231:. The Russell & Co. saw the opportunity to introduce American-produced steamboats to the new treaty ports along the Yangtze Basin, as the Qing government underwent a massive industrialisation project. It relied on the friendship with Chinese compradors and merchants as well as the fund from some British companies to found the Shanghai Steam Navigation Company.
258:. The Russells faced difficulties as it was lack of funding for development and was further devastated during the financial crisis. In the period between the 1860s and 70s, many major firms failed, including the British firm Dent & Co., Beale & Co., Maitland, Bush & Co., Mackellar & Co.; and the American firm
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family whom they had established a close relationship for a long time. S. W. Pomeroy, a
Russell partner and former director of the Hongkong and Shanghai Bank, with other members of the company, criticised Forbes brothers for sponsoring the National Bank in which the Hongkong and Shanghai Bank viewed
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was on the board and its chairman. Russells was also content with its own banking branch. However, Russells gradually changed its attitude as it established relationship with the
Hongkong and Shanghai Bank. By December 1866, William Forbes was elected to the board of directors of the bank and
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As a result, credit from that bank to
Russell & Co. was curtailed. The antagonistic Hongkong and Shanghai Bank forced Russells to sell its assets to bail it out. The Russell & Co. collapsed few months after on 9 June 1891. The firm was business acquired by two of its employees,
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In 1875, Russells' major competitor
Augustine Heard & Co. failed which led to the resignation of Albert Heard from the board of the Hongkong and Shanghai Bank.
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Like many family members before him, William Forbes joined the
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Forbes lived with his wife at a villa called Rose Hill on Caine Rd, in Hong Kong. He died on July 10, 1896, at the age of 58, in
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as rival, which led to
William Forbes's resignation from the board of the Hongkong and Shanghai Bank in March 1891.
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was about to end. At that time the
Russell & Co. was engaged in the Anglo-American steamship rivalry on the
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175:(November 25, 1837 – July 10, 1896) was an American businessman in Hong Kong. He was the head partner of the
199:. He was the eldest son of Paul Siemen Forbes (1808–1886), who travelled to China in 1857 joined his cousin
343:, who later became the 32nd President of the United States. William was also one of Franklin's godfathers.
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In 1867, after a period of engagement, Forbes married
Deborah "Dora" Perry Delano (1847–1940), daughter of
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was one of the largest shareholders of the new bank, similar to the
Jardines' attitude as its major rival
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to draw some capital. Forbes became one of the founders with his brother Henry De Courcy and the
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Sara and
Eleanor: The Story of Sara Delano Roosevelt and Her Daughter-in-Law, Eleanor Roosevelt
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455:"Russell and Company in Shanghai, 1843–1891: U. S. Trade and Diplomacy in Treaty Port China"
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A History of Modern Shanghai Banking: The Rise and Decline of China's Finance Capitalism
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Report of the Medical Missionary Society's Hospital in Canton, China, for the Year 1877
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358:. After William died in 1896, his wife Dora married his brother, Paul Revere, in 1903.
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which operated a hospital and missionary works in Canton. He was also a member of the
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Russells attempted to rescue itself when it was about to bankrupt by founding the
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William Forbes was born on November 25, 1837, in New York, United States to the
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584:"A Notable Passage to China – Myth and Memory in FDR's Family History, Part 3"
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However, the Russell & Co. gradually lost competition against the British
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375:"Forbes Family. Forbes Family Business Records, 1658–1968: A Finding Aid"
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when was first formed in 1866, as Russells' main rival in shipping, the
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which was more efficient under the leadership of the Chinese comprador
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who had been heavily involved in China trade and served as partner in
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During his life in Hong Kong, Forbes was also vice-president of the
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532:"The Hong Kong Government Gazette (no. 153)". 26 April 1884: 342.
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Hong Kong General Chamber of Commerce – Report for the Year 1887
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from 1879 to 1880. He was the uncle of United States President
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in 1884. He had also been briefly an honorary consul for the
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and was the 11th chairman of the board of Directors of
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Franklin D. Roosevelt Presidential Library and Museum
287:and Alexander Charles Tomes, who renamed the firm
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315:in Hong Kong. It is said that Forbes Street, in
215:(1849–1920) and Paul Revere Forbes (1860–1936).
247:subsequently chairman on several occasions.
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234:Russell & Co. refused to join the
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305:Hong Kong General Chamber of Commerce
717:Hong Kong people of American descent
712:Hong Kong businesspeople in shipping
692:19th-century American businesspeople
687:Businesspeople from New York (state)
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211:. William had two younger brothers,
503:. Hongkong: Noronha & Co. 1888.
379:Harvard Business School, Boston, MA
301:Medical Missionary Society of China
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707:Hong Kong financial businesspeople
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727:American expatriates in Hong Kong
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605:. St. Martin's Press. p. 83.
411:"History of J.M. Forbes & Co"
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397:Massachusetts Historical Society
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307:and the founding steward of the
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565:"39 Conduit Road: the prequel"
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484:. Hongkong: De Souza & Co.
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732:American expatriates in China
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635:"Society at Home and Abroad"
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515:"1884-11-04 Formation HKJC"
252:Jardine, Matheson & Co.
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702:Hong Kong chief executives
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722:Hong Kong philanthropists
415:J.M. Forbes & Co. LLP
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545:Cite journal requires
393:"Forbes Family Papers"
272:National Bank of China
213:Henry De Courcy Forbes
149:Henry De Courcy Forbes
658:William Howell Forbes
617:"Roosevelt Genealogy"
601:Pottker, Jan (2014).
309:Hong Kong Jockey Club
173:William Howell Forbes
140:Valeria Medora Forbes
22:William Howell Forbes
462:Hong Kong University
433:Ji, Zhaojin (2003).
154:Robert Bennet Forbes
113:Deborah Perry Delano
453:He, Sibing (2011).
352:Riverside Cemetery
348:Newburgh, New York
339:and gave birth to
260:Olyphant & Co.
225:American Civil War
201:John Murray Forbes
159:John Murray Forbes
138:Paul Siemen Forbes
80:Riverside Cemetery
68:Newburgh, New York
588:Prologue Magazine
571:. 30 August 2010.
337:James Roosevelt I
329:Warren Delano Jr.
313:Sweden and Norway
295:Life in Hong Kong
205:Russell & Co.
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62:(1896-07-10)
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682:1896 deaths
677:1837 births
671:Categories
362:References
335:, married
191:Early life
90:Occupation
34:1837-11-25
291:in 1895.
151:(brother)
145:Relatives
135:Parent(s)
166:(nephew)
98:Employer
93:Merchant
46:New York
161:(uncle)
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219:Career
209:Canton
108:Spouse
70:, U.S.
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