would therefore fall under a low tax rate. But the collector of the beer duties did not trust the matter. It was the period of the oxen trade (‘ossentijd’26) and on Sunday he had seen strange folk at the house. Pieter Harmensz, the civil-law notary, the collector and the sheriff found two foreigners in religious habits, two people from Enkhuizen and a woman from Amsterdam consuming beer. It was clear that consumption was high as a day-old barrel of beer found in the basement by the messenger was almost empty. The civil-law notary drew up an official report of this suspected case of tax evasion27.

In other events established by notarial report Pieter Harmensz did clearly act under the authority of the mayors. For instance in 1596 he was involved in the collection of a tax for the paving of the Nieuwe Rietdijk (or Molenstraat)28. And on Thursday 21 May 1615 on behalf of the mayors he communicated to Jan Sijmonsz Blaeuhulck, crew master of the Admiralty, that in respect of that which they had sent to him and expected of him they would give him until Monday to reply (‘op ’tgeene dat zij hem overgesonden ende van hem begeert hadden alsnoch zijn beraedt gaven tot maendach toecomende’)29. The message was confidential, a witness of the meeting reported that Pieter Harmensz led the crew master to another room and addressed him privately (‘in stillicheyt’).

The conversation of Pieter Harmensz with Jan Sijmonsz Blaeuhulck illustrates one of the most important aspects of his work: the mayors had to be able to trust him blindly and to encumber him with difficult assignments. This also included giving notices to people with the reputation of Jan Sijmonsz Blaeuhulck, who at the time was fighting for his administrative and political career. He was involved in a sex scandal of which the repercussions would be felt up to The Hague. Shortly after the death of his wife in 1613 Blaeuhulck slept with an orphan girl who served at his house. She got pregnant after which Blaeuhulck had hired physicians to incite the female periods (‘de vrouwelijke stonden’) by means of beverages, medicines and quackeries. All in vain, after which the case had a tragic continuation: the young mother died in June 1614 shortly after childbirth. Despite persistent rumours Blaeuhulck initially denied being the father of the child; however in February 1615 he made a 25 ONA 916 (deed 28), 5 September 1628. The list with notarial indications of Pieter Harmensz is too long to be included here in its entirety. 26 The well-known oxen trade in Enkhuizen had for a long time been dominated by foreign, basically Lutheran, merchants. Reference is made to Wilma M. Gijsbers, Kapitale ossen. De internationale handel in slachtvee in Noordwest-Europa (1300-1750) (Hilversum, 1999); Wilma M. Gijsbers, ‘De familie Tatinghof: een Enkhuizer herbergiersfamilie in de eerste helft van de zeventiende eeuw’, in: Steevast 2000 (Enkhuizen, 2000) 4-15. 27 ONA 874 (deed 35), 2 May 1621. Reference is also made to ONA 846 (deeds 114 and 197), 13 October 1598 and 20 March 1599; ONA 862 (deed 20), 24 April 1615. 28 ONA 818 (deed 469), 3 January 1596. 29 ONA 849 (deed 69), 22 May 1615.

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confession of guilt before the Reformed Church Council. The city council then decided to dismiss Blaeuhulck as a member and ordered the mayors to induce him to resign from his other offices: the directorship of the Greenland Company (‘Groenlantsche Compagnie’), also known as the Northern Company (‘Noordse Compagnie’) or the Spitsbergen Company (‘Compagnie van Spitsbergen’) and the crew mastership of the Admiralty. During a meeting of the city council on Thursday 21 May the mayors reported that Blaeuhulck had requested a reflection period of one month but he was only granted until the first following Monday. Pieter Harmensz was sent to tell him that…

Important competence issues were at stake in the case. Was the city council of Enkhuizen allowed to interfere with functionaries of a generality institution like the Admiralty? It is therefore not surprising that several high executives in The Hague, among others the States of Holland and West-Friesland and the Grand Pensionary Van Oldenbarnevelt, involved themselves in the matter. Eventually the dismissal of Blaeuhulck as city councillor was upheld but he did not have to resign his other offices.

Jan Sijmonsz Blaeuhulck (1577/78-1640) in 1638 (private collection).

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After the execution of Van Oldenbarnevelt in 1619 seven letters written by Blaeuhulck were found in his estate containing incriminating information about some regents from Enkhuizen. The city council called upon Prince Maurice to have the letters destroyed, which probably has indeed taken place. It was the last incident in a long series of incidents. Later on the relationships appear to have been normalised. In 1631 Blaeuhulck was appointed director of the VOC, a position he held until his death in 164030.

Share of Steven Snouck of ƒ 600 in the Spitsbergen Company from 1614, signed by the director Jan Sijmonsz Blaeuhulck (Westfries Archief, city archives of Enkhuizen).

Assets and investments Stories about his daily life and work give colour to the person of Pieter Harmensz. But we still do not know much about his finances. For instance, did his fixed salary ƒ 125 further increase after 1590? This seems to be quite probable as his colleagues in the, at the time smaller, city of Hoorn earned no less than ƒ 200 in about 1600. Was he able to live well on his fixed salary and possible incidental earnings and perhaps invest a little for later? And if so, what options did he have for this in Enkhuizen of the seventeenth century? Fortunately there are also other sources that can tell us more about his finances. To begin with, of course, the oldest share.

Strictly speaking the share of Pieter Harmensz was actually a receipt, namely for the payment of a share. But nowadays these receipts of the VOC are often considered as shares, as they best approach the modern concept of share ownership. The only evidence available to a shareholder was his registration in the transfer book. This was available at the office of the local chambers of the VOC. The VOC did not issue share certificates as known today. All share registrations and transactions were recorded in the transfer books. Unfortunately this book was lost for the Enkhuizen chamber but that of the chamber of Amsterdam has been preserved31. The only tangible evidence that a shareholder could therefore take home with

30 Jan T. Bremer, ‘De zaak-Blaeuhulck. Een 17e-eeuws zedenmisdrijf in Enkhuizen’, in: Steevast 1991 (Enkhuizen, 1991) 15-25. Reference is also made to resolutions of the city council, SAE, storage number 252 (2, 16 and 23 March, 6 and 11 April, 4 and 21 May and 4 July 1615). In the past the matter was linked to the religious disputes that had a grip on the Republic during the Twelve Years’ Truce. Blaeuhulck would have been a Remonstrant; the contra-Remonstrant city council would have seized the opportunity to remove him administratively. However, Bremer has already pointed out that the source materials do not contain any evidence for this. 31 Johannes G. van Dillen, ‘Het oudste aandeelhoudersregister van de kamer Amsterdam der Oost-Indische Compagnie’ (The Hague, 1958).

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him was a receipt like the discovered ‘oldest share’. This did not have any legal value, however it is the oldest preserved printed evidence of modern share ownership.

The oldest share is also remarkable for another reason. Up to and including 1650 dividend payments have been registered on it. They make it possible to for the first time gain detailed insight into the profit distributions of the VOC in the first half of the seventeenth century from the perspective of a shareholder. These kinds of notes, which also occur on two deeds of transfer of shares from 1629, were made by functionaries of the VOC, like the accountant Hendrick van Gendt. As they also kept track of the distributions in the journals of the company, the notes on the document of the shareholder were possibly valid as additional

Inner page of the oldest share with dividend distributions up to and including 1650.

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evidence that payment had actually taken place32. That twelve years after the death of Pieter Harmensz dividends were still registered on his ‘share’ has to do with the division of his estate. This is discussed later on.

Deed of transfer of a VOC share from 1629, with dividend distributions overleaf (Westfries Archief, old judicial archives of Enkhuizen).

It follows from the notes that the VOC only started paying dividends annually as from the 1630s, and that even then many dividends were not paid out in cash but in spices. Up to 1620 Pieter Harmensz did on average not receive more than a standard interest compensation of 6.25 per cent per annum on his share. Even though today this seems to be a high interest rate, the States of Holland and West-Friesland paid out the same interest rate on their bonds. Shareholders were thus compensated on the basis of a rate that they would have also received if they had invested in relatively safer government securities. This compensation was probably disproportional to the risks that the Asian trade entailed. What is more, bondholders of the VOC received the same interest rate.

32 The two deeds of transfer from 1629 were recently discovered by Mr A.E. Groot from Enkhuizen. The dividend distributions are written in the same handwriting. Reference is made to SAE 1653-21 and ORA 5100 (thanking him for pointing us to this). Some notes have also been recorded on the VOC share from Hoorn in the historical collection of the Amsterdam Stock Exchange. Mr H. de Vos from Schoorl found another ‘share’, also in the Westfries Archief, at the beginning of this year, namely of the Spitsbergen Company from 1614 (SAE 1569a).

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As Pieter Harmensz had been sharing in the dividends since the start, the profit on his share did increase as from the 1630s. Investors who got on board later realised a lower return, as the share price had meanwhile increased. Still Pieter Harmensz had to wait quite a while before his share really started bringing in a return. Like many others he probably had high expectations in 1602. Some companies that had sailed to Asia prior to the incorporation, like the ‘Compagnie van de Veertien Schepen’ under captain Van Warwijck, already paid out more than 250 per cent within ten years after sailing out33. This was contrasting sharply with the 6.25 per cent per year that the VOC paid out in the first two decennia. For the sake of comparison: Pieter Harmensz had to wait up to 1629 before the VOC approached this percentage of 250 per cent. And of these dividends a part was also paid to the shareholders in spices due to a lack of cash. Since the VOC personally determined the value of its spices, the shareholder was by no means certain that he could sell these dividend distributions in spices against the nominal value that they represented according to the VOC.

VOC shares were partly a new phenomenon. In shipping, in the so called ‘shipping partnerships’, it had already been common practice to spread the risks of the trade over various participants. Each of them was then responsible for one or more parts of the company34. The issue of shipping participations basically took place within a relatively small circle of merchants. Often these participations were not marketed. And if they were, they usually remained within a circle of friends and family.

According to the charter the VOC was to be financed through the issue of shares by the various local chambers. The financing of the VOC was innovative because the capital was tied up for a much longer period of time (originally ten years) and because the shareholders were compensated for this by rendering the shares freely transferable. In addition, the shares could be paid off in instalments, in order to persuade investors to invest their money in the VOC. With the final instalment documents like the ‘oldest share’ were issued. Pieter Harmensz received his receipt with the payment of his last instalment of twelve Dutch guilders and ten Dutch stuivers on 9 September 1606. In total more than ƒ 540,000 was invested with the Enkhuizen chamber35. Pieter Harmensz was therefore part of large group of investors. René Willemsen has made an overview of the level of these subscriptions. In table 1 it can be seen which amounts occurred most frequently among the subscribers. At the Enkhuizen chamber 63 per cent had subscribed for an amount less than one thousand Dutch guilders. At the Zeeland chamber this only amounted to 31 per cent and at the Amsterdam chamber to 42 per cent. Hence in Enkhuizen there were relatively more people who were less well-to-do (‘cleyne luyden’) who purchased a share in the VOC. The number of shareholders with a share exceeding ƒ 2,500 only amounted to 15 per cent. In Amsterdam and Zeeland this amounted to 31 and 46 per cent, respectively.

33 Hans den Haan, ‘Moedernegotie en grote vaart. Een studie over de expansie van het Hollandse handelskapitaal in de 16de en 17de eeuw‘(Amsterdam, 1977) 113-114. 34 Oscar Gelderblom, Abe de Jong and Joost Jonker, ‘An Admiralty for Asia: Isaac le Maire and conflicting conceptions about the corporate governance of the VOC’, in: ERIM Report Series in Management (June 2010) 1-52, of which 7-13. 35 René Willemsen, ‘Beleggers in een nieuwe compagnie. Het aandeelhoudersregister van de kamer Enkhuizen der VOC’, in: Roelof van Gelder, Jan Parmentier and Vibeke Roeper (ed.), Souffrir pour parvenir. De wereld van Jan Huygen van Linschoten (Haarlem, 1998) 65-79, of which 69-71.

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Table 1. VOC shares based on share principal, 1602.36 A share of ƒ 150 is, having regard to other subscriptions, relatively low and confirms the picture that the investors in Enkhuizen were of relatively modest origin. But this amount still represented five months of labour of a skilled worker37. Pieter Harmensz must have been sufficiently wealthy to set aside a couple of months of income by way of investment. To illustrate this point: ƒ 150 in 1602 represents the same purchasing power as € 2,280 in 201038. Even though Pieter Harmensz only received his first dividends in 1612 he did not decide to sell his share. This is remarkable because, as the dividends were not forthcoming, most of these small investors actually did do this39. Pieter Harmensz therefore had sufficient reserves not to consume his assets. Moreover, he apparently did not directly depend on the expected income from dividend payments. It follows from the archives of the VOC that Pieter Harmensz also gave considerable amounts on loan to the company. Namely, apart from shares the VOC also sold large numbers of bonds to solve the cash flow issues of the Asian trade. The costs for shipping participation were often spread over many months. Sometimes many years would pass before a vessel returned whilst in the meanwhile new vessels also had to be equipped. Income and expenditure could therefore not always optimally be coordinated with one another. Moreover, merchants often had up to nine months to pay for their spices as a result of which income would not immediately be forthcoming. Graph 1 shows how long it could take before a vessel became profitable. Here the profit of the vessel Enkhuizen has been calculated, which left Enkhuizen for Asia in 1614. Even though this vessel returned in May 1618, the breakeven point was only accomplished in about September 1618: more than four years after the vessel had sailed out.

36 Willemsen, ‘Beleggers’, 72, table 3. 37 The salary is based on a working week of six days. Based on Jan de Vries and Ad van der Woude, The first modern economy: success, failure and perseverance of the Dutch Economy, 1500-1815 (Cambridge, 1997) 610-611. 38 http://www.iisg.nl/hpw/calculate-nl.php (consulted on 16-05-2011). 39Femme S. Gaastra, ‘De geschiedenis van de VOC‘ (Leiden / Zutphen 1991, third edition), 34; Oscar Gelderblom and Joost Jonker, ‘Completing a financial revolution: the finance of the Dutch East India trade and the rise of the Amsterdam capital market, 1595-1612’, in: The Journal of Economic History, vol. 64 (2004) 641-672, of which 656; Willemsen, ‘Beleggers’, 75-77.

Amount in ƒ Enkhuizen Amsterdam Zeeland

0 – 100 8 % 2 % 1 % 100 – 500 35 % 16 % 8 % 500 – 1,000 20 % 24 % 22 % 1,000 – 2,500 23 % 26 % 24 % 2,500 – 5,000 8 % 13 % 18 % 5,000 – 10,000 5 % 10 % 15 % 10,000 + 2 % 8 % 13 %

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Graph 1. Profit of the vessel Enkhuizen (cumulative)40.

Between 1608 and 1618 the Enkhuizen chamber, to smoothen out the irregular income and expenditure, concluded bonds with hundreds of people. The creditors came from Enkhuizen but also from, among other places, Amsterdam, Haarlem, Graft and Alkmaar. This included high-ranking people like mayors and VOC directors, but also shoemakers, carpenters and even maids. These bonds usually ran for a period of six or twelve months against an interest rate of 6.25 per cent41.

By means of a reconstruction of the journal and the general ledger of the chamber, all creditors of the Enkhuizen chamber between 1608 and 1619 can be followed. In the journal the first bond of Pieter Harmensz is mentioned on 3 February 160942. On this day he gave ƒ 200 on loan to the VOC against an unusually high interest rate of 7.5 per cent. A year later this bond was redeemed by the Enkhuizen chamber. But this did by no means end the role of Pieter Harmensz as a creditor of the VOC. As from 1613 it even increased. Up to and including 1619 Pieter Harmensz gave an average of ƒ 1,772 per year on loan to the Enkhuizen chamber of the VOC. He gave the highest amount, ƒ 2,800, on loan in 1617; an enormous amount for a city messenger. Graph 2 provides an overview of the bonds that Pieter Harmensz purchased from the company in this period.

40 The Hague, National Archives (hereinafter referred to as: NA), Dutch East India Company (hereinafter referred to as: VOC) 14854I (not listed), fol. 428, 642. This general ledger is not mentioned in the inventory of the VOC. It was found during the thesis research of Ruben Schalk. The inventory number is only available on the document itself. 41 Ruben Schalk, ‘Financing the Dutch Golden Age: The credit market of Enkhuizen, 1580-1700‘ (MA thesis, Utrecht University, 2010) 89-90. Available on http://igitur-archive.library.uu.nl/student-theses/2010-0826-200318/UUindex.html 42 NA, VOC 14854, fol. 38.

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Graph 2. Total value of the VOC bonds of Pieter Harmensz43.

0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2750

3000

1609 1610 1611 1612 1613 1614 1615 1616 1617 1618 1619

It goes without saying that the income deriving from interest depends on the principal amount of his bonds. In 1609 he received, for instance, ƒ 15 on account of interest, in 1617 no less than ƒ 175. Over the period 1608-1619 on average Pieter Harmensz annually received a little under ƒ 80 on account of interest on VOC bonds alone. This does not include the dividends. His dividend distributions between 1612 and 1618 (that Pieter Harmensz received in cash) amounted to a total of again ƒ 234. The decline in value of his VOC bonds in 1619 is probably not caused by his marriage to Jannetgen Reijners, but because the VOC redeemed a lot of bonds as from 161844. Thus in 1619 the liabilities of the chamber were reduced to almost nil.

The accounts of the Enkhuizen chamber of the VOC after 1619 have not been preserved as a result of which we do not know how many bonds Pieter Hermansz purchased after that. However, as the financial settlement of the inheritance of Pieter Harmensz was also found, we were nonetheless able to gain more insight into his assets45. In 1641 the relevant estate documents were filed with the orphan chamber in Enkhuizen and that is why we know exactly what the assets of Pieter Harmensz were at the time of his death. This neither includes a house, again an indication that he did not possess immovable property.

According to the estate documents daughter Ada received, in conformity with the laws of inheritance, half of the belongings and her mother, as the widow, the other half. Ada could, however, not freely dispose of all goods. According to the last will and testament half of the part distributed to her had to be and remain in the family of the testator without any possibility of alienation or exclusion. To put it briefly, Ada was entitled to a right of usufruct in respect of this half but she could not freely dispose of the same. These kinds of so called fidei-commissum provisions were very common in the seventeenth and eighteenth century. Thus Pieter Harmensz intended to secure a part of his gathered assets for his side of the family. The other part could be disposed of by Ada at her sole discretion when she would become of age. If Ada would die childless the fidei-commissum would also apply to her own part. This 43 NA, VOC 14854, fol. 38, 87, 191, 328, 375, 396, 450, 507, 527, 617, 634, 679, 680, 741, 804, 863, 910. 44 Schalk, ‘Financing the Dutch Golden Age’, 90-91. 45 ORA 5089 (estate 736).

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Copy of the last will and testament of Pieter Harmensz (Westfries Archief, old judicial archives of Enkhuizen).

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practically implied that this part would then devolve on the children of her uncle Gerrit or their nearest blood relatives (‘naeste bloet’).

In his last will and testament Pieter Harmensz requested the VOC directors Pieter Walichsz Proost and Jacob Maertsz Vesterman and the already mentioned VOC accountant Hendrick van Gendt to after his death grant his child and widow their friendship and to provide them with advice and assistance and, apart from the execution of his last will and testament, to also administer their guardianship. Another example of the high circles in which he was active.

After Ada had gotten married to Claes Jansz Uyl in 1640 her part of the inheritance formally had to be distinguished from that of her mother. The fidei-commissum part, in respect of which Ada was, as said, only entitled to a right of usufruct, formally had to be registered with the orphan chamber. As a consequence we indirectly obtain a detailed overview of the assets of Pieter Harmensz. The share is also expressly mentioned in the estate documents: “undivided and joint remains not only an action of one hundred and fifty Dutch guilders in the capital of the Enkhuizen chamber of the Dutch East India Company, but also the household effects and the household contents, linen, wool, gold, silver, coined or not, as it shall be found”. As the share was not divided by the mother and the daughter and therefore also partly (for a quarter) fell under the fidei-commissum, it was managed by the orphan chamber. That might be the exact reason why this document has been preserved46.

As the household effects and contents were neither divided the value hereof has also been included in the records books. They were valued at ƒ 200. The question is as to whether this regards the total value; perhaps a part had already been sold in the preceding years. But even if the household effects and contents would have been worth two or three times more, this would still be contrasting sharply with his investments in the VOC, which were worth many

46 For that matter, the share was not found in the archives of the orphan chamber but in a folder with documents about the finances of the Enkhuizen chamber of the VOC. A pencil note of the date of the document, in the handwriting of one of both VOC directors Jan Minne (1683-1764, director as from 1735) or Dirk Pietersz Haack (1685-1747, director as from 1720), creates the suspicion that the document was removed from the archives of the orphan chamber in the eighteenth century. For more information about the ‘documents left behind’ by Minne and Haack reference is made to Herman de Vos, ‘Met snee jagt en kake van wint. Leven en werken op schepen van de VOC-kamer Enkhuizen en andere notities uit het Enkhuizer stadsarchief’ (Hoorn, 2009).

Page from the “Records Book” of the orphan chamber concerning the part of the inheritance of Ada Pieters registered with the orphan chamber.

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times more. It is unclear why this is the case. An already provided explanation could be that as a result of his profession the city provided him with a furnished house.

The estate documents also show how many VOC bonds Pieter Harmensz had in his possession in 1638. At about this time he did, in any case, hold one bond of the Enkhuizen chamber with a principal of ƒ 1,450. This bond was not divided among Ada and Jannetgen and was largely left as a bequest to charity. It had been determined in his last will and testament that this bond would fall to different charitable institutions: the local Provenhuis (ƒ 200), the Oude Armen Weeshuis (ƒ 200), the Nieuwe Armen Weeshuis (ƒ 200), and ƒ 50 to both the Leprozenhuis and the Armen van het Gulden Hoofd. The other ƒ 750 would fall to the three children of his brother, Gerrit Harmensz. In 1635 Pieter Harmensz had already agreed that the Provenhuis would receive a part of the principal amount of this VOC bond and that the three children would annually receive the remaining interest until they would get married47. Apart from securing a part of his assets for his family he was therefore also sympathetic towards the fate of his three nephews. And he also left a nice amount to the charitable institutions of Enkhuizen.

This did not imply that his wife and daughter received nothing, to the contrary. All other effects of Pieter Harmensz were (with the exception of the fidei-commissum) allocated to them. That is how we know exactly what the investment portfolio of Pieter Harmensz consisted of shortly before his death:

Table 2. Investments of Pieter Harmensz according to the estate documents

Description Principal in ƒ Percentage Concluded in Bequeathed to

Redeemable annuity from the States of Holland 50 6.25 1610 Jannetgen Reijners


Redeemable annuity from the States of Holland 500 6.25 1626 Ada Pieters







VOC bond Enkhuizen chamber 750 + 700 5 1635 three nephews of his brother + charity

VOC bond Enkhuizen chamber 1600 5 1639 (?) Jannetgen Reijners and Ada Pieters




The total amount of ƒ 22,015 that Pieter Harmensz bequeathed was very substantial. Hence, he was not the small investor his share initially made us believe, and he must have had

47 ORA 5089 (estate 736), receipt of the alms house of 14 January 1635.

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considerable reserves if he was able to provide this much credit to the VOC and the States. As the archive sources do not provide any indication that Pieter Harmensz enjoyed any income from ancillary activities, it seems obvious that his investments were mostly financed by his income as a city messenger48. A general estimation shows that this was possible through thrift and sensible investments.

During a large part of his life Pieter Harmensz had relatively little fixed expenses. As he possibly resided in a house of the city, foodstuffs and clothing up to his marriage in 1618 were, perhaps, even his only expenses. On the income side he had his fixed salary. In 1590 this amounted to ƒ 125, but later probably around ƒ 200 or more. He could supplement this amount by working for tax collectors. Perhaps he also made incidental earnings from the city performing duties apart from his normal work for the mayors.

We estimate the average annual income of Pieter Harmensz from 1587 (for the first time mentioned as city messenger) up to 1618 at ƒ 300. This is slightly less than that of a skilled worker. If his average fixed expenses in the same period amounted to ƒ 200 Pieter Harmensz could annually save ƒ 100. If he invested each year as from his first indication as city messenger in 1587 his assets increased up to nearly ƒ 11,000 in 161849.

After his marriage the fixed expenses probably increased by a factor three as a wife and a daughter were added. Meanwhile his annual income deriving from interest had, however, already increased up to nearly ƒ 700. Even if he used ƒ 300 for the maintenance of his family, his assets could continue to grow, as each year he would still have sufficient income deriving from interest to again invest50. When he prepared his last will and testament in 1634, his assets could thus have increased up to well over ƒ 20,00051.

This is close to his actually discovered assets of ƒ 22,015. The difference can be explained as he perhaps was left an inheritance, his wife contributed resources during the marriage, he worked longer, his income was higher or his widow invested more after 1638. Nor did we include income from his dividends. The dividend on his share amounted to a total of almost ƒ 600 up to and including 1638, resources that he could have also invested in bonds and redeemable interest.

Unfortunately we could not exactly determine what his total annual investments were. We need to be satisfied with the few years that are mentioned in the estate documents. Before he prepared his last will and testament in 1634 he had ƒ 2,500 on redeemable annuities of Holland – comparable with contemporary treasury bonds. After the preparation of his last will and testament another ƒ 700 could be added to this. At the same time before 1635 he did, in any case, possess the bond of ƒ 1,450 in the VOC as the donation to the Provenhuis was established in that year.

When the other VOC bonds of his estate were concluded cannot be said with certainty. In the estate documents reference is made to 1639 and 1640 but Pieter Harmensz had already passed away by then. Contrary to the redeemable annuities of Holland, which could annually 48 It is implausible that he acted as intermediary for other investors as the VOC bonds and other investments were bequeathed to his wife and daughter. 49 With an annual deposit of ƒ 100 against seven per cent, with compounded interest. 50 His income deriving from interest remained positive as a result it was not required to eat into his savings. In 1618 almost ƒ 400 remained to be invested again. The year after that more would remain because of the compounded interest, et cetera. 51 Against an annual interest rate of 6.25 per cent as from 1618.

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be prolonged, VOC bonds were each year formally redeemed and then again concluded. Practically these bonds regularly continued, but because of this practice the year of conclusion also moved forward. That is why it is difficult to retrieve when they were first concluded.

Thanks to the connections of their father and deceased husband Ada and Jannetgen might have been well able of personally purchasing these bonds. Namely, one of the regents who Pieter Harmensz had appointed to execute his last will and testament was Hendrick van Gendt, accountant of the Enkhuizen chamber of the VOC. The other promoter of his interests was the already mentioned director and mayor Pieter Walichsz Proost. It is not by accident that this Proost also regularly invested in the local VOC chamber52. It is also possible that Pieter Harmensz had already provided these credits to the VOC. Moreover the Enkhuizen chamber of the VOC preferred creditors from known circles of which Pieter Harmensz was certainly part because of his shareholdership and his dealings with the directors.

All these investments did, in any case, ensure that Pieter, and later also his heirs, enjoyed a considerable income from the interest compensations: annually more than a thousand Dutch guilders. That was more than enough to live on comfortably. Table 2 shows that his wife and daughter each inherited exactly half of the inheritance. Thanks to his income and investments Pieter Harmensz left them behind well taken care of after his death.

The assumption that the growth of his assets was to an important extent made possible through the principle of economy seems to be justified53. It is implausible that he made many times more than the above estimate, and as a result he could not have made structurally very high expenses without limiting the observed growth of his assets. Up to his sixtieth Pieter Harmensz had little expenses and he could invest his savings on the highly developed market of Enkhuizen, which penetrated society quite deeply. A city messenger already had access to this market and even maids purchased bonds of the VOC.

The investments of Pieter Harmensz further demonstrate the common practice in Enkhuizen of the seventeenth century: VOC investments and public debt. It represented by far the most important and most frequently occurring investment options on the financial market of Enkhuizen54. On the basis of other estate documents of the orphan chamber of Enkhuizen it can be verified how representative this spread of investments of Pieter Harmensz was55. Where could people go with their saving and was Pieter Harmensz following this trend?

A good example of the investment options in Enkhuizen at the start of the seventeenth century is the inheritance of Hendrick Egxkens, who passed away in 161056. This Hendrick was a rich man. Considering his many participations in the haring trade he was most active in herring shipping. On the other hand he also took advantage of the options offered by the Asian trade at the start of the seventeenth century. He invested in many different companies that had undertaken various travels to Asia prior to the VOC. For instance, Egxkens invested ƒ 1,050 in the journey of 1601 under the authority of Jacob van Heemskerck. He also invested in the Magellan Company from 1598 and the ‘Compagnie van de Veertien Schepen’ from 52 NA, VOC 14854, fol. 836, 915. 53 With regard to this principle of economy in the Republic reference is made to Simon Schama, ‘The embarrassment of riches: an interpretation of Dutch culture in the Golden Age‘ (London, 1987), in particular chapter IV. 54 Schalk, ‘Financing the Dutch Golden Age’, passim. 55 Schalk, ‘Financing the Dutch Golden Age’, 63, for source criticism reference is made to 104-106. 56 ORA 5044 fol. 234v-235v.

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1602. In 1602 he became, apart from the directors, one of the largest shareholders of the VOC Enkhuizen.

Overview of the investments of Hendrick Egxkens, 1610

Remarkable is that this vessel owner did not invest any resources in public debts, like life or redeemable annuities of the city of Enkhuizen or the States of Holland and West-Friesland. In these years participating in the Asian trade did on average have a higher return than investments in public debt, so it seems logical that Egxkens basically invested his resources in the exotic trade57.

In other estates of the orphan chamber from 1610 we notice that private loans to individuals (like mortgages, custing letters and annuitities) were also popular. This is not strange. Many inhabitants of Enkhuizen wanted to take advantage of the enormous city expansion that took place as from the end of the sixteenth century by investing in land and new houses58. In these estates we therefore also find a lot of fixed-return documents on land and houses. Investing in exotic trade was a good option for the richer people. The other investments are characterised by their private nature.

After 1630 we no longer find any investments in the companies preceding the VOC. Private investments also declined and the market was then dominated by investments of the type also owned by Pieter Harmensz. During the 1630s the city expansion was completed and we notice that investments in private securities declined in favour of investments in public debts. The States of Holland and West-Friesland now issued much more debt securities and the public debt grew significantly59. Even though VOC shares do not occur very frequently in the estates of the orphan chamber, bonds of the VOC still occurred relatively frequently among private investments. A large part of the market was now also filled by public debt, issued by the States of Holland and West-Friesland. 57 Oscar Gelderblom and Joost Jonker, ‘Public finance and economic growth: the case of Holland in the seventeenth century’, in: The Journal of Economic History, vol. 71 (2011), 1-39, of which 7-8. However, between 1599 and 1603 there were also compulsory loans of Holland to which Egxkens must, having regard to his wealth, have contributed. Perhaps he had sold these loans of Holland prior to his death in order to take advantage of the higher return of the Asian trade. 58 René Willemsen, ‘Enkhuizen tijdens de Republiek ‘ (Hilversum, 1988), 29-35. 59 Gelderblom and Jonker, ‘Public finance and economic growth’, 11-13.

Type Amount in ƒ

Shipping participations in haring trade

28,855

Shipping participations in merchant shipping

1,452

Fourteen Vessels capital 4,749Van Heemskerck capital 262Sivilien [Seville?] capital 300Magellan capital 100Shares VOC Enkhuizen 13,100Total 48,818

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In 1650 little changed and the public debt was still clearly present. The overview in terms of percentages of the investments that were discovered in estates of the orphan chamber in Enkhuizen is included in graph 3. The trend seems to pre-eminently regard private investments (both in companies and in immovable property) in about 1610, until these private investments were supplemented with investments in the public debt of Holland and West-Friesland as from about 1630.

Graph 3. Distribution of the total value of investments in estates of the orphan chamber60.

Even though Pieter Harmensz was a typical investor of Enkhuizen in terms of the type

of investments, a comparison between the distribution of his investments and that of the other estates shows that Pieter Harmensz invested relatively more in private (read: VOC) investments. He clearly had a preference for the VOC and concluded VOC bonds for much higher amounts than redeemable interests of Holland. In this respect Pieter Harmensz was an atypical investor. The spread of his investments corresponds best with that of Aeff Pietersz Coolmans from 1630. This investor also invested the majority of her considerable assets (ƒ 89,750) in VOC bonds61.

Contrary to some other investors from Enkhuizen Pieter Harmensz did not invest in private contracts like redeemable interest or mortgages. The most logical options for him to invest in were public debt and credit of the VOC. These were reliable in their annual interest payments. Moreover, Pieter Harmensz was familiar with the accountant of the VOC. It is also remarkable that he invested more in the VOC than in redeemable interest whilst in the 1630s the VOC paid out less interest than the States of Holland and West-Friesland (table 2). We can only guess about the reason. The lower interest rate of the VOC can point to a liquidity premium: investors accepted less because they could market a VOC share more easily. A fundamental reason can be that the VOC was slightly more creditworthy than the government

60 ORA 5044, 5045, 5046. 61 ORA 5045, fol. 105r-108v.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1610 1630 1650

Private investmentsPublic debt

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of Holland, that annually still had to carry on negotiations about the taxes that had to cover the interest payments.

Pieter Harmensz did, in any case, seem to have received his interest every year, otherwise his assets would not have taken these proportions. In particular his bonds in the VOC ensured a fixed flow of income in which the oldest share only played a small role. Having regard to his other investments it is also understandable why he never sold his share like many others did: the necessity was absent. Contrary to many small investors it seems that the well deferred dividend payments were not a big problem for Pieter Harmensz. His economical behaviour and investments made sure that he had enough reserves to wait for the payments of the VOC. Afterwards this appeared to be a smart move because as from the 1630s the payments on his share increased and took place more frequently. Conclusion Pieter Harmensz was a product of his time and fully participated in the economic growth of Enkhuizen during the first half of the seventeenth century. Being a city messenger in Enkhuizen in the seventeenth century was a varied profession. Pieter Harmensz was a key manager of the city hall and monitored what went on inside. He was present during important events and he assisted tax collectors during inspections of persons liable to pay taxes. Perhaps he regularly accompanied the mayors of Enkhuizen during the day voyages to the States of Holland and West-Friesland in The Hague. Considering his many activities in Enkhuizen he was locally known by many. His position and his dealings with the regency class provided Pieter Harmensz some prestige. Important regents from Enkhuizen played a role during the execution of his last will and testament. The accusation of witchcraft made against his widow could therefore easily be set aside. His constructed social network probably provided a solid basis for his financial success.

Meeting of the States of Holland and West Frisia. Etching, end of the sixteenth century.

The Dutch Golden Age was all about money and Pieter Harmensz fully participated. It

follows from the various archive sources that tell more about his life, that this city messenger from Enkhuizen in the seventeenth century was not without means. The oldest share was only the tip of the iceberg of his assets. As he only got married at a later age he was able to set a lot of money aside. As became ever more common in the Dutch Golden Age, his savings did not end up in an old sock, but instead were invested in the Asian trade and in the growing public

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debt. Thus he did not only provide a small part of the start-up capital of the VOC but he also helped the Enkhuizen chamber to solve its liquidity issues. The interest compensations that Pieter Harmensz received for this provided a significant addition to his income. His structural investments in (particularly) the VOC and the increasing dividend distributions turned him into a reasonably wealthy man, who could leave a considerable inheritance to his wife and daughter.

The reliability of Pieter Harmensz as a city messenger (evidencing the Blaeuhulck case), his many years of service for the city and perhaps his increasing wealth made it possible for his daughter not to marry the first man who came along but to marry an up and coming person of the local regency class. The successful rise on the social ladder of Pieter Harmensz and his offspring did, however, come to an abrupt end with the death of his great-grandchild Jan Uyl in 1676. It would have been hard for Pieter Harmensz to imagine that it was actually the full payment of his share on 9 September 1606 that would obtain him a not insignificant position in the history of Enkhuizen.

Ruben Schalk en Jan de Bruin Ruben Schalk is a historian employed at the Utrecht University. At the beginning of 2010 he discovered the oldest share in the world during his thesis research about the financial market in Enkhuizen from 1580 to 1700. Jan de Bruin is affiliated with the Westfries Archief in Hoorn and is also a member of the editorial board of Steevast. He frequently publishes about the history of the region.

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Appendix: the family of Pieter Harmensz62 I Pieter Harmensz, born in about 1560, buried on 25 October 1638 (Westerkerk, centre isle grave site 386). Married on 30 September 1618 to Jannetgen Reijners, buried on 1 December 1659 (Westerkerk, centre isle grave site 386. Children: 1. Ada, follows II. 2. Trijntje, baptised according to the Reformed tradition on 29 July 1625 (witness Aef Douwes), died young

(in his last will and testament dated 1634 Pieter Harmensz refers to Ada as “his only daughter”). II Ada Pieters (later named Aaltje), baptised according to the Reformed tradition on 3 November 1622, died after 4 November 1693. Married on 3 June 1640 to: Claes Jansz Uyl, buried on 2 June 1681 (Westerkerk, centre isle grave site 386).

At the moment of the marriage the bride lives in the Breedstraat (in the parental house) and the groom in the Nieuwe Westerstraat. They prepare a last will and testament in favour of the surviving spouse on 3 February 1673 (ONA 1136). On 19 June 1677 (ONA 1137) a new last will and testament follows, probably as a result of the birth of the grandchild that is buried on 18 October 1677 (see under III.1). It follows from this last will and testament that there are no children other than Pieter alive. Ada is also mentioned in a notarial deed of 4 November 1693 (ONA 1185) as aged widow, mother of the later Mr Pieter Uijll, former sheriff and heir under intestacy rules of the same (‘hoogbejaarde weduwe, moeder van zal[iger] hr. Pieter Uijll, oud-schepen en erfgename ab intestato van deselve’).

Children (in probably sequence): 1. Pieter63, follows III. 2. Dirk, baptised on 29 July 1649, died young. III Pieter Claesz Uyl, buried on 21 September 1693 (Westerkerk, centre isle grave 386).

Married to: Marijtje, later Maria Crap, died before 3 September 1728.

According to a notarial deed of 4 November 1693 (ONA 1185) Pieter Uyl and his wife did not have a last will and testament. On 11 February 1726 Maria Crap draws up a last will and testament (ONA 1236). She then appoints a cousin as her heir.

Child: 1. Jan64, baptised on 14 July 1676, buried on 18 October 1677 (Westerkerk, centre isle grave 386).

62 Unless indicated otherwise, the family details originate from the collections of records of baptisms, marriages and deaths, namely the records of baptisms of the Reformed community of Enkhuizen, the records of deaths of the Westerkerk and the Zuiderkerk (as from 1630) and the grave specification of the Westerkerk. Thanking Sanne Maasbach and Tamara Tesselaar-Groot for their assistance during the collection of the genealogical information. 63 Having regard to the patronymic name of the father there has probably also been an older son named Jan. 64 Having regard to the patronymic name of the father there has probably also been and older son named Claes.

the life, work and finances of pieter harmensz, the owner

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