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A Classification of American Wealth |
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| Part I-Chapter 3 : Shipping Merchants > The China traders : « Previous 1 Next » |
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The China traders As the bell of Philadelphia sounded to the hymn of Independence a new era came for American merchants. After the dust of war settled, the enterprising shipping merchants of New York and New England tested new frontiers for their trade. Scandinavia, Russia and finally China were their new destinations and promised great return. But China trade was not easy. First, the American merchants had little to offer in exchange of the China goods they sought. Then, external trade was heavily regulated as the Chinese, suspicious of Europeans and Americans alike, had ruled that these foreigners had to conduct all their China trade through Canton and even there, they were limited to treat with a small number of Chinese intermediates (the Hong merchants), such as Howqua, Mowqua or Kingqua, men who extracted huge fortunes from international trade. Yet in spite of all these restrictions, China trade was good business for American merchants, so good indeed, that it became the foundation of many great fortune in New England and at least a few in New York. The
"Empress of China", outfitted by a group of New York and
Philadelphia merchants led by Robert Morris, was the first American ship to
return from Canton with a load of China goods on June 30, 1784. In the
following year, Elias Hasket Derby's ship "Grand Turk" opened
China trade to Salem merchants. Samuel Shaw (), a Continental army hero and
the supercargo of the "Empress of China", became the first
American consul in Canton. He was succeeded by another former army officer,
Samuel Snow, who built the American factory. The factories were compounds of
warehouses and habitations, used by foreign residents as their base in
Canton. All factories were located on the North bank of the Canton river,
just outside the city walls, close to the hongs (business establishments of
the Chinese merchants, members of the Cohong). Shipping Merchants > The China traders : « Previous 1 Next » |
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