William Howell Forbes

William Howell Forbes
Born	New York, United States
Died	July 10, 1896(1896-07-10) (aged 58) Newburgh, New York, United States
Occupation(s)	Entrepreneur, businessman
Years active	1865–1891
Known for	Senior partner at Russell & Co., 11th chairman of the board of Directors of Hongkong and Shanghai Banking Corporation

William Howell Forbes (November 25, 1837 – July 10, 1896) was a prominent American entrepreneur based in Hong Kong. He held the position of senior partner at Russell & Co. and served as the 11th chairman of the board of Directors of Hongkong and Shanghai Banking Corporation between 1879 and 1880. Additionally, he was the uncle of U.S. President Franklin Delano Roosevelt.

Early life

William Forbes was born in New York on November 25, 1837, as the eldest child of Paul Siemen Forbes (1808–1886). His father collaborated with his cousin John Murray Forbes in the China trade and was a partner at Russell & Co. as well as the U.S. Consul in Canton. William had two younger siblings: Henry De Courcy Forbes and Paul Revere Forbes.

Career

Continuing his family's legacy, William Forbes became a partner in Russell & Co. in 1865, coinciding with the conclusion of the American Civil War. The company was engaged in competitive Anglo-American steamship operations along the Yangtze River, utilizing connections with Chinese traders and British financiers to establish the Shanghai Steam Navigation Company during the Qing dynasty's industrialization initiatives.

At first, Russell & Co. opted not to participate in the newly established Hongkong and Shanghai Banking Corporation in 1866 due to conflicts with shareholders such as Augustine Heard & Co. and Jardines. Nevertheless, by December 1866, William Forbes had joined the bank’s board and subsequently held several terms as chairman.

Despite these undertakings, Russell & Co. gradually lost its competitive edge to British rival Jardine, Matheson & Co., which operated more effectively under Chinese comprador Tong King-sing. The company faced capital shortages and was further destabilized by financial downturns impacting numerous firms—including Dent & Co., Beale & Co., and Augustine Heard & Co., which collapsed in 1875, prompting leadership changes at Hongkong and Shanghai Bank.

Russells failure

In an effort to avoid insolvency, Russells established the National Bank of China to generate additional funding. Among its founders were Forbes himself, his brother Henry De Courcy, and members of the Howqua family. However, S. W. Pomeroy—a Russell partner and former Hongkong and Shanghai Bank director—criticized the Forbes brothers for backing a bank perceived as a competitor by Hongkong and Shanghai Bank. This controversy resulted in William Forbes resigning from that bank’s board in March 1891.

Subsequently, Hongkong and Shanghai Bank reduced its credit facilities to Russell & Co., exerting pressure on the firm to liquidate assets for survival. Despite these efforts, Russell & Co. ultimately failed on June 9, 1891. Two employees, Robert Shewan and Alexander Charles Tomes, purchased the business and rebranded it as Shewan, Tomes & Co. in 1895.

Life in Hong Kong

While residing in Hong Kong, Forbes acted as vice-president of the Medical Missionary Society of China, managing hospital services and missionary activities in Canton. He also held membership in the Hong Kong General Chamber of Commerce and was among the founding stewards of the Hong Kong Jockey Club established in 1884. For a brief period, he served as honorary consul for Sweden-Norway in Hong Kong. It is believed that Forbes Street in Kennedy Town was named in his honor.

Personal life

In 1867, Forbes united in marriage with Deborah "Dora" Perry Delano (1847–1940), daughter of Warren Delano Jr., a partner at Russell & Co., in Paris. Dora's sibling, Sara Ann Delano, wed James Roosevelt I and was the mother of Franklin Delano Roosevelt, the 32nd President of the United States; William served as one of Franklin's godfathers.

Forbes made his home at the Rose Hill villa located on Caine Road in Hong Kong. He passed away on July 10, 1896, in Newburgh, New York, at the age of 58, and his final resting place is Riverside Cemetery in Fairhaven, Massachusetts. Following his passing, Dora remarried in 1903 to his brother, Paul Revere.