Page 137 - Merchants and Mandarins China Trade Era

123.

their cargoes were consigned. Only when the agent gave

permission would the remaining letters be distributed. This
39
practice continued throughout the entire period. Such

secrecy was essential in a trade that was so speculative and

volatile. The China trade allowed for few miscalculations,

while it simultaneously called for quick decisions and bold

moves. To be successful at Canton, one group of American

merchants advised their agent to "get as much knowledge as

possible of others business, but keep your own a secret, work

prudently & economically, possess yourself as far as possible,

with such a knowledge of China goods & the trade generally, as

will enable you to decide upon the strength of your own under­

standing, communicate freely & frequently & above all lose nothing
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for the want of Industry--" He was also advised to take care

in selecting his Security merchant. A good Hong merchant could

communicate tips on the Canton market in terms of what commodi-

41
ties to import and export each season.
Unlike other markets, Canton prices were extremely de­

pendent on the volume of vessels trading there each season.

A large number of vessels at Canton would keep prices high;

39
Letter, J.M. Forbes to J. Bates, Nov. 25, 1835, Forbes MSS.
40
Letter, B. & T.C. Hoppin to S. Russell, Mar. 6, 1819,
Russell & Co. MSS. For similar in,c=;tructions, see Letter, Bryant &
Sturgis to J.P. Sturgin, Apr. 7, 1819, Bryant & Sturgis MSS. See
also "Memo for T.T. Forbes regarding Canton affairs," written by
J.P. Cusing, Mar. 21, 1828, Boston, Museum of the American China
Trade, Forbes Family MSS. (These are to be distinguished from the
Forbes MSS at Baker Library, Harvard Business School. The latter
are papers of the same family, but they constitute a distinct
collection.)
41
Letter, E. Carrington & Co. to S. Russell, Oct. 16, 1819,
Russell & Co. MSS. Letter, T.T. Forbes to T.H. Perkins, Nov. 1,
1824, Forbes MSS.