Result list 1 April 2017

The results of our April sale will be available here on April 2.

Lotnumber: 348
WEST-VLAANDEREN. BRUGES. Second payment for 10 Shares. black. No 451-60. Small format receipt for payment of 250 florins as second payment of 5% for 10 shares in the company. Marine insurance in the Austrian Netherlands at this time was in the hands of a state undertaking, based in Ostend. A group of businessmen in Bruges formed this private company in competition. They were ridder d'Hont de Nieuwburg, van Outryve de Mercke, Frederic Romberg, de Stoop, G. de Brouwere, Willaert de Baere, Stassignon, Donche Vercruysse, Serweytens, Tailliu and others. The capital was 1 million guldens, divided into 1000 shares of 1000 guldens each. Herries, who held the concession for the Ostend state insurance company (Compagnie d'Assurance de la Flandre Autrichienne) feared the new competition, and tried to stop the formation of his Bruges rival; but was unsuccessful. All the shares were sold in only three days, mostly to bankers and businessmen. Brussels took 75.000 guldens, and Gent 150.000. The success of this launch encouraged the company to increase its capital, fist to 1.500.000, then to 3 million guldens. The Bruges company was a serious and dangerous competitor to the Ostend insurance company; its tariffs were lower, and its conditions more attractive to the shipper. The prosperous years of the 1780s were followed by a period of depression, caused by the war of the 1790s and its effects on maritime trade. Marine insurance suffered too. The fate of the insurance company is lost in the history of this period. Extremely difficult to find any document of this company.
Date: 8 April 1788
Quality: VF
Startprice: € 200