Page 175 - Merchants and Mandarins China Trade Era

161.

States, American merchants surged into the China trade. Un­

like other sectors of foreign trade, the trade to Canton was

still underdeveloped. Anyone able to purchase a share of an

adventure to Canton had some chance of reaping profit. This
branch of foreign trade was not very old, its growth having

burgeoned only in 1815. The only setback had been the Panic

of 1819, but that depression had affected all commerce. So

in 1822-23 many merchants looked to the China trade as one

with possibilities of unlimited growth and profit. In 1824-25

forty-two American vessels traded at Canton. But American

agents already established at Canton complained of decreasing

profits. The new men flooding into the trade displayed an

overzealous desire for profit and a complete lack of business

sense in the Canton market. Unaware of the subtleties involved

in transactions with the Chinese, these men irritated the resi­

dent merchants. Purchasing teas became "like tooth chewing",

since the intruders did "not pretend to ascertain what the

quality of the teas !_wa!i.7 nor even to settle prices, but take

them almost sight unseen at whatever rates may be exacted. This

is placing the Trade on a miserable footing as it enables the

Chinese to do just as they please being co�pletely in their

power." The residents believed that as long as these new ad­

venturers could make a profit they would continue to inundate
21
the Canton market.

21
Letter, T.T. Forbes to T.H. Perkins, Nov. 1, 1824, Har­
vard Business School, Baker Library, Forbes MSS. As early as fall
1823 Cushing complained of numerous merchants at Canton hurting
the trade. He saw no end to them as long as they profited. Letter,
Perkins & Co. to J. & T.H. Perkins & Sons, Oct. 29, 1823, Perkins
& Co. MSS.