Page 163 - Merchants and Mandarins China Trade Era

149.

trading season passed, the depression only increased the

economic losses merchants had been suffering. Communications

from Bryant & Sturgis in 1820 revealed that house's frus­

tration. Economic conditions in the China trade were still

declining, "although everyone was inclined to think they

had reached their lowest depression sometime ago. 11 At that

point the partners knew of no vessels destined to sail to
5
Canton. The number of American vessels at Canton had drop-

ped from forty-four in 1817-18 to twenty-five in 1819-20.

By 1820-21 the impact of the depression, a world-wide phenom­

enon, reached Canton. In turn the Chinese were forced into
an economic retrenchment that included a decreased demand for

foreign imports. Of course such a step only impeded any

further chance for economic recovery in American commerce.

Perkins & Co., the chief American mercantile establishment at

Canton, concluded in February 1821: "We do not from present

appearances think the China Trade worth pursuing & we should
6
be very willing to relinquish it entirely.11

Perkins & Co. did not give up its China trade but

hung on as economic conditions gradually improved in follow-

5
Letter, Bryant & Sturgis to J.P. Sturgis, Mar. 11,
1820, Bryant & Sturgis MSS. Other letters from Bryant &
Sturgis during 1820 continue to emphasize depressive eco­
nomic conditions. Other mercantile houses also express
this in communications to their Canton agents. Letters,
J. & T.H. Perkins to Perkins & Co., 1820, Harvard Business
School, Baker Library, Perkins & Co. lf�S; E. Carrington &
Co. to S. Russell & Co. and B. & T.H. Hoppin to S. Russell
& Co., 1820, Russell & Co. MSS.
6
Letter, Perkins & Co. to F.W. Paine, Feb. 5, 1821,
Perkins & Co. MSS.