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David Sassoon & Co. facts for kids
David Sassoon & Co., Ltd. was a very important trading company that operated mostly in India, China, and Japan. It was active during the 1800s and early 1900s. In its early days, it was known as "David Sassoon & Sons."
Contents
The Story of David Sassoon & Co.
The company was started in 1832 by David Sassoon (1792–1864). He was a businessman from a Baghdadi Jewish family. The company began in Bombay (now Mumbai), India.
It started small, focusing on banking and buying property. But soon, it grew into a successful business. They traded many different things, like precious metals, silks, gums, spices, wool, and wheat. The company became especially good at trading Indian cotton yarn from Bombay to China.
Growing the Business Around the World
As David Sassoon & Co. grew, it opened offices in many places. In India, they had branches in Calcutta and Karatchi. They also opened offices in Hong Kong (1843) and China. These Chinese offices were in Canton, Hankow, and Shanghai (1845).
Later, they expanded to Japan, with offices in Kobe, Nagasaki, and Yokohama. They even had branches in the Persian Gulf (Bagdad) and the United Kingdom (London, Manchester).
David Sassoon had many sons. He placed them in charge of the new offices, much like the Rothschilds did in Europe. David Sassoon owned the whole business himself until 1852. Then, his son Abdallah Sassoon (1818–1896) became a partner. His second son, Elias David Sassoon (1820–1880), joined soon after.
A New Company is Born
In 1867, Elias David Sassoon decided to leave the family business. This was three years after his father, David Sassoon, passed away. Elias started his own company called "E.D. Sassoon & Co.."
His new company began by trading things like dried fruits, metals, tea, and silk. It started with small offices in Bombay and Shanghai. Elias's company quickly became very active and successful. Later, it even became larger than David Sassoon & Co.
New Steps for David Sassoon & Co.
Even with the new competition, David Sassoon & Co. kept growing. In 1872, they moved their main office from Bombay to London. This helped them connect better with important markets and information.
In 1874, David Sassoon started a new company in Bombay. It was called the "Sassoon Spinning and Weaving Company." This company opened seven cotton mills, which made cotton fabric.
In 1875, David Sassoon & Co. built the Sassoon Docks in Bombay. These were the first commercial wet docks there. They were very important for helping India trade cotton with other countries. In 1883, the company also started making silk. They formed the "Sassoon & Alliance Silk Mill Co. Ltd." The company also bought a lot of property in Hong Kong and China.
David Sassoon & Co. also worked as an agent for other companies. They helped businesses like the "Norwich Union Fire Insurance Society Ltd." and the "Lancashire Insurance Company." They also worked for the Apcar Line, which ran steamships between Calcutta, Hong Kong, and Japan.
Banking and Leadership Changes
From its very beginning, David Sassoon & Co. was involved in banking. They were part of a group of British merchants who started the "Hong Kong & Shanghai Banking Corporation" in 1865. They also helped set up the "Anglo-California Bank, Ltd." in 1873. When the Imperial Bank of Persia was created in 1889, David Sassoon & Co. was one of its main funders.
After David Sassoon passed away, his son Sir Albert Sassoon took over the business. Later, Sir Edward Sassoon became the leader. In 1901, under Sir Edward's leadership, David Sassoon & Co. became a Joint-stock company. This meant that shares could be given to important company managers who were not part of the Sassoon family. This change helped the company deal with new challenges from other businesses.
After Sir Edward Sassoon died in 1912, his uncle Frederick David Sassoon (1853–1917) became the main person in charge. After Frederick's death in 1917, a cousin named David Gubbay (1865–1928) became the chairman. When Gubbay died in 1926, the Sassoon family was no longer directly involved in running the company. Sir Philip Sassoon (1888–1939) was chairman for a while, but it was mostly a title, even though he still owned shares.
After the Second World War, David Sassoon & Co. was eventually sold to UBS, a bank from Switzerland.
See also
- David Sassoon
- Sassoon family
- E.D. Sassoon & Co.
- List of trading companies