Salomon Volkart
Salomon Volkart | |
|---|---|
| Born | Template:Birth date Niederglatt, Switzerland |
| Died | December 24, 1893 (aged 77) Winterthur, Switzerland |
| Occupation(s) | Merchant, politician |
| Years active | 1832–1875 |
| Known for | Founding Gebrüder Volkart trading company |
Salomon Volkart (21 May 1816 – 24 December 1893) was a Swiss merchant and progressive political figure from Winterthur, recognized for his pioneering role in establishing maritime commerce between Europe and India. In 1851, together with his brother Johann Georg Volkart, he founded the trading enterprise Gebrüder Volkart, which grew to become one of Switzerland’s foremost international trading companies.
Early life and education
Salomon was born in Niederglatt to architect Johannes Volkart and Anna Wipf. He received his education at the Landknabeninstitut in Zurich followed by commercial studies at the Hüni Institute in Horgen. During this period, he developed an important professional relationship with Eduard Fierz, who later became involved in joint business undertakings in India.
In 1832, Volkart commenced an apprenticeship at Caspar Schulthess & Cie, a trading and banking firm based in Zurich, where he acquired essential knowledge in commerce and finance.
Early career
By 1836, Volkart had taken on the role of merchant for Andrea Croce’s olive oil business in Genoa, which involved extensive travel throughout Italy. Starting in 1839, he worked as cashier for the German company Stellinger & Co. located in Naples, until a fire incident in 1844 led him to return to Switzerland.
Between 1844 and 1845, he embarked on a significant commercial journey to India via Italy, Malta, and Egypt, acting as a representative for Swiss, Italian, and Austrian textile manufacturers to broaden trade connections. Upon his return in 1846, he joined the Winterthur-based dyeing and calico printing firm Gebrüder Greuter & Rieter, undertaking business trips across Europe.
In 1847, during the Sonderbund War, Volkart served as a first lieutenant of cavalry with Zurich forces loyal to the Federal Diet. The following year marked his marriage to Emma Sulzberger, daughter of Johann Heinrich Sulzberger, Winterthur’s finance director; the couple had six children.
Founding of Gebrüder Volkart
In 1851, Salomon and his brother Johann Georg launched Gebrüder Volkart, setting up offices both in Winterthur and Bombay. Johann Georg was responsible for managing operations in Bombay while Salomon directed European activities from Winterthur. The company initially specialized in exporting European manufactured products such as paper, soap, and matches to India. Over time, their portfolio expanded to include watches, textiles, and machinery. In return, they imported Indian raw materials into Europe—primarily cotton—alongside commodities like oils, tea, coffee, cocoa, spices, and rubber.
Utilizing an extensive network of commercial contacts and operating within the economic system established under British colonial governance in India, the brothers grew their enterprise by opening a London branch plus six additional offices throughout the Indian subcontinent. After Johann Georg passed away in 1861, Salomon maintained sole leadership until 1875 when he transferred control to his son Georg Gottfried Volkart but retained a passive partnership role.
Banking and industrial ventures
To overcome credit constraints imposed by English banks on exports of Indian raw materials, Volkart collaborated with merchants from Winterthur to create the Winterthur Bank (Banque de Winterthour) in 1862. He served as chairman of its board from 1876 until 1883. This institution later merged with the Toggenburg Bank in 1912, resulting in the formation of the Union Bank of Switzerland (UBS), which evolved into a major global financial entity.
Volkart was also instrumental in founding several key companies: Winterthur Mortgage Bank (1865), Swiss Locomotive and Machine Factory (1871), and Swiss Accident Insurance Company (1875). These initiatives demonstrate his strategic entrepreneurship extending beyond trading into sectors of finance and industry.
Political career
A dedicated radical, Volkart held a seat on the Zurich Grand Council between 1866 and 1873. He played a role in formulating the 1869 cantonal constitution as part of the Constitutional Assembly. Additionally, from 1852 until 1871, he acted as consul for the Free Hanseatic City of Bremen in Winterthur.
Death
Salomon Volkart passed away on 24 December 1893 in Winterthur.
Bibliography
- Der Landbote, 27.12.1893
- Reinhart, Georg: Gedenkschrift zum fünfundsiebzigjährigen Bestehen der Firma Gebr. Volkart, 1926, pp. 13–16
- Leibacher, Oskar: Schweizer eigener Kraft. Lebensskizzen berühmter Auslandschweizer, 1936, pp. 18–22
- Peter, Hans: «Salomon Volkart», in: Schweizer Pioniere der Wirtschaft und Technik, 6, 1956, pp. 45–63
- Peyer, Hans Conrad: «Aus den Anfängen des schweizerischen Indienhandels. Briefe Salomon Volkarts an Johann Heinrich Fierz 1845-1846», in: Zürcher Taschenbuch auf das Jahr 1961, 1960, pp. 107–119
- Anderegg, Jakob: Volkart Brothers 1851-1976. A Chronicle, vol. 1, 1979, pp. 25–32, 126–128 (typescript, Winterthurer Bibliotheken, Sondersammlung)
- Rambousek, Walter Heinrich; Vogt, Armin; Volkart, Hans Rudolf: Volkart. Die Geschichte einer Welthandelsfirma, 1990, pp. 41–43
- Dejung, Christof: Die Fäden des globalen Marktes. Eine Sozial- und Kulturgeschichte des Welthandels am Beispiel der Handelsfirma Gebrüder Volkart 1851-1999, 2013, pp. 47–53, 175–182