Old China Trade

Old China Trade refers to the commercial exchanges between China and the United States that occurred from the late 18th century to the mid-19th century. This period marked the beginning of significant trade relations between China and the Western world, particularly the United States, which were primarily focused on the exchange of goods such as tea, silk, and porcelain from China for silver and, later, opium from the West.

History

The Old China Trade began shortly after the American Revolution, when American merchants sought new opportunities for trade. The Treaty of Paris (1783) had just concluded, and American merchants were eager to find new markets and sources of goods. China, with its vast resources and variety of products, became an attractive destination for these merchants. The trade was centered in the southern Chinese city of Guangzhou (Canton), where foreign traders were allowed to do business in the Thirteen Factories area under strict Chinese regulations.

One of the first American ships to sail to China was the Empress of China in 1784, which marked the beginning of the Old China Trade. The venture was financed by prominent New York merchants and carried a cargo of ginseng, which was highly valued in China for its medicinal properties.

Trade Goods

The primary Chinese exports to the United States during this period were tea, silk, and porcelain, which were in high demand. In return, American merchants exported ginseng, furs, and, most controversially, opium. The opium trade, in particular, became a significant and contentious part of the Old China Trade, leading to the Opium Wars between China and Britain, which also affected American interests in the region.

Impact

The Old China Trade had a profound impact on both the United States and China. For the United States, it contributed to the growth of the country's economy and the expansion of its maritime capabilities. Many prominent American families, such as the Delanos, Forbes, and Lowells, made their fortunes through the Old China Trade, and their wealth contributed to the development of American institutions and cities.

For China, the Old China Trade period was a time of increasing foreign influence and pressure, which eventually led to significant internal strife and the weakening of the Qing Dynasty. The Opium Wars and the subsequent Treaty of Nanking forced China to open more ports to foreign trade and cede Hong Kong to Britain, marking the beginning of the "Century of Humiliation."

Legacy

The Old China Trade left a lasting legacy in both the United States and China. In the United States, it contributed to the development of the East Coast economy and the establishment of trade networks that would expand across the Pacific. In China, it marked the beginning of increased foreign intervention and the challenges of modernization that would dominate the country's history in the 19th and 20th centuries.