198
GILMAN & CO.
Continuation
"The partners in the China house were R.J. Gilman, C.A. Wild, H.B. Lemann, W. Lemann, E.H. Lavers, H.F. Ramsey and F. Gilman. W.S. Young was admitted a partner on May 1, 1873, and Edward Tobin on May 1, 1874.
"About 1873, C.J. Melhuish and A.W. Glennis were made partners in the Yokohama house, in which the China partners still retained their share.
"The tide of affairs had now turned, and owing to causes which it would be tedious to recount, but of which the failure of Ruttonjee Eduljee, heavy losses in cotton (Indian), and depreciation in the value of silver acting on the realisation of heavy stocks of imports, were prominent, together with severe losses made by reckless doings in Japan, which necessitated the closing of the Yokohama house, the firm became seriously embarrassed. Mr. R.J. Gilman had decided on retiring at the end of the season 1874, and when accounts were eventually made up, it was ascertained that Gilman and Co. were indebted to Ashton & Co., their sole creditors, for roughly £62,000.
"To revert to China affairs, on the retirement of Mr. R.J. Gilman, it was arranged that the business should be continued under certain conditions imposed by Ashton & Co., the partners in Gilman & Co. having no capital and being entirely dependent for support on the London House.
The new China partnership consisted of Messrs. Wild, Lavers, Ramsey, F. Gilman, Young, and Tobin.
"In 1876, the second year of the new firm, certain operations in silk to Desgrand Pere et Fils, Lyons, called Chinese consignment, resulted in the most disastrous manner. Gilman & Co.'s branches were now closed at Hankow and Shanghai, and Mr. Ashton having retired from business on the death of Mr. Ellis J. Gilman in 1876, when Ashton & Co. went into liquidation, Mr. Ellis Gilman (Gilman Bros. & Co.) decided to carry on the China connection with Gilman & Co. at Hongkong and Foochow, the firm being represented by W.S. Young and Edward Tobin. This partnership commenced on May 1, 1877.
4
"Tobin died in February 1878, and on May 1 of the same year, W.S. Young took into partnership W.H. Harton, jr. This connection has continued with considerable prosperity for six years."
It would appear as if the firm's good period of the Eighties continued practically uninterrupted thereafter.
As indicating the association of the company with Hongkong, as long ago as the Sixties, we find Gilman's Bazaar already named in the west-central part of the city, with Gilman Street nearby, running from Queen's Road Central to Connaught Road.
Among the firm's old documents are several which had been circulated by Lloyd's, and which cast an interesting light on means of communication between the Far Eastern companies and England before the advent of direct telegraphic services (see 19.9.33). Gilman's are Lloyd's agents in Hongkong. One document, dated January 1, 1850, is a request that the firm send its shipping intelligence (arrivals and departures of vessels) by a route whereby one day would be saved in the time of transmission. This recalls the fact that news was conveyed partly by letter and the rest of the way by telegraph. The request from Lloyd's is that Gilman's should address shipping intelligence to Mr. Goodenough at Malta, the packet to be enclosed in another cover addressed to Mr. Corlett, care of Messrs. Briggs and Co., Alexandria. Apparently, it would be quickly relayed via Alexandria and Malta, under special arrangements.
The
198
GILMAN & CO.
Continuation
"The partners in the China house were R.J. Gilman, C.A. Wild H.B. Lemann, W. Lemann, E.H. Lavers, H.F. Ramsey and F. Gilman. W.S. Young was admitted a partner on May 1, 1873 and Edward Tobin on May 1, 1874.
"About 1873 C.J. Melhuish and A.W. Glennis were made part- ners in the Yokohama house in which the China partners still retained their share.
"The tide of affairs had now turned, and owing to causes which it would be tedious to recount, but of which the failure of Ruttonjee Eduljee, heavy losses in cotton (Indian), and depreciation in the value of silver acting on the realisation of heavy stocks of imports, were prominent, together with severe losses made by reckless doings. in Japan which necessitated the closing of the Yokohama house, the firm became seriously embarrassed. Mr. R.J. Gilman had decided on retiring at the end of the season 1874, and when accounts were eventually made up, it was ascertained that Gilman and Co. were indebted to Ashton & Co., their sole creditors, for roughly £62,000..............
"To revert to China affairs, on the retirement of Mr. R.J. Gilman it was arranged that the business should be continued under certain conditions imposed by Ashton & Co., the partners in Gilman & Co. having no capital and being entirely dependent for support on the London House.
The new China partnership consisted of Messrs. Wild, Lavers, Ransey, F. Gilman, Young and Tobin.
"In 1876, the second year of the new firm, certain operations in silk to Desgrand Pere et Fils, Lyons, called Chinese consignment, resulted in the most disastrous manner Gilman & Co.'s branches were now closed at Hankow and Shanghai, and Mr. Ashton having retired from business on the death of Mr. Ellis J. Gilman in 1876, when Ashton & Co. went into liquidation, Mr. Ellis Gilman (Gilman Bros. & Co.) decided to carry on the China connection with Gilman & Co. at. liongkong and Foochow, the firm being represented by W.S. Young and Edward Tobin. This partnership commenced on May 1, 1877.
4
"Tobin died in February 1878, and on May 1 of the sane year, W.S. Young, took into partnership W.H. Harton, jr. This connection has continued with considerable prosperity for six years."
It would appear as if the firm's good period of the Eighties continued practically uninterrupted thereafter.
As indicating the association of the company with Hongkong, as long ago as the Sixties we find Gilman's Bazaar already named in the west-central part of the city, with Gilman Street nearby, running from Queen's Road Central to Connaught Road.
Among the firm's old documents are several which had been circulated by Lloyd's, and which cast an interesting light on means of communication between the Far Eastern companies and England before the advent of direct telegraphic services (see 19.9.33). Gilman's are Lloyd's agents in Hongkong. One document, dated January 1, 1850, is a request that the firm send its shipping intelligence (arrivals and departures of vessels) by a route whereby one day would be saved in the time of transmission. This recalls the fact that news was conveyed partly by letter and the rest of the way by telegraph. request from Lloyd's is that Gilman's should address shipping intelligence to Mr. Goodenough at Malta, the packet to be enclosed in another cover addressed to Mr. Corlett, care of Messrs. Briggs and Co., Alexandria. Apparently it would be quickly relayed via Alexandria and Malta, under special arrange-
The
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