Misplaced Pages

#358641

92-502: Bioko's native name is Ëtulá a Ëri in the Bube language . For nearly 500 years, the island was known as Fernando Po (Portuguese: Fernando Pó ; Spanish: Fernando Poo ), named for Portuguese navigator Fernão do Pó . Between 1973 and 1979 the island was named Macías Nguema Biyogo after the then president of Equatorial Guinea . The current name, Bioko, dates from 1979 and is in honour of politician Cristino Seriche Bioko . Bioko has

184-521: A Bantu language. The island has probably been inhabited by this or other Bantu-speaking groups since before the 7th century BC. In 1472, the Portuguese navigator Fernão do Pó was the first European to sight the island. He named it Formosa Flora ("beautiful flower"). In 1494 it was renamed Fernando Po in his honour after being claimed as a colony by the Portuguese. The Portuguese developed

276-633: A fleet of eight ships under Jacob van Neck had been the first Dutch fleet to reach the 'Spice Islands' of Maluku (also known as the Moluccas), cutting out the Javanese middlemen. The ships returned to Europe in 1599 and 1600 and the expedition made a 400 percent profit. In 1600, the Dutch joined forces with the Muslim Hituese on Ambon Island in an anti-Portuguese alliance, in return for which

368-594: A Dutch ship. The Cambodians defeated the VOC in the Cambodian–Dutch War from 1643 to 1644 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

460-469: A capital of 6,440,200 guilders , the new company's charter 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. In February 1603, the company seized the Santa Catarina , a 1500-ton Portuguese merchant carrack , off the coast of Singapore. She

552-568: A considerable part of the Krio language , which had developed in Sierra Leone. Workers came to Bioko from all of these areas in the 19th through much of the 20th century. Unlike other islands in the area, Bioko had an indigenous African population. The island was inhabited in the middle of the first millennium BC by Bantu tribes from the mainland, who formed the Bubi ethnic group . The Bubi speak

644-695: A governor on the island who stayed until 1780, when the Spanish mission left the island. Chief Molambo was succeeded by another local leader, Lorite (1760–1810), who was succeeded by Lopoa (1810–1842). After abolishing the British Atlantic slave trade, from 1827 to 1843 the British leased bases at Port Clarence (modern Malabo ) and San Carlos for the African Slave Trade Patrol . The settlement at Port Clarence (named after

736-433: A large capital 'V' with an O on the left and a C on the right half and was possibly the first globally recognised corporate logo . It appeared on various corporate items, such as cannons and coins. The first letter of the hometown of the chamber conducting the operation was placed on top. The monogram, versatility, flexibility, clarity, simplicity, symmetry, timelessness, and symbolism are considered notable characteristics of

828-549: A large share of its profits to this end in the period up to 1630. The VOC traded throughout Asia, benefiting mainly from Bengal . Ships coming into Batavia from the Netherlands carried supplies for VOC settlements in Asia. Silver and copper from Japan were used to trade with the world's wealthiest empires, Mughal India and Qing China , for silk, cotton, porcelain, and textiles. These products were either traded within Asia for

920-702: A monopoly on East Indies trade. In 1620, diplomatic agreements in Europe ushered in a period of collaboration between the Dutch and English spice trades. This ended with the notorious Amboyna massacre , where ten Englishmen were arrested, tried and beheaded for conspiracy against the Dutch government. Although this caused outrage in Europe and a diplomatic crisis, the English quietly withdrew from most of their Indonesian activities (except trading in Banten) and focused on other Asian interests. In 1619, Jan Pieterszoon Coen

1012-463: A new era of an abundant supply of capital at low interest rates suddenly opened around this time. The second factor enabled the company easily to finance its expansion in the new areas of commerce. Between the 1680s and 1720s, the VOC was therefore able to equip and man an appreciable expansion of its fleet, and acquire a large amount of precious metals to finance the purchase of large amounts of Asian commodities, for shipment to Europe. The overall effect

SECTION 10

#1732772935359

1104-421: A quarter of the initial shareholders were Zuid-Nederlanders (people from an area that includes modern Belgium and Luxembourg ), and there were also a few dozen Germans. 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

1196-456: 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 of spices could make prices tumble, thereby ruining prospects of profitability. To manage such risk, the forming of a cartel to control supply would seem logical. In 1600,

1288-569: A small area on the mainland closest to the island, where speakers are shifting to Wumboko . This has been reported as "Bube", "Bubia" or "Wovea" (see Wovea people ). The first works on the Bube language were those of the Baptist missionary John Clarke , published in 1846 and 1848. A later Bube-to-English primer was authored in 1875 by William Barleycorn , a colonial era Primitive Methodist missionary of Igbo and Fernandino descent, while he

1380-491: A total area of 2,017 km (779 sq mi). It is 70 km (43 mi) long from NNE to SSW and about 32 km (20 mi) across. The island is mostly covered by tropical rainforest . It is volcanic and very mountainous with the highest peak Pico Basile (3,012 m (9,882 ft)). It thus resembles neighbouring islands São Tomé and Príncipe . Like them, it lies on the Cameroon line . Its southernmost point

1472-452: A trade surplus with other European countries. Coen discovered the obvious solution for the problem: to start an intra-Asiatic trade system, whose profits could be used to finance the spice trade with Europe. In the long run this obviated the need for exports of precious metals from Europe, though at first it required the formation of a large trading-capital fund in the Indies. The VOC reinvested

1564-414: A trading post in the area and eventually to monopolise the trade there, especially the gold trade. 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. Many of the VOC employees inter-mixed with the indigenous peoples and expanded

1656-729: A treaty of 1684 with the Sultan. Also, on the Coromandel Coast , it moved its chief stronghold from Pulicat to Nagapattinam , so as to secure a monopoly on the pepper trade to the detriment of the French and the Danes. However, the importance of these traditional commodities in the Asian-European trade was diminishing rapidly at the time. The military outlays that the VOC needed to make to enhance its monopoly were not justified by

1748-1097: Is Malabo International Airport . Tourist attractions include the colonial quarter in Malabo, and the southern part of the island, where visitors can hike to the Iladyi Cascades  [ es ] (Moka Falls) and to remote beaches of Ureka to watch nesting turtles. 15th century 16th century 15th century 16th century 17th century 18th century 19th century 16th century 17th century 15th century 16th century Portuguese India 17th century Portuguese India 18th century Portuguese India 16th century 17th century 19th century Portuguese Macau 20th century Portuguese Macau 15th century [Atlantic islands] 16th century [Canada] 16th century 17th century Bube language The Bube language or Bubi , Bohobé , Bube–Benga or Fernandian (Bobe) ( Spanish : Idioma Bubé )

1840-490: Is a Bantu language spoken perdominatly the Bubi , a Bantu people native to, and once the primary inhabitants of Bioko Island in Equatorial Guinea . The language was brought to Bioko from continental Africa more than three thousand years ago when the Bubi began settling on the island. It has around 50,000 speakers, with three variants: North, South and Central-East. It is noted for its tonal character and

1932-601: Is called Punta Santiago. Bioko lies on the African continental shelf , separated from the African mainland by 32 km (20 mi) of water with a depth of only 60 metres. During the Pleistocene epoch Bioko was connected to the African mainland. Bioko separated from Africa around 10,000 years ago, at the end of the Last Glacial Period . The fire skink , a species of lizard found on the island, carries

SECTION 20

#1732772935359

2024-575: Is used to make a distinction from the [British] East India Company (EIC) and other East Indian companies (such as the Danish East India Company , French East India Company , Portuguese East India Company , and the Swedish East India Company ). The company's alternative names that have been used include the 'Dutch East Indies Company', 'United East India Company', 'Jan Company', or 'Jan Compagnie'. Before

2116-603: The Amsterdam Stock Exchange ). The company possessed quasi-governmental powers, including the ability to wage war, imprison and execute convicts, negotiate treaties, strike its own coins , and establish colonies. Also, because it traded across multiple colonies and countries from both the East and the West, the VOC is sometimes considered to have been the world's first multinational corporation . Statistically,

2208-574: The Bubi people , who currently constitute 58% of the population. Other ethnicities include the Fang at 16%, Fernandinos at 12%, and the Igbo at 7%, as well as African and European immigrants. Spanish has been an official language since 1844 when Spain took control of the island. It is still the language of education and administration, related to the more than 100 years as a Spanish colony. 67% of Equatoguineans can speak Spanish, especially those living in

2300-522: The Duke of Clarence ) was constructed under the supervision of William Fitzwilliam Owen . He had previously mapped most of the coasts of Africa and was a zealous anti-slaver . During his three-year command, his forces detained 20 ships and liberated 2,500 slaves. The Mixed Commission Court was moved from Freetown , Sierra Leone, to Clarence to hasten the legal process of emancipating slaves liberated from slave ships. In March 1843, Juan José Lerena planted

2392-703: The Dutch East India Company , was a chartered trading company and one of the first joint-stock companies in the world. Established on 20 March 1602 by the States General of the Netherlands amalgamating existing companies , it was granted a 21-year monopoly to carry out trade activities in Asia. Shares in the company could be purchased by any citizen of the United Provinces (Dutch Republic) and subsequently bought and sold in open-air secondary markets (one of which became

2484-556: The Dutch Republic was at war. The Portuguese Empire thus became an appropriate target for Dutch military incursions. These factors motivated Dutch merchants to enter the intercontinental spice trade themselves. Further, a number of Dutch merchants and explorers, such as Jan Huyghen van Linschoten and Cornelis de Houtman , went on to obtain firsthand knowledge of the "secret" Portuguese trade routes and practices that were already in place, thereby providing further opportunity for

2576-599: The Dutch Revolt , which began in 1566/68, the Flemish city of Antwerp had played an important role as a distribution center in northern Europe. After 1591, the Portuguese used an international syndicate of the German Fugger family and Welser family , as well as Spanish and Italian firms, which operated out of Hamburg as the northern staple port to distribute their goods, thereby cutting Dutch merchants out of

2668-624: The Heeren XVII (the Lords Seventeen). They were selected from the bewindhebber -class of shareholders. 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

2760-679: The Malabar and Coromandel coasts in India. Direct access to mainland China came in 1729 when a factory was established in Canton . In 1662, however, Koxinga expelled the Dutch from Taiwan ( see History of Taiwan ). In 1663, the VOC signed the "Painan Treaty" with several local lords in the Painan area that were revolting against the Aceh Sultanate . The treaty allowed the VOC to build

2852-586: The Dutch Company with one of their own, also dedicated to slave trading and established in its neighbour island Corisco . Parallel with this establishment, the Bubi clans began the slow process of establishing the core of a new kingdom on the island, especially after the activity of some local chiefs such as Molambo (approx. 1700–1760). During a period when enslavement was increasing in the region, local clans abandoned their coastal settlements and settled in

Bioko - Misplaced Pages Continue

2944-643: The Dutch East Indies for the first time in its history. After the Fourth Anglo-Dutch War , the VOC's financial issues worsened considerably. After vain attempts at reorganisation by the provincial States of Holland and Zeeland , the board of directors in the VOC were sacked in 1796 and the company's management was handed over to a Committee for Affairs relating to East India Trade and Possessions (Dutch: Comité tot de zaken van de Oost-Indische handel en bezittingen ). The VOC charter

3036-488: The Dutch captain's life on condition that he joined his army and trained his soldiers on modern lines. This defeat in the Travancore–Dutch War is considered the earliest example of an organised Asian power overcoming European military technology and tactics; and it signalled the decline of Dutch power in India. The attempt to continue as before as a low volume-high profit business enterprise with its core business in

3128-553: The Dutch to enter the trade. The stage was thus set for Dutch expeditions to the Indonesian islands , beginning with James Lancaster in 1591, Cornelis de Houtman in 1595 and again in 1598, Jacob Van Neck in 1598, Lancaster again in 1601, among others. During the four-ship exploratory expedition by Frederick de Houtman in 1595 to Banten , the main pepper port of West Java, the crew clashed with both Portuguese and indigenous Javanese. Houtman's expedition then sailed east along

3220-539: The Dutch were given the sole right to purchase spices from Hitu. Dutch control of Ambon was achieved when the Portuguese surrendered their fort in Ambon to the Dutch-Hituese alliance. In 1613, the Dutch expelled the Portuguese from their Solor fort, but a subsequent Portuguese attack led to a second change of hands; following this second reoccupation, the Dutch once again captured Solor in 1636. East of Solor , on

3312-711: The East Indies, but implementation of this policy never materialised, mainly because very few Dutch were willing to emigrate to Asia. Another of Coen's ventures was more successful. A major problem in the European trade with Asia at the time was that the Europeans could offer few goods that Asian consumers wanted, except silver and gold. European traders therefore had to pay for spices with the precious metals, which were in short supply in Europe, except for Spain and Portugal. The Dutch and English had to obtain it by creating

3404-534: The English were the first to adopt this approach by bundling their resources into a monopoly enterprise, the English East India Company , thereby threatening their Dutch competitors with ruin. 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. For a time in the seventeenth century, it

3496-547: The Spanish colony of Fernando Po. Although the League concentrated its attention on arrangements in Liberia, a closer examination revealed that labour abuse arose from conditions on Fernando Po. In the last quarter of the 19th century, Krio planters on the island had shifted from palm oil trading to cocoa cultivation. Their dependence on migrant labour and increasing competition with Europeans resulted in an economic crisis in

3588-545: The Spanish flag in Port Clarence (renamed Santa Isabel ), starting the decline of British influence on the island. Spain revoked the British lease in 1855. Madabita (1842–1860) and Sepoko (1860–1875) were principal local chiefs during the period when Spain re-established its control of the island. A notable resident from 1861 to 1865 was the British explorer Richard Burton who served as the British consul, during which time he wrote several books about Africa. This period

3680-556: The VOC by 1685. Even more importantly, the Third Anglo-Dutch War temporarily interrupted VOC trade with Europe. This caused a spike in the price of pepper, which enticed the English East India Company (EIC) to enter this market aggressively in the years after 1672. Previously, one of the tenets of the VOC pricing policy was to slightly over-supply the pepper market, so as to depress prices below

3772-428: The VOC eclipsed all of its rivals in the Asian trade. Between 1602 and 1796 the VOC sent nearly a million Europeans to work in the Asia trade on 4,785 ships and netted for their efforts more than 2.5 million tons of Asian trade goods and slaves. By contrast, the rest of Europe combined sent only 882,412 people from 1500 to 1795, and the fleet of the English (later British) East India Company , the VOC's nearest competitor,

Bioko - Misplaced Pages Continue

3864-493: The VOC in the Dutch Republic , the VOC made extensive use of local Asian labour markets. As a result, the personnel of the various VOC offices in Asia consisted of European and Asian employees. Asian or Eurasian workers could be employed as sailors, soldiers, writers, carpenters, smiths, or as simple unskilled workers. At the height of its existence, the VOC had 25,000 employees who worked in Asia and 11,000 who were en route. Also, while most of its shareholders were Dutch, about

3956-520: The VOC mainly operated in what later became the Dutch East Indies (modern Indonesia), the company also had important operations elsewhere. It employed people from different continents and origins in the same functions and working environments. Although it was a Dutch company, its employees included not only people from the Netherlands, but also many from Germany and other countries. Besides the diverse north-west European workforce recruited by

4048-626: The VOC tried to use military force to make Ming dynasty China open up to Dutch trade, the Chinese defeated the Dutch in a war over the Penghu islands from 1623 to 1624, forcing 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 Trịnh–Nguyễn War , blowing up

4140-515: The VOC's professionally designed logo. Those elements ensured its success at a time when the concept of the corporate identity was virtually unknown. An Australian vintner has used the VOC logo since the late 20th century, having re-registered the company's name for the purpose. Around the world, and especially in English-speaking countries, the VOC is widely known as the 'Dutch East India Company'. The name 'Dutch East India Company'

4232-470: The VOC's trade started in the early 1680s, after the temporary collapse of the EIC around 1683 offered an excellent opportunity to enter these markets. The actual cause for the change lies, however, in two structural features of this new era. In the first place, there was a revolutionary change in the tastes affecting European demand for Asian textiles, coffee and tea, around the turn of the 18th century. Secondly,

4324-563: The Zamorin was made to sign a treaty with the VOC undertaking to trade exclusively with the VOC and expel other European traders. For a brief time, this appeared to improve the company's prospects. However, in 1715, with EIC encouragement, the Zamorin renounced the treaty. Though a Dutch army managed to suppress this insurrection temporarily, the Zamorin continued to trade with the English and the French, which led to an appreciable upsurge in English and French traffic. The VOC decided in 1721 that it

4416-497: The capital, Malabo , on Bioko. The Bube language , with about 50,000 speakers, and various dialects, is the original language of the inhabitants of Bioko. However, given the numerous ethnic groups and peoples who operated on Bioko, a creole language developed, known as Pichi . It is based on English grammar, from the period when the British operated bases for their forces. It also incorporates West African languages from Nigeria and Liberia, as well as Portuguese vocabulary, which forms

4508-583: 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. In 1652, Jan van Riebeeck established a resupply outpost at the Cape of Storms (the southwestern tip of Africa, now Cape Town , South Africa) to service company ships on their journey to and from East Asia. The cape

4600-418: The company at this time therefore were not hopeless, had one of the plans for reform been undertaken successfully. However, the Fourth Anglo-Dutch War intervened. British naval attacks in Europe and Asia reduced the VOC fleet by half; removed valuable cargo from its control; and eroded its remaining power in Asia. The direct losses of the VOC during the war can be calculated at 43 million guilders. Loans to keep

4692-513: The company operating reduced its net assets to zero. 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

SECTION 50

#1732772935359

4784-401: 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". Specifically: "[t]he long-term average annual profit in the VOC's 1630–70 'Golden Age' was 2.1 million guilders, of which just under half was distributed as dividends and

4876-432: 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 of Nagasaki , was for more than two hundred years the only place where Europeans were permitted to trade with Japan . When

4968-482: 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

5060-517: The divergence of words by gender. The language is also spoken by the Bubi native to Gabon and Cameroon . The Bube language is divided into six different dialects that vary in the northern and southern regions of Bioko Island. For example, in the North, people speak Rebola and its variations: Basile , Banapa and Basupa . However, in the North-East, Bakake is spoken. Bube is also spoken in

5152-426: The first years of the twentieth century. Planters detained labour but failed to pay their contracts, resulting in a situation of de facto slavery. Liberia prohibited labor traders from contracting with their citizens. In 1942 Fernando Po was the scene of a secretive small scale British raid code named Operation Postmaster which was an action that sought to disrupt German U-boat resupply activities being conducted on

5244-597: The fortunes of the VOC started to decline. Five major contributing factors are attributed to its decay in the 50 years between 1730 and 1780: Despite these problems, 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

5336-465: 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 and pillaging the Chinese community. This massacre of the Chinese was deemed sufficiently serious for the board of the VOC to start an official investigation into the Government of

5428-596: The increased profits of this declining trade. Nevertheless, this lesson was slow to sink in and at first the VOC made the strategic decision to improve its military position on the Malabar Coast (hoping thereby to curtail English influence in the area, and end the drain on its resources from the cost of the Malabar garrisons) by using force to compel the Zamorin of Calicut to submit to Dutch domination. In 1710,

5520-480: The interim could only do this by selling their share to others on the Amsterdam Stock Exchange . 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

5612-470: The island for sugarcane crops, and while considered poor quality, the refineries' output was such that Fernando Po sugar briefly dominated the trade centres in Europe. In 1642, the Dutch East India Company established trade bases on the island without Portuguese consent. It temporarily centralized from there its slave trade in the Gulf of Guinea . The Portuguese appeared again on the island in 1648, replacing

SECTION 60

#1732772935359

5704-527: 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 centuries, causing Portuguese Timor to remain under the Portuguese sphere of control. At the time, it was customary for a company to be funded only for the duration of

5796-552: The island. During the Nigerian Civil War in the 20th century, relief agencies used the island as one of the bases for Biafran airlift flights into the secessionist Republic of Biafra . Located on Punta Europa, west of Malabo, the Alba Gas Plant processes natural gas delivered from offshore production wells. The plant is operated by Marathon Oil Company through its subsidiary, Marathon Equatorial Guinea Production Limited. The plant produces natural gas liquids including propane , butane , and condensate products. The majority of

5888-446: The late 18th century, the company went bankrupt and was formally dissolved in 1799. Its possessions and debt were taken over by the government of the Dutch Batavian Republic . In Dutch, the name of the company was the Vereenigde Nederlandsche Geoctroyeerde Oostindische Compagnie (abbreviated as the VOC), literally the 'United Dutch Chartered East India Company' (the United East India Company). The company's monogram logo consisted of

5980-418: The latter came close to bankruptcy; its share price plummeted from 600 to 250; and its president Josiah Child was temporarily forced from office. However, the writing was on the wall. Other companies, like the French East India Company and the Danish East India Company also started to make inroads on the Dutch system. The VOC therefore closed the theretofore flourishing open pepper emporium of Bantam by

6072-430: The latter period, 3.4 percent." 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. After 1730,

6164-405: The level where interlopers were encouraged to enter the market (instead of striving for short-term profit maximisation ). The wisdom of such a policy was illustrated when a fierce price war with the EIC ensued, as that company flooded the market with new supplies from India. In this struggle for market share, the VOC (which had much larger financial resources) could wait out the EIC. Indeed, by 1683,

6256-432: The next two centuries the company acquired additional ports as trading bases and safeguarded their interests by taking over surrounding territory. It remained an important trading concern and paid annual dividends that averaged to about 18% of the capital for almost 200 years. Much of the labor that built its colonies was from people it had enslaved. Weighed down by smuggling, corruption and growing administrative costs in

6348-490: The north coast of Java , losing twelve crew members to a Javanese attack at Sidayu and killing a local ruler in Madura . Half the crew were lost before the expedition made it back to the Netherlands the following year, but with enough spices to make a considerable profit. In 1598, an increasing number of fleets were sent out by competing merchant groups from around the Netherlands. Some fleets were lost, but most were successful, with some voyages producing high profits. In 1598,

6440-420: The population of Indos in pre-colonial history . 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 China's Qing dynasty ) brought an end to

6532-408: The remainder reinvested. The long-term average annual profit in the 'Expansion Age' (1680–1730) 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

6624-592: The residue gas from the Alba plant is delivered to a natural gas liquefaction plant operated by EG LNG . A portion of the Alba plant residue is also delivered to the Atlantic Methanol Production Company and is used to produce methanol . The products from all three plants are loaded onto ocean-going tanker ships for export. A rectangular transport route links the four main cities: Malabo , Luba , Baney , and Riaba . The island's airport

6716-499: The risk of despotic governors-general, a Council of the Indies ( Raad van Indië ) was created. The governor-general effectively became the main administrator of the VOC's activities in Asia, although the Heeren XVII , a body of 17 shareholders representing different chambers, continued to officially have overall control. VOC headquarters were located in Ambon during the tenures of the first three governors-general (1610–1619), but it

6808-626: The safer hinterland. Under the 1778 Treaty of El Pardo , Portugal ceded Fernando Po, Annobón , and the Guinea coast, Río Muni , to Spain, which together form modern Equatorial Guinea. The treaty was signed by Queen Mary I of Portugal and King Charles III of Spain , in exchange for territory on the American continent. Spain mounted an expedition to Fernando Po, led by the Conde de Argelejos , who stayed for four months. In October 1778, Spain installed

6900-543: The scientific name of Mochlus fernandi , derived from Fernando Po, the former name of the island. Fernando Po (with the spelling "Fernando Poo") is the setting for a Cold War standoff in Robert Shea and Robert Anton Wilson's Illuminatus Trilogy . The island is composed mostly of basalt , mostly alkali basalt and hawaiites , and to a lesser extent mugearites . The island has a population of 335,048 inhabitants (2015 Census). Its historic indigenous people are

6992-420: The silk trade after 1666. Though the VOC substituted Mughal Bengal 's 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 linchpin of the intra-Asiatic trade of

7084-414: The spice trade had therefore failed. The company had however already (reluctantly) followed the example of its European competitors in diversifying into other Asian commodities, like tea, coffee, cotton, textiles, and sugar. These commodities provided a lower profit margin and therefore required a larger sales volume to generate the same amount of revenue. This structural change in the commodity composition of

7176-487: 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. By this time these were almost exclusively recruited from the political regent class, which had long since lost its close relationship with merchant circles. Low profit margins in themselves do not explain

7268-420: 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

7360-531: 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 ; therefore, each lag in the supply of pepper caused a sharp rise in pepper prices. In 1580, the Portuguese crown was united in a personal union with the Spanish crown (known as the Iberian Union ), with which

7452-488: Was a distant second to its total traffic with 2,690 ships and a mere one-fifth the tonnage of goods carried by the VOC. The VOC enjoyed huge profits from its spice monopoly and slave trading activities through most of the 17th century. Having been set up in 1602 to profit from the Malukan spice trade, the VOC established a capital in the port city of Jayakarta in 1619 and changed its name to Batavia (now Jakarta ). Over

7544-591: Was able to monopolise the trade in nutmeg, mace, and cloves and to sell these spices across European kingdoms and Emperor Akbar the Great's Mughal Empire at 14–17 times the price it paid in Indonesia ; While Dutch profits soared, the local economy of the Spice Islands was destroyed, because as a monopoly buyer, the VOC forced the prices paid to the local producers in the Spice Islands down to low levels. With

7636-541: Was also marked by Spain's transport deportation here of several hundred Afro-Cubans , as well as dozens of Spanish scholars and politicians considered politically undesirable. In addition Spain exiled 218 revolutionaries here from the Philippine Revolution , of whom only 94 survived for long. In 1923–1930, the League of Nations investigated the transportation of contract migrant labour between Liberia and

7728-706: 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. These plantations were used to grow nutmeg for export. Coen hoped to settle large numbers of Dutch colonists in

7820-505: Was approximately to double the size of the company. 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. The business information systems of

7912-701: Was controlled by a powerful local ruler and subject to stiff competition from Chinese and English traders. 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, sparking Anglo-Dutch competition for access to spices. 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

8004-554: Was later renamed Cape of Good Hope in honour of the outpost's presence. Although non-company ships were welcome to use the station, they were charged exorbitantly. This post later became a full-fledged colony, the Cape Colony , when more Dutch and other Europeans started to settle there. Through the seventeenth century VOC trading posts were also established in Persia , Bengal , Malacca , Siam , Formosa (now Taiwan), as well as

8096-487: Was no longer worth the trouble to try to dominate the Malabar pepper and spice trade. A strategic decision was taken to scale down the Dutch military presence and in effect yield the area to EIC influence. In the 1741 Battle of Colachel , warriors of Travancore under Raja Marthanda Varma defeated the Dutch. The Dutch commander Captain Eustachius De Lannoy was captured. Marthanda Varma agreed to spare

8188-407: 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. A location in the west of the archipelago was thus sought. The Straits of Malacca were strategic but became dangerous following the Portuguese conquest, and the first permanent VOC settlement in Banten

8280-649: Was renewed several times, but was allowed to expire on 31 December 1799. 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 Dutch Republic by the Anglo-Dutch Treaty of 1814 . While

8372-740: Was serving in the Bubi village of Basupu . An official language dictionary and grammar guide was published by the ethnic Bubi scholar Justo Bolekia Boleká . Other names and forms of the name include Bubé, eVoové, eBubée, Bhubhi, Bubi, Ibubi, Ibhubhi, Pove and Eviia. Bube has 7 vowels that can be either short or long: The nasal vowels are allophones of respective oral vowels. Bube has 29 consonants. Some of them are prenasalized : The numbers one through ten in Bube are as follows: Dutch East India Company The United East India Company ( Dutch : Vereenigde Oostindische Compagnie [vərˈeːnɪɣdə ʔoːstˈɪndisə kɔmpɑˈɲi] ; abbreviated as VOC [veː(j)oːˈseː] ), commonly known as

8464-534: Was such a rich prize that her sale proceeds increased the capital of the VOC by more than 50%. Also in 1603, 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"). In 1610, the VOC established the post of governor-general to more firmly control their affairs in Asia. To advise and control

#358641