Hi Fried,
I think that a shaft between 40 and 50cm would represent a normal look for such a axe. In those times i doubt that there was a set measurment for such a shaft and the bearer of such an arm would fit it to his own liking.
As to preserving it, it looks like it has already been derusted a bit, so if the axe is not found in a acidic/ salty ground it should be fine if you apply some olive oil or linseed oil on it and let it dry.
Very nice axe, where was it found in The Netherlands?
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