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Lot Essay
The inscription refers to the wishes laid out in the will of the Dutch merchant Francis Craiesteyn (d.1758), (PROB 11/840/467), in which he states ‘I give and bequest to such Gentlemen as shall be directors of the Equivalent Company at the time of my death and also to the before named James Mathias their secretary twenty Guineas each to buy a piece of plate with an inscription to be engraved thereon signifying the same to be a gift from me as a token of my esteem and respect for them.
The Equivalent Company was created by Royal Charter in 1724 with capital of £248,500, derived from the payment made by the government in 1707 following the Act of Union between England and Scotland, which was known as ‘The Equivalent’ and was intended to compensate Scotland for the taking on of part of England’s national debt. In 1727 the company received an additional charter which have them banking powers in Scotland. This eventually became the Royal Bank of Scotland.
Francis Craiesteyn and his brother Abraham (d.1754) were wealthy Haarlem born merchants based in London. In his will Francis left numerous bequests to his family, the largest being £30,000 to his cousin Jacob van der Graas. He was governor of five hospitals in London, including St. Thomas’s Hospital. He bequeathed £1,000 to each. He was buried in the Dutch Church, Austin Friars, on Broad Street in the City of London.
The Equivalent Company was created by Royal Charter in 1724 with capital of £248,500, derived from the payment made by the government in 1707 following the Act of Union between England and Scotland, which was known as ‘The Equivalent’ and was intended to compensate Scotland for the taking on of part of England’s national debt. In 1727 the company received an additional charter which have them banking powers in Scotland. This eventually became the Royal Bank of Scotland.
Francis Craiesteyn and his brother Abraham (d.1754) were wealthy Haarlem born merchants based in London. In his will Francis left numerous bequests to his family, the largest being £30,000 to his cousin Jacob van der Graas. He was governor of five hospitals in London, including St. Thomas’s Hospital. He bequeathed £1,000 to each. He was buried in the Dutch Church, Austin Friars, on Broad Street in the City of London.