Page 424 - Merchants and Mandarins China Trade Era

410.

rushed into the China trade. These men were quite unaware of the

situation at the new ports or at Canton itself. In January 1843

Robert· Bennet Forbes confided to Russell & Co. in a private letter

that the "China Trade seems to be much overdone." Reminiscent of

the reaction of established merchants in the China trade to the

1
flood of adventurers in the early 1820 s, Forbes added: "I hope
½ isiy of the interlopers will burn their fingers. 11 33

Merchants who had invested in China ventures before 1839 took a

more sanguine view of future trade in China. William Appleton

& Co. of Boston, the leading manufacturer of American Domestics

(cotton cloths) sold in China, typified such an attitude. The

house referred to China's opening more ports in a communication to

Russell & Co. in December 1842: "If carried out in good faith it

may lead to great changes in the China Trade in the course of

some years, but we do not anticipate any favorable effects from
34
it immediately. II

Although older merchants were hesitant to predict an

automatic boom in the China trade, they could not prevent the

"interlopers" from despatching vessels to Canton. The indefinite

state of affairs in China combined with the influx of new traders

to create unstable commercial conditions. American merchants at

33
Private Letter, R.B. Forbes to Russell & Co., Jan. 1,
1843, Forbes MSS. Newer merchants in the trade voiced opposite
feelings: "And lastly the re�.;toration of peace in China, & the
opening of several new ports in that Country, of immense consump­
tion, present an opening for a person of your experience & intelli­
gence, which does not often offer, & we think there is room enough
for a little more talent in the commercial community of Canton."
Letter, Howland & Aspinwall, Dec. 23, 1842, Comstock Brothers MSS.
Letter, J.N. Rodgers to A. Heard, Jan. 20, 1843, Heard MSS.
34
W. Appleton & Co. to Russell & Co., Dec. 31, 1842, William
Appleton & Co. MSS. The Appletons consigned equally to Russell &
Co. and to A. Heard & Co. in their China trade.