Page 158 - Merchants and Mandarins China Trade Era

144.
Russell & Co. 's financial and commercial position by the

late 1830's was overwhelmingly ahead of its American competitors

and even many of the British houses. Certainly the inclusion

of the Perkins business in 1831 was the major factor in the

house's growth. As part of this accession came another pri­

mary impetus to the expansion and stability of Russell & Co.

This was the trade, investments, influence and advice of

Houqua. Although Houqua was a Hong merchant, he adventured

heavily in the foreign trade. He had traded through Perkins

& Co. from their early days at Canton, although just when or
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how the arrangement began cannot be determined. When

Cushing merged Perkins & Co. into Russell & Co., he handed

Houqua's account over to Augustine Heard to handle as part of

the Perkins business. From then on Houqua's connection with

Russell & Co. remained an important source of profit for the

house. After 1833 Houqua retired from general business at

Canton. He had been chief Security merchant for the East India

Co. and after the dissolution of its monopoly, he wished to be

released from the trials and duties of membership in the Co-hong.

(He was then worth twenty-six million dollars.) Consequently

Houqua confined his business to investments through Russell &

Co. He ventured in his own teas, silks and all the other major

76
.
t d 'h rougn Per ins & Co. in Boston as early
H ouqua inves-e t , k'
as 1808� Letter, Perkins, Burling & Co. to Perkins & Co., Aug.
11, 1808, in Briggs, History of the Cabot Family, II, 537. The
Hoppins were selling Houqua's teas in 1819, as mentioned in their
letters to S. Russell & Co., Russell & Co. MSS. Merchants in the
United States attempted to procure more investments from Chinese
merchants. Letter, A. Russell to S. Russell, Jun. 26, 1830,
Russell & Co. MSS.