1. Monopoly and Private trade: ’Rival Empires of Trade in the Orient’ Revisited, 1600-1800 Chris Nierstrasz University of Warwick

2. Introduction Rival empires of trade Monopoly and private trade

3. Rival empires Trade between Europe and Asia: 17 th Century: Spices 18 th Century: Cotton, Tea and Coffee Intra-Asian trade: 17 th Century: VOC’s intra-Asian monopoly 18 th Century: English Country trade

4. Rival Empires Increase in trade to Europe VOC: 17 th Century: 251 million guilders 18 th Century: 678 million guilders EIC: 1671-1700: 8,4 million pounds 1701-1730: 14 million pounds 1731-1760: 22 million pounds 1760-1800: 79 million pounds

5. How was trade financed? From Europe: Export of silver Export of goods

6. How was trade financed? From Europe: Export of silver Export of goods From Asia: Intra-Asian trade Remittance of fortunes Taxation

7. Table 1 Average annual value of treasure exported by the English and the Dutch east India Companies to Asia, 1601-1794 (in million florins rounded off to the nearest thousand; £1=f.12= Rs 8) YearsEnglish East India CompanyDutch East India Company 1601-100.1430.651 1611-200.5881.019 1621-300.4841.236 1631-400.4520.850 1641-50n/a0.920 1651-60n/a0.840 1661-701.0731.210 1671-803.0531.129 1681-904.0581.972 1691-17002.5612.860 1701-17104.2763.927 1711-204.9703.883 1721-306.5136.603 1731-405.9144.012 1741-507.2363.827 1751-607.7825.896 1761-70n/a5.354 1771-80n/a4.832 1781-90n/a4.790 1790-94n/a4.243 Source: Om Prakash, ‘Precious-metal flows in India, Early Modern Period’, in: Dennis Flynn, Arturo Giraldez and Richard von Glahn, Global Connections and Monetary History, 1470-1800 (Aldershot 2003), 152, table 6.1.

8. VOC’s intra-Asian trade Table 18 The Financial results of the VOC in Asia, 1620-1790 (in guilders, rounded off to the nearest hundred thousand) ExpensesIncome ProfitLoss 1621-163017,400,00018,300,000900,000 1631-164016,400,00028,400,00012,000,000 1641-165027,000,00037,400,00010,400,000 1651-166038,400,00040,700,0002,300,000 1661-167041,500,00057,900,00016,300,000 1671-168044,900,00047,300,0002,400,000 1681-168835,700,00038,700,0003,000,000 1689-170069,000,00058,700,00010,300,000 1701-171055,800,00044,300,00011,500,000 1711-172063,400,00054,200,0009,200,000 1721-173058,200,00044,900,00013,300,000 1731-174074,900,00054,200,0009,200,000 1741-175081,800,00070,000,00011,000,000 1751-176067,000,00049,200,00017,800,000 1761-176867,000,00049,200,00017,800,000 1769-178088,500,00058,400,00030,100,000 1780-1790100,400,00050,000,00050,400,000 Source: Gaastra, Bewind en beleid, 281-283 (for the period to 1800); De Korte, De jaarlijkse financiële verantwoording, 31, 47 and appendix 10.

9. VOC Monopoly on intra-Asian trade Expanding trade in 18 th Century: From 1740 allows private trade to boost performance

10. Bills of Exchange VOC 17 th Century: 30 million guilders 18 th Century:237 million guilders

11. EIC’s export of silver after 1760

12. EIC drop in silver export Combination: Colonisation Intra-Asian private trade

13. Bills of Exchange VOC 17 th Century: 30 million guilders 18 th Century:237 million guilders EIC 1710-1745: 3,3 million pounds 1760-1800: 79 million pounds

14. The servant’s perspective VOC : Private trade part of remuneration

15. The servant’s perspective VOC : Private trade part of remuneration Social exclusion model

16. The servant’s perspective VOC: Private trade part of remuneration Social exclusion model EIC: Colonial control and private trade

17. Comparison Dutch and English private trade based on same principle up to colonisation of Bengal Dutch private trade continued on the old path, while colonisation allowed English private trade to embark on a new path

18. Conclusion