Henry Hope

Henry Hope
Born	1735 Braintree, Province of Massachusetts Bay
Died	1811
Occupation	Merchant banker
Years active	1762–1811
Known for	Head of Hope & Co., financier of European governments, owner of Villa Welgelegen

Henry Hope (1735–1811), originally from Braintree in the Province of Massachusetts Bay, was an Amsterdam-based merchant banker. At a young age, he relocated to the Netherlands to become involved in the family enterprise, the Dutch banking house Hope & Co.. Beginning in 1779, Henry took over management of Hope & Co., and by 1782 had acquired approximately one-third ownership. He is often recognized as a financial prodigy on par with his uncle Thomas Hope, who founded Hope & Co. in 1762. In 1786, Adam Smith dedicated the fourth edition of The Wealth of Nations to Henry Hope, intending to broaden its audience.

Early years

Henry’s father, also named Henry, was a Rotterdam merchant of Scottish heritage who emigrated to North America following financial losses during the 1720 economic crisis. Although born in Rotterdam, he was identified with Scotland due to family connections to the Scottish Church in Rotterdam. After settling near Boston, he established himself as a merchant and became a member of the Freemason fraternity. At age thirteen, Henry Jr. was sent to London for education and, in 1754, began an apprenticeship under Henry Hoare at the banking firm Gurnell, Hoare, & Harman.

In 1762, Henry traveled to the Dutch Republic accompanying his sister Henrietta Maria (Harriet), who married John Goddard—a Rotterdam merchant and business partner. Subsequently, Henry joined his uncles Thomas and Adrian, along with his cousin Jan Hope (who adopted the name "John" after baptism), at their Amsterdam-based family bank. At this time, Amsterdam was Europe’s busiest port and a center for trade and merchant banking. The Hope siblings were already established merchants; with the younger generation’s involvement, the firm transitioned from Hope Brothers ("the Hopes") to Hope & Co., becoming pivotal financiers for the Dutch East India Company (VOC).

Career as a merchant

Following the conclusion of the Seven Years' War, Hope & Co. expanded its reach into international finance. Henry’s initial significant foreign loan was extended to Adolf Frederick of Sweden in 1767; over twenty years, Sweden borrowed around 15 million guilders through this connection. During the 1780s, Henry arranged Spanish government loans amounting to nine million guilders. These loans were frequently financed either directly by Henry or through partnerships involving English and Dutch investors, generating commissions for Hope & Co. between five and nine percent. Additionally, the firm provided financing to planters in the West Indies, accepting payment in commodities such as sugar, coffee, and tobacco—products that were subsequently sold on Amsterdam’s markets.

In return for loans granted to Portugal, Hope & Co. obtained exclusive rights to market Brazilian diamonds sourced from Portuguese colonies. This arrangement further solidified Amsterdam’s status as Europe’s primary diamond trading hub. The company sold these gems domestically and used proceeds to service Portuguese debt obligations.

In 1784, Henry and John Williams Hope partnered with other bankers to purchase a warehouse on the Amstel River and commissioned architect Abraham van der Hart to create the Kleine Komedie, which was completed in 1788. Henry also played a role in establishing a nautical academy in Amsterdam in 1785.

Economist Adam Smith publicly praised Henry Hope’s knowledge regarding the Bank of Amsterdam in 1786, underscoring his prominence within European financial circles.

Hope & Co.’s most distinguished client was Catherine the Great of Russia. Beyond providing substantial loans, the firm secured rights to export sugar into Russia and acted as agents for Russian wheat and timber sales throughout Europe. Catherine offered Henry a noble title during the 1780s; however, he declined this honor to preserve his standing as a merchant banker. Both were avid art collectors, with Henry occasionally engaging in art dealing activities.

Welgelegen

Henry Hope is primarily recognized for his summer estate, the Villa Welgelegen, constructed in 1785 to display his vast art collection. The villa, designed by Abraham van der Hart, took five years to complete and became a prominent site, rivaling the nearby Groenendaal park developed by his cousin and business associate, Jan (John) Hope. Beginning in 1781, Henry attracted numerous visitors intrigued by the gardens and ongoing expansions. He commissioned sculptures from the Italian artist Francesco Righetti. Despite these expenditures, his fortune remained considerable; in 1782, he acquired Hope Lodge (Fort Washington, Pennsylvania) as a wedding present for the son of his American cousin Maria Ellis.

The Neo-Classical architecture of Welgelegen drew inspiration from the Hôtel de Salm in Paris, constructed in 1782 by Frederick III, Prince of Salm-Kyrburg. The villa welcomed distinguished guests such as Americans Thomas Jefferson, Benjamin Franklin, and John Adams during their commercial negotiations in Europe. As an Orangist, Henry also hosted William V of Orange, whom he knew through his uncle Thomas Hope.

Family

Henry and Jan Hope accumulated immense wealth through their trading and banking enterprises, ranking among Europe's wealthiest individuals. Jan married into Rotterdam’s upper class and fathered three sons. Henry never married but became a mentor to John Williams, a Cornish clerk who joined Henry’s firm after recovering from illness. Williams wed Henry’s niece in 1782, took the name John Williams Hope, and became a partner at the Amsterdam office. Following Jan/John Hope’s death in 1784, having John Williams Hope as a signatory proved beneficial for the company. During the French occupation, he remained in Amsterdam while other family members relocated to London.

Relocation to London

When Pichegru advanced into the south, Henry escaped from Hellevoetsluis on 17 October 1794, transporting 372 paintings with him.

He bought a residence at the intersection of Harley Street and Cavendish Square from the Earl of Hopetoun and launched a London branch of Hope & Co. Henry forged a strong business alliance with Francis Baring, collaborating on notable land transactions involving royal clients. Emulating his approach with "Villa Welgelegen" in the Netherlands, Henry opened his London home as a semi-public gallery. The Amsterdam City Archives preserves an English catalogue dated December 1795 listing all paintings and prints owned by Henry Hope. This museum included three galleries filled with Ancient Greek and South Italian vases acquired from Sir William Hamilton's second vase collection.

Land deals

The most significant partnership between Henry Hope and Barings was their financing of the Louisiana Purchase in 1804 via share issuance, more than a year after the treaty was finalized. They had been involved in this transaction for nearly ten years and appointed young Alexander Baring as their representative in America. Alexander arranged a substantial land acquisition in Maine, then part of Massachusetts, securing half interest in the "Penobscot million" along with an adjacent tract exceeding one million acres (4,000 km²). He also facilitated treaty negotiations with David Cobb. Alexander Baring later became influential in Maine’s economic and political affairs, including resolving boundary disputes with Daniel Webster—matters connected to Henry’s family relations in Nova Scotia.

Legacy

Henry passed away without heirs in London in 1811, leaving behind a fortune valued at 12 million guilders, a significant art collection, and multiple substantial estates. He was known for his generosity toward his nieces and nephews residing in London, Heemstede, and Pennsylvania. His considerable assets were allocated among family members: the descendants of cousin Jan received Deepdene, the offspring of cousin Maria inherited Hope Lodge, and the children of his sister Harriet were bequeathed villa Welgelegen. Prior to his death, Henry arranged for a family portrait featuring himself, his sister Harriet, the family of his adopted son John Williams Hope, and Harriet's daughter Ann. This artwork, created by Benjamin West, includes a model of Welgelegen placed on a mahogany chest that was probably crafted by Thomas Hope. The painting is currently exhibited at the Museum of Fine Arts in Boston, where Ann is recognized as Henry Hope's heir.

Sources

• Buist, M.G. (1974) At spes non fracta: Hope & Co. 1770-1815. Merchant bankers and diplomats at work. Den Haag, Martinus Nijhoff.
• Hope & Co. archives at the Amsterdam city archives

External links

• Henry Hope at historici.nl