The Economic Significance, Profitability and Financing of the Curacao Plantation
(Published in the newspaper Amigoe on the 16st of July 2025)
In the last article, we talked about growing sorghum (maishi chikí) on the plantation. Now, we’ll dive into the economic aspects of the plantations, including their significance, profitability, and financing. The economic importance of the plantations has changed over time. Profitability was heavily tied to the success of the sorghum harvest. When it comes to profitability and financing, we used the book “The Curaçao plantation business in the nineteenth century” by W. Renkema as a reference.
Book W. Renkema
THE ECONOMIC SIGNIFICANCE OF THE CURACAO PLANTATION
Over time, plantations have evolved in their economic role. Initially, they served as a crucial supply base for the West India Company (WIC). Later, they became essential for feeding the slaves in the slave depot. Finally, the city’s reliance on agricultural products increased significantly.
The supply of a maritime base
In 1634, the West India Company (WIC) took over Curaçao to set up a naval base in the Caribbean. Right away, the people there had to rely on food imports from the Netherlands. But the WIC quickly started their own plantations to meet their own needs.
Flag of the West India Company (WIC) in full the “Geoctroyeerde West Indische Compagnie” (GWC)
Food production for the slave trade
By 1660, Curaçao had become a hub for slavery. Enslaved Africans were brought in and then sold to other countries nearby. The first slave ship to arrive in Curaçao was the Bontekoe. It landed in 1657 with 191 enslaved people on board. This was just the beginning, as many more slave ships followed.
The WIC had to expand the number of company plantations to meet the food needs of the enslaved people. Nine company plantations were established: Oostpunt, Duivelsklip, Koraal Tabak, Noordkant, Rooi Canarie, Hato, Piscadera, St. Marie, and Lelienberg. After the importance of Curaçao as a center of the slave trade decreased after 1700, the need for food production for the WIC became less urgent. The company plantations were first rented out and then sold. The plantation Hato served as a country residence for the director of the WIC for a while. This means that several plantations not only played a role in slavery in Curacao but also played a role in the slave trade.
Hato country house in the present day
The city's food supply
Around 1660, the number of private plantations also went up. There were over 100 plantations by then. These plantations provided food for the growing Willemstad. They also grew fruits and vegetables and raised animals on their own to feed the people.
THE PROFITABILITY OF THE PLANTATIONS
Determining whether a plantation was profitable is tricky. Plantation owners often didn’t keep proper records, making it hard to get accurate data. Many planters also had other income sources, so the plantation was more of a country home than a working farm. Here are some general factors to consider when thinking about profitability.
The planter's skill and entrepreneurial spirit
The professional competence and entrepreneurial spirit of the planter played an important role. Savonet was expertly managed and provided a generous livelihood to the owner. However, nearby Wacawa succumbed to debt. Most planters had no need to experiment with new (export) products as was stimulated by Governor Van Raders. They lacked professional knowledge and financial resources.
The demand for agricultural products
When trade and shipping got better, the price of and demand for agricultural products went up. But in the 1730s and 40s, trade was at a low point, and it was tough for planters to make ends meet. But when trade boomed in the 1750s and 60s, it was a great time for plantations in general.
Crop failures
Crop failures had a devastating impact on the planter. Crop failures due to lack of rainfall were a regular occurrence. Between 1816 and 1900, crop failures happened in 44 years, which is more than half of the time! Cattle mortality was also a concern. This was especially true during very dry years. In less dry years with some rainfall, no sorghum was harvested, but the immature sorghum plants could still be used for animal feed. During prolonged dry periods, livestock mortality was high. Cattle mortality was particularly bad in certain periods: 1820-25, 1832-34, 1840-44, 1858-59, 1867-69, 1882-85, 1888-89, and 1898 and some years after that. In other words, almost every decade the plantations were hit hard by cattle mortality.
Extra income from salt
Salt plantations were generally profitable. Salt plantations produced salt in addition to the same agricultural products as on other plantations. The salt generated additional income. Back in the day, during the time of Governor-General Kikkert (1776 to 1819), there were these salt plantations around: Fuik, Jan Thiel, Labadera, Parera, Groot Kwartier, Klein St. Michiel, Mt. Pleasant, Klein St. Martha, Groot St. Martha, Rif St. Marie, Siberia, and Jan Kock. But here’s the thing, the last three plantations started producing salt after a hurricane in 1832 and 1833 totally wiped out the salt pans in the Turks Islands. And guess what? Curaçao’s demand for salt increased after that!
Taxes
The folks who lived in the colony had to pay for the government themselves. But most of the taxes were indirect taxes that came from trade and shipping, like import and export fees, excise taxes, stamp taxes, and weighing and tonnage fees. When Curaçao became a free port, some of these taxes were gone. So, in 1828, a new tax was introduced to make up for it, which everyone called the land tax. This tax was based on the price of the land when it was last sold. The land tax led to many protests from the planters and especially mortgage holders who became owners of real estate against their will because their debtors defaulted and real estate was put up as collateral for the loan. It was (rightly) considered unfair that they had to pay tax on the former much higher value of the property. The mortgage holders often saw part of their capital and interest lost. Moreover, during this period, the plantations yielded little income due to bad weather conditions. In 1844, the tax was therefore revised, and the value was determined by periodic appraisals.
OBTAINING FUNDING
To finance their plantations, planters could seek help from various institutions and private mortgage lenders. But the most important one was the government orphanage chamber, established way back in 1696. Now, you might think it only took care of underage orphans, but that’s not the case. The government orphanage chamber was also a mortgage bank. In 1875, it was replaced by the N.V. Curaçaosche Hypotheekbank. Many plantations had mortgages. Between 1816 and 1875, the government orphanage chamber invested between 26% and 70% of the total capital on mortgages issued.
Private lenders can be grouped into two main categories. The first group was made up of wealthy merchants who invested in mortgages because they didn’t have any other choices. The second group was made up of former plantation owners who got paid out in the form of a mortgage deed when their property was sold. But the planters preferred to take out a mortgage with the government orphanage chamber because the government orphanage chamber didn’t take back the money in the short term. For a long time, the interest payments were enough to cover everything.
This article discusses the economic significance and the profitability and financing of the plantations. In the next, and final, article, we will discuss the "paga tera" system that was introduced after the abolition of slavery in 1863.
11. The Economic Significance, Profitability and Financing of the Curacao Plantation