NAVIGATION ON THE YANGTSE
113
transport. It was so successful that by 1872 it had a fleet of 17 steamers, had established 9 depots on the river, and found it necessary to increase its capital from Tls. 1,000,000 to Tls. 2,000,000." During 1866 and 1867 the Shanghai Steam Navigation Company succeeded in obtaining almost a complete monopoly of the Yangtse river trade, at least in that part of it carried by foreign ships. In these two years the rival American company of Olyphant withdrew their two steamers, Jardine's transferred their two river steamers to the Hong Kong-Shanghai run, and the Shanghai Steam Navigation Company bought the steamers of Dent, Lindsay, and Heard. Their only remaining rivals were two steamers of the recently formed Union Steam Navigation Company, a Shanghai British company. These were not serious rivals to American supremacy, but in five years' time were to be sold to a new British company which was destined to challenge the American near monopoly on the river successfully.
Although American steamers were supreme on the Yangtse at this time, and also prominent on some of the coast runs, British trading firms were still the most powerful foreign firms in the treaty ports as a whole, including the three newly opened ports on the Yangtse. British ships were also the most prominent in the foreign trade of China, including that from the Yangtse ports. In 1869, for instance, two British ocean steamers went up to Hankow at the height of the tea season and loaded direct for Europe, and were followed by six in 1870, and nine in 1871.* This, of course, was a serious challenge to the Shanghai Steam Navigation Company.
Company. Of the Shanghai Steam Navigation Company's 17 ships at this time only five had been built in America, six having been built in Britain, and six in Shanghai; while a good proportion of their captains and officers were British. This, together with the fact that Russell and Company always had a friendly alliance
"Of the original Tls. 1,000,000 capital about one third was contributed by members of Russell and Company, another third by foreign business men in Shanghai, of whom the majority were British, and the last third by Chinese business men, also in Shanghai.
* Six of their steamers were on the Shanghai-Tientsin run, with calls at Chefoo, and two on the Shanghai-Ningpo run.
? As the result of a triangular arrangement between the firms of Russell, Jardine and Dent, Jardine withdrew to the coast, and helped Dent financially, and Russell agreed not to increase their services on the coast.
* One of these was Holt's Agamemnon and the other the Erl King. After this Holt's sent at least two ships to Hankow each season.
NAVIGATION ON THE YANGTSE
113
transport. It was so successful that by 1872 it had a fleet of 17 steamers, had established 9 depots on the river, and found it
necessary to increase its capital from Tls. 1,000,000 to Tls.2,000,000." During 1866 and 1867 the Shanghai Steam Navigation Company succeeded in obtaining almost a complete monopoly of the Yangtse river trade, at least in that part of it carried by foreign ships. In these two years the rival American company of Olyphant withdrew their two steamers, Jardine's transferred their two river steamers to the Hong Kong-Shanghai run, and the Shanghai Steam Navigation Company bought the steamers of Dent, Lindsay, and Heard. Their only remaining rivals were two steamers of the recently formed Union Steam Navigation Company, a Shanghai British company. These were not serious rivals to American supremacy, but in five years time were to be sold to a new British company which was destined to challenge the American near monopoly on the river successfully.
Although American steamers were supreme on the Yangtse at this time, and also prominent on some of the coast runs, British trading firms were still the most powerful foreign firms in the treaty ports as a whole, including the three newly opened ports on the Yangtse. British ships were also the most prominent in the foreign trade of China, including that from the Yangtse ports. In 1869, for instance, two British ocean steamers went up to Hankow at the height of the tea season and loaded direct for Europe, and were followed by six in 1870, and nine in 1871.* This, of course, was a serious challenge to the Shanghai Steam Navigation Company.
Company. Of the Shanghai Steam Navigation Company's 17 ships at this time only five had been built in America, six having been built in Britain, and six in Shanghai; while a good porportion of their captains and officers were British. This, together with the fact that Russell and Company always had a friendly alliance
" Of the original Tis. 1,000,000 capital about one third was contributed by members of Russell and Company, another third by foreign business men in Shanghai, of whom the majority were British, and the last third by Chinese business men, also in Shanghai.
* Six of their steamers were on the Shanghai-Tientsin run, with calls at Chefoo, and two on the Shanghai-Ningpo run.
? As the result of a triangular arrangement between the firms of Russell, Jardine and Dent, Jardine withdrew to the coast, and helped Dent financially, and Russell agreed not to increase their services on the coast.
* One of these was Holt's Agamemnon and the other the Erl King. After this Holt's sent at least two ships to Hankow each season.
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