Thomas Hope (banker, born 1704)
Thomas Hope | |
|---|---|
| Born | 1704 Rotterdam, Dutch Republic |
| Died | 26 December 1779 Amsterdam, Dutch Republic |
| Occupation | Banker |
| Known for | Founder of Hope & Co., director of VOC, stadtholder’s representative |
Thomas Hope (1704, Rotterdam – 26 December 1779, Amsterdam) was a distinguished Dutch banker of the 18th century. He is recognized as the chief architect behind a proposal submitted to the States-General and the Admiralty, which sought to rejuvenate Holland's faltering commerce by eliminating export duties and lowering import tariffs. In 1752, he became a leading investor in the VOC. As a Quaker—who opposed warfare and violence—and a religious dissenter, he was excluded from holding official governmental positions. However, during the Seven Years' War in 1756, he converted to the Presbyterians and was appointed as director by Anne of Hanover. He established Hope & Co. in 1762 and by 1766 acted as the stadtholder’s representative across all VOC chambers. Importantly, Adam Smith dedicated the fourth edition of his Inquiry into the Nature and Causes of the Wealth of Nations (1776) to Thomas Hope.
Family
The Hope lineage traces back to Scotland, linked with Thomas Hope of Craighall Castle. Around 1660, family members relocated to Rotterdam. Archibald Hope, Thomas’s father, had eight sons who were active in stock trading during the South Sea Bubble episode. Archibald Jr. and Thomas settled in Amsterdam; Henry emigrated to America around 1730 seeking opportunities. The younger siblings Isaac and Zacharias stayed in Rotterdam as shipowners and were instrumental in organizing Swiss Mennonite emigration across the Atlantic to Pennsylvania in 1735.
Life
After the economic collapse of 1720, Thomas’s elder brother Archibald Jr. (1698-1734) launched a trading, shipping, and banking enterprise by establishing an Amsterdam branch of their father’s bank. Thomas joined him in 1724 with full power of attorney. Following Archibald’s marriage in 1726, they opened an office; Thomas married Margaretha van Marcelis—the daughter of a prosperous Amsterdam merchant—in 1727 and became a member of the Mennonite church in 1730. Upon Archibald Jr.’s death in 1734, their youngest brother Adrian (1709-1781) partnered with Thomas. In 1737, Thomas became father to Jan Hope.
Between 1750 and 1751, Thomas served as the stadtholder’s representative in the WIC, but this role was rescinded after political changes following William IV’s demise. He authored a significant proposal in 1751 aimed at enhancing Holland’s trade relations with Hamburg through tax reforms; although initially disregarded domestically, it influenced foreign policies. In 1752 he joined the VOC’s "Lords XVII" management board and implemented cost accounting techniques that led to reorganization within the China tea trade. Invited by Anne of Hanover, he assumed a leading position at the VOC and by 1766 served as spokesperson for William V of Orange, VOC’s official head. After suffering a stroke in 1770, he retired and transferred leadership to his son Jan Hope.
The operations of Hope & Co. flourished through trade connections with Virginia supporting sugar, indigo, tobacco plantations, and involvement in the slave trade via the West Indies (Sint Eustatius). The firm provided financing for plantations that facilitated slave trading activities. Their prosperity was further enhanced by underwriting Frederick the Great during the Seven Years' War. By 1759, Hope & Co. employed twenty-six associates. In 1758 Thomas purchased Mattheus Lestevenon’s esteemed property at Keizersgracht 444-446; adjacent at number 448 was acquired in 1763 for Henry Hope—his nephew trained at Harman and Co.. Thomas’s son Jan along with Henry would jointly expand Hope & Co.'s global operations. Despite financial upheavals such as the Amsterdam banking crisis of 1763 and credit crunch of 1772 that devastated many firms, Hope & Co. continued to grow through international lending and securities trading.
Sources
- Elias, J.E., De vroedschap van Amsterdam 1578-1795, two volumes, Amsterdam, 1903-1905 KNAW
- An analysis of the slavery history related to the historical predecessors of ABN AMRO: A study focusing on Hope & Co. and R. Mees & Zoonen (2022)