Communication with the Western world was long in those days; there were even no 'clipper' ships yet. Accustomed, however, to such delays, we waited patiently the result. Our first advices were from London. They informed us that the writers, Messrs. B. B. & Co., would honour all bills bearing our name on the three bankrupt houses in question. This was a gratifying thing, as they had not yet received our communication above referred to. Everything worked with regularity. Some of the firms for whose accounts the bills had been drawn were ready to meet them, others furnished securities, and the ultimate loss was inconsiderable on the whole account. So rapid had been remittances from our Boston partner that, when the final account current was received at Macao from London, 1840-41, the balance of interest was in our favour, while Houqua was recouped in full as payments were made to our home partner by American constituents.
If I am not very much mistaken, 1837 was the first of those years ending with '7' which have become proverbial as attended with great commercial troubles in the Western world.
In the year 1838 (November) Mr. William Jardine took his departure from Canton. He founded in 1832 the house of Jardine, Matheson, & Co., on the closing up of that of Magniac & Co., which until then had been under the management of Mr. Hollingworth Magniac. Mr. Jardine had been a surgeon in the marine service of the Honourable East India Company, and had made several voyages to Bombay and China. He had made the acquaintance of the celebrated 'Jamsetjee Jeejeebhoy,' that prince of Eastern merchants, that philanthropist--the building of the hospital which now bears his name, and the construction of the Bund from the island of Bombay to Basseen, being amongst the numerous works which were carried out at his own expense for the comfort and welfare of his countrymen. He was, moreover, the first native inhabitant of the Presidency, and I think of India, on whom was conferred the dignity of Baronet by the British Government. The business transactions of Jamsetjee Jeejeebhoy with Jardine, Matheson, & Co. became of a colossal scale.
The vast commercial operations of Mr. Jardine Seemed to be conducted with sagacity and judgment. He was a gentleman of great strength of character and of unbounded generosity. To him belongs the shipping of the first cargo of 'free teas' to London, at the end of the two hundred years of close monopoly of the East India Company. As a peculiarity of his character, it may be mentioned that, in his own private office in the Creek Factory, a _chair_ was never seen--a hint to any who may be bothered with gossips or idlers during business hours!