The fall of Antwerp in 1585 triggered a mass Protestant exodus that transformed Amsterdam from an upstart town into the financial capital of 17th-century capitalism.

39:23>> Yes. So Antworp which had been the great stronghold of Protestantism in the low countries is formerly restored to Catholicism but as with Gent so in Antworp Protestants are allowed to leave the city if they want and huge numbers do so. So um probably around 60,000 people um out of a total population of 100,000. So more than half and this is actually a disaster for Antwerp because

39:49most of the people who are leaving lots of them are bankers, merchants, the cutting edge of capitalism and most of them head northwards to um Holland which is still uh the great nerve center of the Dutch revolt. And there they settle, lots of them, in a kind of new upstart hot spot for business. And this is a city called Amsterdam. And so the arrival of these exiles from Antwerp is

40:15really the making of Amsterdam as the great city of 17th century capitalism. >> Our Dutchisters will be pleased to be reminded that they basically owe their prominence and prosperity to the Belgians. [laughter] >> Well, of course, they weren't Belgians then. They were >> low countries Protestants one and all. So uh Anwap has fallen and in England great gloom and forboding right. >> Absolutely. I mean this is terrible

40:40terrible news. Um and so 3 days later after the fall of Antwerp on the 20th of August a treaty is signed um between Elizabeth I and the Dutch rebels um at a palace built by Henry VIII at a place called Nonsuch in Surrey. And this is the first ever treaty signed by what will become the Dutch Republic with a foreign power. And by its terms, Elizabeth agrees to send an

41:06expeditionary force to the Low Countries to support Holland and the other rebel provinces. And this is to consist of 6,350 infantry and 1,000 cavalry. And amazingly, Elizabeth says, "I will subsidize the cost of this." I mean, must have caused her agony to do that. and she chooses as the commander of this expeditionary force her old favorite, the Earl of Leicester. And because she doesn't entirely trust the Dutch,