Week 2 explores Americans’ first contacts with the East. Voyages of “commerce and discovery” opened new worlds (in the national consciousness), ushered in an era of economic recovery, and fostered a body of writing through which Yankee travelers and expatriates began to fashion a national identity. Their experiences and texts introduced their countrymen to India, Canton, and the Pacific and inspired their countrymen to think of themselves as citizens of the world as well as enlightened republicans. In preparation for Week 2, consider the essay below by Paul E. Fontenoy, “An "Experimental" Voyage To China. 1785-1787” (The American Neptune http://www.pem.org/sites/neptune/voyage1.htm).
1. What was the motivation for sending the Experiment to China rather than pursue the conventional West Indies and European trade routes?
2. Who were the merchants who sent the Experiment to China? What was the “India Company of Experiment”?
3. What was the outward bound cargo loaded aboard the Experiment? How did this cargo compare to those shipped by the European companies or by the Empress of China in 1784?
4. What was the “homebound cargo purchased in Canton”; why does Fontenoy write that it “contained no surprises”?
5. Why does Fontenoy believe this was a successful voyage despite the modest profit reported?
6. What does Fontenoy identify as the distinguishing features of the voyage?
1. The success of the Empress of China--the first American voyage to China.
ReplyDelete2. Gullian Vetplanck, Robert Dale, William Laight, and James Stewart led a group of 17 investors including the owners of the ship (Stewart Dean and Teunis T. Van Vechten). I couldn't find an explanation of the India Company of Experiment, is this what the group of investors referred to themselves as?
3. The outward bound cargo included 6,116 lbs of ginseng, lots of alcohol (four hogsheads of "Jamaica spirits" and four quarter-casks of wine), as well as furs and naval stores. The major difference between the Experiment's cargo and Empress of China's is that the Experiment's included a lot more ginseng (not to mention that none of their cargo brought in as much as it was expected to).
4. The homebound cargo consisted of Tea, Chinesetea cups, saucers, and breakfastware, and Nankeens. I would guess that Fontenoy writes that it contained no surprises because it consisted of China's biggest exports (especially tea).
5. Because it is “valuable in illustrating a number of prominent features of the early American trade with China.”
6. The way the investors financed the voyage, the way the “company” broke up after the voyage, and the small size of the ship, and the way it represented the eagerness of Americans to get involved with the markets of the far-East.
In his “An ‘Experimental’ Voyage to China, 1785-1787,” Paul E. Fontenoy details a voyage that was the follow-up to the highly successful Empress of China voyage. In fact, it was the incredible financial success of the Empress of China that led to the investing in the Experiment; because the Empress of China cleared a profit of 25-30%, investors saw the China trade as a new and lucrative market. The newly formed, albeit short-lived “India Company of Experiment” was comprised of near twenty men and/or partnership firms, including main financiers, and committee members, Gullian Vetplanck, James Stewart, Robert Dale, and William Laight and the Experiment’s owners, Stewart Dean and Teunis T. Van Vechten. The India Company of Experiment was made up of so many men due to the excessive cost of the voyage. Not all maritime ventures could be or would be financed by Robert Morris of Philadelphia, as the Empress of China’s voyage had been. The exported cargo for the company was more than three tons of American ginseng, rum, Madeira wine, luxury items like fur, arms, tobacco, and miscellaneous naval goods, such as turpentine and resin. Fontenoy makes a point to note that such mixed cargoes and weaponry were deemed necessary for a successful commercial voyage (3). However, unlike other maritime commerce, this trip was not as successful in its profitability. The imports, on the other hand, “contained no surprises” as it was made almost entirely of Chinese tea. The minority of the imports was made up of tea cups and saucers, as well as bales of cotton cloth called Nankeens. Though it was a financial disappointment, the Experiment is valuable in other ways. It shows an “eagerness” in the new nation to establish foreign trade and make a commercial name for itself, and deal with breaking open the “self-sufficiency” of Chinese commerce. This venture also is unique in the contained, short-lived company and large number of those involved as well as the small stature of the ship for such a venture. Though this trip was not as successful as the first American voyage to China, with the Empress of China, it does illustrate the determination of the early American maritime industry.
ReplyDeleteAfter reading Paul E. Fontenoy's article "An 'Experimental' Voyage to China, 1785-1787." It seems the biggest motivation for sending the Experiment to China was what Fontenoy calls the "absence of a strong market for U.S. goods" which be believes "handicapped American trade." Further, I believe that investors saw the success of the Empress of China and wanted to emulate this by likewise engaging in trade with the Chinese. A group of eighteen investors, which included both individuals and small partnerships or firms, purchased a total of eighteen shares. These individuals made up what was called the "India Company of Experiment." Some of the specific investors were Stewart Dean and Teunis T. Van Vechten, Peter Schermerhorn, Ten Eyck & Seamana, Gullian Vetplanck, James Stewart, Robert Dale, and William Laight. In 1784 The Empress of China, had taken out a mixed cargo which included "thirty tons of Appalachian ginseng, fifty tons of cordage, and thirty tons of lead, plus planks, cloth, and assorted wines and spirits." The Experiment followed the Empress by having a similar cargo. However, this time the cargo sold for a lot less. (This helps portray the 'boom and bust' nature of early trade in China) Additionally, Fontenoy claims that the homebound cargo purchased in Canton "contained no surprises" because the chief import was Chinese tea. Chinese tea was in high demand in America during this time period, so it only makes sense that this would be one of the main products brought back. Fontenoy also explores the investors belief in the success of the Experiment's voyage. He claims that although they only made a profit of about 8% they still felt optimistic enough to inquire about a second voyage. The investors are quoted as saying “that an Advantageous Adventure may be made to China if undertaken with prudence & managed with Economy.” It appears that they thought that they had a better understanding of what items to buy and sell the second time around. Also they believed that they could make a large profit (around 88%) on selling Chinese goods to the Americans. Fontenoy identifies a few distinguishing features while talking about the Experiment's voyage. He claims that the voyage epitomizes the eagerness with which Americans embraced foreign trade after independence. He also states that the venture was characteristic in its large amount of backers who were "capable of remarkably decisive and enterprising action." He further notes that this venture typifies American merchants' preference for using smaller ships rather than the "massive European East Indiamen." Finally he states that "this voyage shares the characteristic feature of being largely self-contained in nature."
ReplyDeleteFollowing the renowned success of the Empress of China’s inaugural voyage to China, the investors behind Experiment hoped to profit similarly. The principle investors saw the American market as stifled and therefore were trying to broaden their trade opportunities. The voyage itself was divided in eighteen shares, which were distributed among private investors and small firms who saw the potential for capital return on the voyage. These investors, which included Peter Schermerhorn, James Stewart, and Robert Dale, among others, called themselves the “India Company of Experiment.” Without practical experience with the markets in China, the investors based their cargo decisions on what the Empress of China had carried, hoping to emulate its triumph. The exports included alcohol, ginseng, cloth, and lead. Between the disappointing sale prices of the American goods in Canton and expenses incurred in port, there was not much remaining with which to purchase Chinese products. On the return voyage, the Experiment made the safe bet of primarily bringing back Chinese Green tea., which was a high demand good in the young United States of America. This voyage exemplifies the enthusiasm of early American merchants It was a self contained venture from beginning to end and utilized the typically smaller vessels that American investors tended to prefer.
ReplyDeleteJennifer Downing said...
ReplyDelete1. What was the motivation for sending the Experiment to China rather than pursue the conventional West Indies and European trade routes? Inspiration from the Empress of China’s profits, an unprofitable trade venture to South Carolina, which also included poor trade prospects in Madeira and St. Eustatia and which the merchants attributed to "the Kooped condition of the american Trade [which] at present is such that where formerly One American Vessel frequented that or any of the American Ports, there is now Ten, and every place is over Run & Glutted owing to our not having Liberty of the English West India Trade," motivated the merchants to pursue trade with China.
2. Who were the merchants who sent the Experiment to China? The seventeen shareholders who sent the Experiment to China were made up of individuals and small firms, including Dean, Stewart & Jones, Teunis T. Van Vechten, Peter Schermerhorn and Ten Eyck & Seaman. What was the “India Company of Experiment”? These merchants referred to themselves as "India Company of Experiment."
3. What was the outward bound cargo loaded aboard the Experiment? Ginseng, “Jamaican Spirits,“ “Old Madeira Wine,” assorted furs, tobacco, naval stores, and "Eighteen Boxes of Spanish Milled Dollars containing 1000 Dollars each" comprised the Experiment’s cargo. How did this cargo compare to those shipped by the European companies or by the Empress of China in 1784? The Empress of China’s financially profitable cargo influenced the merchants who sent the Experiment. That cargo consisted of “Appalachian ginseng, fifty tons of cordage, and thirty tons of lead, plus planks, cloth, and assorted wines and spirits.” Particularly, the Empress of China’s high yield of profit from ginseng and alcohol encouraged the Experiment’s merchants to invest in the same.
4. What was the “homebound cargo purchased in Canton”; why does Fontenoy write that it “contained no surprises”? The homeward bound cargo consisted of tea, "26 Chests of China Tea cups & Saucers ...5 Chests of Breakfast China," and "80 Bales of Nankeens." Fontenoy writes that this cargo “contained no surprises” because these are the imports that appealed to Americans and would bring a faster sale and surer profit.
5. Why does Fontenoy believe this was a successful voyage despite the modest profit reported? Although indicating that the voyage was not very profitable, returning only about eight percent, Fontenoy believes the “Final Settlement” understates the success of the voyage “since several of the original investors came together to promote a second venture.”
6. What does Fontenoy identify as the distinguishing features of the voyage? Fontenoy identifies several salient characteristics of the Experiment voyage: the minimizing of individual risk through multiple small-scale investors, the self-contained nature of the voyage, the relatively small size of the ship, the merchants’ search for goods that would appeal to the Chinese, and the embrace of foreign trade following independence.
Motivation to send the Experiment to China came largely from the profits taken by the investors in the Empress of China's voyage. 25-30% profit margins must have been quite rare at the time, and stand in stark contrast to the poor return recently made during trading voyages to the West Indies and Charleston.
ReplyDeleteThe financers of the voyage were merchants from Albany and New York who opted to finance the voyage through the selling of shares. The India Company of Experiment was in fact a group of disparate investors who chose to minimize their exposure to risk by inviting a large number of subscribers.
The outward cargo consisted of over 3 tons of American Ginseng and naval stores, in addition to Madeira wine and Jamaican rum taken onboard enroute to Asia. The Experiment also carried an unusually high percentage of its carge value in silver coin, to insure against the fickle nature of the Chinese market. Europeans, because their trade with China was more mature, had a better read of the appetites for certain goods (firearms, finished manufactured goods) in Chinese markets and also relied heavily on silver.
The homebound cargo consisted mainly of tea and tableware, which Americans had been buying from China through the East India Company for many decades.
The voyage served as a model for future voyages; smaller ships in the 400-ton size, consigned by ad-hoc companies of investors that would form and dissolve for the purpose of a single voyage, able captains, smaller crews, and an overall more-nimble enterprise than their European contemporaries.
The voyage was relatively fast, safe, and a majority of the profits arose from the sale of Chinese goods in American ports.
1. What was the motivation for sending the Experiment to China rather than pursue the conventional West Indies and European trade routes?
ReplyDeleteThe expedition of Experiment to China was supposed to be more ambitious than the trades to West India and Europe. The merchants concerned the profit but more desired to explore a new market for a new independent country. The previous success of the Empress inspired the Experiment to venture.
2. Who were the merchants who sent the Experiment to China? What was the “India Company of Experiment”?
According to the article, it says that there were 17 subscribers, including individuals and small partnerships or firms, who promoted the trade. To realize this business, merchants set up a company called "India Company of Experiment" to manage it. By doing this, as the author said, "individual risks were minimized and the relatively large investment necessary for the venture was raised rapidly."
What was the outward bound cargo loaded aboard the Experiment? How did this cargo compare to those shipped by the European companies or by the Empress of China in 1784?
The Experiment loaded ginseng, alcohol, furs and other goods that American merchants wished to meet China market. The Experiment, was a smaller cargo than that of Europe and the Empress. Under 400 tons, the Experiment was more practical for early American merchants since it "was more economical to operate, handier in confined or inadequately charted waters, and offered a faster turnaround."
What was the “homebound cargo purchased in Canton”; why does Fontenoy write that it “contained no surprises”?
The Experiment went back home full of Chinese Tea, China and Chinese cloth. Not like puzzled by China market mystery, American merchants knew well what people needed in the U.S. , as the author said, it “contained no surprises”.
5. Why does Fontenoy believe this was a successful voyage despite the modest profit reported?
To understate the success of the Experiment could be wrong because the investors soon came together and plotted the second voyage to China.
6. What does Fontenoy identify as the distinguishing features of the voyage?
First, it showed that "eighteenth-century businessmen were capable of remarkably decisive and enterprising action." Second, "was the venture's self-contained nature." Last, it "epitomizes the eagerness with which Americans embraced foreign trade after independence."
By Ting Xie
1. The motivation to send the Experiment to China was due to the succesful journey of the Empress of China.
ReplyDelete2. The "India Company of Experiment" was a cooperative of many different investors; they included Stewart & Jones, Teunis T. Van Vechten, Peter Schermerhorn and Ten Eyck & Seaman.
3. The cargo was comprised of wine, spirits, furs, naval stores, tobacco, and eighteen boxes of Spanish milled dollars.
4. The cargo consisted of tea, cups, and saucers. Fontenoy felt that this was no surprise due to the fact that these items were highly valued by Americans and would turn a fast and easy profit.
5. Fontenoy felt that this voyage epitomized the American willingness to reach out to the rest of the world, make a profit, and expand their country. The voyage displayed the new American bravery and determination.
6. Fontenoy pointed out many highlights of this journey. He points out that the investors simply disbanded after the voyage was completed, and liquidated their assets. He also pointed out how the Americans chose to use smaller vessels then their European counterparts due to the fact that the American investors felt that this particualr investment was very risky. The investors also wanted a quick turnaround, which was possible with a small ship.
Sarah Fuller's Observations...
ReplyDelete1. What was the motivation for sending the Experiment to China rather than pursue the conventional West Indies and European trade routes?
The motivation behind sending the Experiment to China was based in the previous success of the Empress of China. The success of the Empress provided businessmen and other investors with the promise of continued successful trade with China.
2. Who were the merchants who sent the Experiment to China? What was the “India Company of Experiment”?
The merchants who supported the Experiment’s voyage to China were a group of New York and Albany businessmen interested in their own ventures to Canton. Important to note, however, was that the Experiment was not backed by Robert Morris, “the Philadelphia ‘Financier of the Revolution,’ who had been the principal supporter of the Empress of China's venture.” The India Company of Experiment was made up of about 17 investors and supports, both individuals and small firms, and they were the people that made the voyage of the Experiment a reality.
3. What was the outward bound cargo loaded aboard the Experiment? How did this cargo compare to those shipped by the European companies or by the Empress of China in 1784?
The outward bound cargo loaded aboard the Experiment included Ginseng and different alcohols, along with different furs, tobacco, and Spanish Milled Dollars. Those in charge of the Experiment decided to carry the Ginseng and alcohol especially because of the success that the Empress of China had had with the same cargo.
4. What was the “homebound cargo purchased in Canton”; why does Fontenoy write that it “contained no surprises”?
The homebound cargo included items such as tea, tea cups and saucers, and bales of Nankeens. Fontenoy dubs these items as containing no surprises because they were pieces of cargo that had previously proven popular amongst the American people, meaning there was greater likelihood of gaining a profit from these goods.
5. Why does Fontenoy believe this was a successful voyage despite the modest profit reported?
The Experiments voyage was successful because despite the modest profits, it proved that a smaller vessel could prove more economical. The Experiment set the stage for similar ventures and fueled Americans with more confidence as a growing trading power.
6. What does Fontenoy identify as the distinguishing features of the voyage?
Fontenoy mentions characteristics such as the vessels small size, the health and success of his crew, the lessened financial risk, the quest for goods that would appeal to both the Chinese and Americans, and how The Experiment was one more example of America asserting itself as a major trading power after the revolution.
1. The motivation to send the Experiment to China ther then the West Indies was a few different things. The main reason being the success of the Empress, the first American ship in the China Trade. The second being, most likely the curiosity of what else China had to offer.
ReplyDelete2. The merchants whom sent the Experiment to china were, a group of Albany and New York business men. The India Company of Experiment were the people whom actually made the voyage possible you could call them investors whom made the trip possible.
3. The outward bound cargo consisted of Ginseg, Fur, Alcohol, Tobacco, lead, cloth. The reason for taking cargo such as this was looking previously at the Empreses's voyage and the success that this cargo had.
4. The homeland cargo consisted to tea, tea cups, and saucers. the reason why Fotenoy explains that "there was no surprise" was the fact that these items were highly valuable and would sell very quickly in America.
5. Fotenoy believes that this was a successful voyage because it has now broadened Americas trade. No matter what the profit was, America has taken interest in what China has to offer and vice versus. This shows what will come in future trades with China.
6. Fotenoy discribes the distinguishing features of the voyage as, the size of the small vessel used, the possitive attitude of his crew, the sucess of the trade it self (China was interested in out goods as we were thiers).