Augustine Heard and Company
Encyclopedia
Augustine Heard and Company (Augustine Heard & Co.) was a major nineteenth century American trading firm in China
whose operations consisted in importing and exporting a large array of goods, including tea
and opium
.
businessman, traveller, trader and former Samuel Russell & Co.
partner Augustine Heard
, and his partners, Joseph Coolidge and John Murray Forbes. Throughout its history, it was run in large part by Heard family members, most notably Heard's four nephews from his brother George Washington Heard: John, Augustine, Albert Farley and George Washington Jr.
In 1841, Augustine Heard, who had previously lived in China but had returned for health reasons to Ipswich, returned to China to head the firm until 1844. There, business flourished, notably because of the use of fast clipper
ships and the import of steamships. Tea, one of the main commodities
traded, did not provide much profit compared to opium, which enabled the firm's finances to soar, Augustine Heard & Co. becoming the third largest American firm in China in the mid-nineteenth century. The firm also introduced steamships to China, and imported them through its sister firm in the U.S. The firm also became the main trading agent for several large firms, including Liverpool firm John Swire & Sons Limited. in 1861.
In 1844, Heard began travelling extensively, and handed control over the firm to his partners. Among Heard's partners, his four nephews we most active and ably directed the firm. John Heard led the firm until his departure in 1852; Augustine Heard II then took over the leadership of the firm and became the first Westerner permitted to trade in Siam in 1855. When his brother John returned to take the leadership again, the younger Augustine became the firm's representative to Europe. Albert Farley later took over the firm and, finally, George Washington Jr. who remained in China until the firm's collapse.
The firm prospered until the 1870s when, just like its rivals, it encountered financial difficulties, and finally went bankrupt in 1875.
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
whose operations consisted in importing and exporting a large array of goods, including tea
Tea
Tea is an aromatic beverage prepared by adding cured leaves of the Camellia sinensis plant to hot water. The term also refers to the plant itself. After water, tea is the most widely consumed beverage in the world...
and opium
Opium
Opium is the dried latex obtained from the opium poppy . Opium contains up to 12% morphine, an alkaloid, which is frequently processed chemically to produce heroin for the illegal drug trade. The latex also includes codeine and non-narcotic alkaloids such as papaverine, thebaine and noscapine...
.
History and leadership
Augustine Heard & Co. was founded in 1840, in Canton, China by Ipswich, MAIpswich, Massachusetts
Ipswich is a coastal town in Essex County, Massachusetts, United States. The population was 12,987 at the 2000 census. Home to Willowdale State Forest and Sandy Point State Reservation, Ipswich includes the southern part of Plum Island...
businessman, traveller, trader and former Samuel Russell & Co.
Samuel Russell
Samuel Wadsworth Russell, born in Middletown, Connecticut , was an American entrepreneur and trader, and founder of Russell & Company, the largest and most important American trading house in China from 1842 to its closing in 1891.- Early life :Orphaned at the age of 12, Russell did not receive any...
partner Augustine Heard
Augustine Heard
Augustine Heard was an American entrepreneur, businessman and trader, and founder of the Augustine Heard & Co. firm in China.- Early career :...
, and his partners, Joseph Coolidge and John Murray Forbes. Throughout its history, it was run in large part by Heard family members, most notably Heard's four nephews from his brother George Washington Heard: John, Augustine, Albert Farley and George Washington Jr.
In 1841, Augustine Heard, who had previously lived in China but had returned for health reasons to Ipswich, returned to China to head the firm until 1844. There, business flourished, notably because of the use of fast clipper
Clipper
A clipper was a very fast sailing ship of the 19th century that had three or more masts and a square rig. They were generally narrow for their length, could carry limited bulk freight, small by later 19th century standards, and had a large total sail area...
ships and the import of steamships. Tea, one of the main commodities
Commodity
In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
traded, did not provide much profit compared to opium, which enabled the firm's finances to soar, Augustine Heard & Co. becoming the third largest American firm in China in the mid-nineteenth century. The firm also introduced steamships to China, and imported them through its sister firm in the U.S. The firm also became the main trading agent for several large firms, including Liverpool firm John Swire & Sons Limited. in 1861.
In 1844, Heard began travelling extensively, and handed control over the firm to his partners. Among Heard's partners, his four nephews we most active and ably directed the firm. John Heard led the firm until his departure in 1852; Augustine Heard II then took over the leadership of the firm and became the first Westerner permitted to trade in Siam in 1855. When his brother John returned to take the leadership again, the younger Augustine became the firm's representative to Europe. Albert Farley later took over the firm and, finally, George Washington Jr. who remained in China until the firm's collapse.
The firm prospered until the 1870s when, just like its rivals, it encountered financial difficulties, and finally went bankrupt in 1875.
United States
A sister company bearing the same name operated between April 13, 1861 and April 9, 1865 in the business of "buying and shipping steamers for China, receiving merchandise from China, and selling the same, and insuring merchandise and vessels."Notable partners
- Joseph Coolidge, trader
- George B. Dixwell, New England merchant
- John Murray ForbesJohn Murray ForbesJohn Murray Forbes was an American railroad magnate, merchant, philanthropist and abolitionist. He was president of both the Michigan Central railroad and the Chicago, Burlington and Quincy Railroad in the 1850s....
, American railroad magnate - Augustine HeardAugustine HeardAugustine Heard was an American entrepreneur, businessman and trader, and founder of the Augustine Heard & Co. firm in China.- Early career :...
, founder - Augustine Heard II, later U.S. Minister to Korea
- John Heard
- Albert Farley
- George Washington Jr.
External links
- The Phillips Library at the Peabody Essex Museum The Phillips Library holds several manuscript collections of Augustine Heard and Company and various family members.
- Heard Family Business Records at Baker Library Historical Collections, Harvard Business School