Augustine Heard & Co.
| Company type | Private |
|---|---|
| Industry | Trading |
| Founded | 1840 |
| Founder | Augustine Heard, Joseph Coolidge, George Basil Dixwell |
| Defunct | 1875 |
| Headquarters | Canton , Qing dynasty China |
Area served | China, United States, Europe, Siam |
Key people | Augustine Heard, John Heard, Augustine Heard II, Albert Farley Heard, George Washington Jr. |
| Products | Tea, opium, other commodities |
Augustine Heard & Co. () was a prominent American trading enterprise during the nineteenth century operating within Qing dynasty China, primarily engaged in the import and export of various commodities, with particular emphasis on tea and opium.
History and leadership
Established in 1840 in Canton by Ipswich entrepreneur and former Russell & Co. associate Augustine Heard, alongside partners Joseph Coolidge and George Basil Dixwell, the company was predominantly overseen by members of the Heard family. Notably, his nephews John, Augustine, Albert Farley, and George Washington Jr. played significant managerial roles.
After returning to China in 1841 to assume leadership until 1844, Augustine Heard expanded the firm’s activities by utilizing swift clipper vessels and incorporated steamship technology through a related U.S.-based affiliate. Although tea remained an essential product, the trade in opium proved more lucrative, elevating Augustine Heard & Co. to the position of the third largest American trading firm in China by the mid-19th century. Additionally, from 1861 onwards, the company acted as the chief trading agent for major firms including Liverpool’s John Swire & Sons Limited.
In 1844, Augustine Heard embarked on extensive travels, entrusting operational control to his partners. His nephews were instrumental in management: John directed affairs until 1852; Augustine Heard II succeeded him and gained distinction as the first Westerner permitted to conduct trade in Siam in 1855; John then resumed leadership while Augustine II represented the firm in Europe; subsequently Albert Farley and ultimately George Washington Jr. administered company operations until its eventual decline.
The business prospered through the 1870s but encountered financial difficulties shared by many contemporaries, culminating in bankruptcy proceedings in 1875.
United States
A related entity bearing the same name operated from April 13, 1861, through April 9, 1865, concentrating on acquiring and dispatching steamships to China, managing trade goods with China, and providing insurance for cargo and vessels.
Notable partners
- Joseph Coolidge, merchant
- George B. Dixwell, New England trader
- John Murray Forbes, American railroad industrialist
- Augustine Heard, founder
- Augustine Heard II, later appointed U.S. Minister to Korea
- John Heard
- Albert Farley Heard
- George Washington Jr.
See also
External links
- The Phillips Library at the Peabody Essex Museum – houses manuscript archives of Augustine Heard and Company along with family papers.
Archives and records
- Heard Family Business records at Baker Library Historical Collections, Harvard Business School
- Augustine Heard & Company invoices and receipts within Baker Library Special Collections, Harvard Business School