Taikoo Sugar Refinery was established by John Samuel Swire in June 1881 after a thorough investigation into the feasibility and openings for a new refinery in China. His determination to build the largest and most up-to-date plant was initially stimulated by a period of intense rivalry with Jardine, Matheson & Co. who already owned a refinery. A site for the refinery was selected at Quarry Bay, Hong Kong and the capital for the venture was put up chiefly by John Samuel Swire himself, Holt's James Barrow, H J Butterfield, Mssrs Ismay and Imrie, W J Thompson and R N Dale. John Swire & Sons were appointed Managers and Butterfield and Swire, Hong Kong were responsible for the overall management and as General Agents for the purchase of raw sugars and the selling and distribution of the finished products. China was always the chief market but Australia, Japan and India were also important at different times in supplying additional outlets. The Taikoo Sugar Refinery faced severe oppositition from Jardine Matheson & Co in its early years but by the 1920s the Japanese had become their greatest competitor. An up-country marketing system was established to counter this and to expand TSR markets in inland China as well as efforts to widen the Far Eastern areas served by TSR. The 1920s was a period of constant difficulties - a strike in 1923, poor markets in 1924 and a three month boycott in 1925. 1925, however, also saw the expansion of the Taikoo Sugar Refinery into the largest single unit refinery in the world. In December 1941 Hong Kong fell to the Japanese and production ceased until the plant was returned to John Siwre & Sons hands in the autumn of 1945.

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