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The Golden GhettoThe American Commercial Community at Canton and the Shaping of American China Policy, 1784-1844$
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Jacques M. Downs

Print publication date: 2014

Print ISBN-13: 9789888139095

Published to Hong Kong Scholarship Online: May 2015

DOI: 10.5790/hongkong/9789888139095.001.0001

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American Business under the Old System

American Business under the Old System

Chapter:
(p.65) 2 American Business under the Old System
Source:
The Golden Ghetto
Author(s):

Jacques M. Downs

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888139095.003.0005

Chapter 2 describes how American merchants conduct their business under the Old system. The most profitable trade were tea and silk. Foreign merchants were regulated by the Canton System and their “Eight Regulations”. While most merchants found this a flawed system, they also considered it convenient. Although the Chinese laws forbid the commercial operations, some merchants made substantial fortunes in China through a number of subsidiary businesses, such as money lending, speculation and renting property.

Keywords:   China, China Trade, American, Opium, First Opium War, Trade, Sino-US Treaty of Wanghia, Opium smuggling, American foreign policy in China

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