Andries Pels
Andries Pels | |
|---|---|
| Born | Error: Invalid birth date for calculating age Amsterdam, Dutch Republic |
| Died | February 8, 1731 (aged 75) |
| Occupation(s) | Financier, underwriter, banker |
| Known for | Founder of Andries Pels & Sons, leading merchant bank in the 18th century |
Andries Pels (born 2 September 1655 in Amsterdam, died 8 February 1731) was a distinguished Dutch financier and underwriter. He began his career trading goods alongside his brother Guillelmo, but after Guillelmo passed away in 1705, Andries redirected his efforts toward banking. In 1707, he established the firm Andries Pels & Sons, which grew to become the preeminent merchant bank of its time and remained active until 1774.
The company dealt in various commodities such as sugar, tobacco, cocoa, rice, rye, salt, and hemp, while also providing financial support for maritime salvage operations. After the founding of St. Petersburg, Pels supplied Kronstadt with essential goods including grain, linseed, tallow, potash, tar, and rhubarb. From 1712 to 1714, James Brydges, who served as paymaster of the Forces, processed transactions exceeding 500,000 guilders through accounts held at Pels' bank. The volume of bank money exchanged at the Wisselbank through the firm doubled between 1686 and 1726, overtaking Clifford & Co. The Wisselbank's turnover reached a peak of 26 million guilders in 1725 and sustained high levels well into the mid-18th century.
During John Law's financial reforms in France, Pels acted as a key banker to the French government. After Andries Pels died in 1731, his sons took over the business; by 1739 they formed a partnership with their brother-in-law Willem Munter. In 1744, the bank extended a loan of 15 million guilders to France and later administered war reparations payments following the Treaty of Aix-la-Chapelle in 1748. Up until around 1750, Andries Pels & Sons held its position as Europe's foremost banking institution but exhibited slower expansion compared to competitors such as Hope & Co.
In 1757, Frederick the Great approached the bank for financing. The conclusion of the Seven Years' War briefly revitalized its operations. Nevertheless, during the Amsterdam banking crisis of 1763, the firm declined to support Leendert Pieter de Neufville but did provide credit to Heinrich Carl von Schimmelmann, an influential plantation owner in the Danish West Indies.
Jan Bernd Bicker entered the company as an apprentice in 1767 and eventually rose to a managerial role. By 1771, the bank collaborated with Adrian Hope to acquire negotiaties valued at 904,000 guilders. The institution's involvement in the financial turmoil of 1772 and the collapse of East India Company shares remains ambiguous. The bank ultimately ceased functioning following the death of Andries Pels' nephew in March 1774.
Family
Originating from ''s-Hertogenbosch, the Pels family held positions within municipal governance during the fifteenth and sixteenth centuries. Aarnout (Arnold) Pels moved to Antwerp; after Antwerp's fall, his descendants dispersed across Germany, Utrecht, and Amsterdam, with some establishing themselves in Cologne, Hamburg, and Stade.
Aarnout was related as nephew to poet Andries Pels and cousin to governor Paulus van der Veen, inheriting multiple plantations located in Suriname. By 1742, his widow Angenita Pels-Bouwens (1660–1749) was recognized as Amsterdam's wealthiest woman and resided in the prestigious Golden Bend. In 1720, their daughter Johanna Sara married Jan Bernd Bicker; their sons Henric and Jan Bernd Bicker subsequently managed the banking enterprise from around 1750.
In 1758, renowned financier Giacomo Casanova encountered Pels while assisting Madame d’Urfé in marketing shares of the Swedish East India Company within Holland. Alongside other bankers, Pels facilitated significant financing through French government bonds—a combination of cash payments and interest-bearing securities—and negotiated debt relief arrangements involving both the French and Dutch East India Companies. That December, Casanova received an invitation from "Mr Pels" to participate in ice sailing activities, highlighting their intertwined business relations and social interactions.