Hollingworth Magniac
Encyclopedia
Hollingworth Magniac was a merchant and connoisseur of medieval art. He was instrumental in the formation of Jardine Matheson, and Company
, one of the largest trading houses in Asia during the 19th century.
goldsmith who exported clocks and watches to China. In order to keep an eye on his business interests there, he despatched his son Charles to Canton where he went into partnership with Daniel Beale
, an experienced China merchant.
Before the removal of the East India Company
's monopoly on British trade with India and the Far East in 1834, the Scots-born seaman John Reid, a partner in Cox & Beale, the precursor to Jardine Matheson and Company, discovered a way to circumvent the East India Company's jurisdiction. He took out Austrian citizenship and gained an appointment as Chinese Consul from the Emperor of Austria. As he now had diplomatic residence rights he no longer needed a licence to trade in Canton from the East India Company. Other partners in the firm quickly followed this example. In Hollingworth's case, he became Prussia
n Vice-Consul under his brother Charles, who was senior to him in the partnership. Charles was killed in Paris in 1924 (1824??)during a trip to Europe.
Magniac & Co, founded by Charles in the 18th century, had grown into one of the largest and most prominent of all the China trading houses
. However, after Charles' death the firm was taken over by his brother Daniel who was subsequently forced to resign after he married his Chinese mistress and brought the family into disrepute. That left Hollingworth in charge but by 1824 (some sources state 1822), the firm was in disarray. Wishing to leave Asia, Hollingworth went in search of competent partners to join his firm. Previously, Scottish merchant William Jardine had helped Daniel Magniac by sending his young son Daniel Francis, his child by his Chinese wife, to Scotland for schooling. After an extensive search for a senior partner, Hollingworth settled on Jardine, whose business reputation was already well known throughout Asia. Magniac and Jardine also invited James Matheson
to join the firm. Magniac returned to England in 1828 with the firm in the hands of two of the most talented traders in Asia. Contrary to the practice at the time of retiring partners removing their capital from the firm, Hollingworth left his capital in trust to Jardine and Matheson. The firm remained as Magniac and Co. until 1832, as the name was still formidable throughout China and India. The partnership was then restructured to become Jardine Matheson and Company
which would go on to become the largest trading company in Asia and later a Fortune 500
listed company.
Magniac married Helen Sampson, daughter of Peter Sampson, in 1827. After his return to England, in 1835 Magniac became a partner in the merchant banking firm of Magniac, Smith & Co. along with partners John Abel Smith
and Oswald Smith at 3 Lombard Street
, London. Jardine agreed to make them agents for Jardine Matheson and Company with the proviso "At no time shall it be expedient that we should give up the option of carrying on transactions with other London houses". In 1841 the bank was renamed Magniac, Jardine & Co. when William Jardine became a partner on his return to England.
, Bedfordshire. There is a memorial to Magniac and his wife in the local church.
now in the Victoria and Albert Museum
as well as the Reliquary
from the Shrine of St. Oda which later passed to his son Charles
Jardine Matheson Holdings
Jardine Matheson Holdings Limited often referred to as Jardines, is a multinational corporation incorporated in Bermuda and based in Hong Kong. While listed on the London Stock Exchange and the Singapore Exchange, the vast majority of Jardines shares are traded in Singapore...
, one of the largest trading houses in Asia during the 19th century.
Biography
Magniac was born on 15 April 1786 in Colworth, Bedfordshire, the son of Colonel Francis Magniac and Frances Attwood. His father was a French HuguenotHuguenot
The Huguenots were members of the Protestant Reformed Church of France during the 16th and 17th centuries. Since the 17th century, people who formerly would have been called Huguenots have instead simply been called French Protestants, a title suggested by their German co-religionists, the...
goldsmith who exported clocks and watches to China. In order to keep an eye on his business interests there, he despatched his son Charles to Canton where he went into partnership with Daniel Beale
Daniel Beale
Daniel Beale was a Scottish merchant and fur trader active in the Far East mercantile centres of Bombay, Canton and Macau as well as at one time the Prussian consul in China.-Biography:...
, an experienced China merchant.
Before the removal of the East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
's monopoly on British trade with India and the Far East in 1834, the Scots-born seaman John Reid, a partner in Cox & Beale, the precursor to Jardine Matheson and Company, discovered a way to circumvent the East India Company's jurisdiction. He took out Austrian citizenship and gained an appointment as Chinese Consul from the Emperor of Austria. As he now had diplomatic residence rights he no longer needed a licence to trade in Canton from the East India Company. Other partners in the firm quickly followed this example. In Hollingworth's case, he became Prussia
Prussia
Prussia was a German kingdom and historic state originating out of the Duchy of Prussia and the Margraviate of Brandenburg. For centuries, the House of Hohenzollern ruled Prussia, successfully expanding its size by way of an unusually well-organized and effective army. Prussia shaped the history...
n Vice-Consul under his brother Charles, who was senior to him in the partnership. Charles was killed in Paris in 1924 (1824??)during a trip to Europe.
Magniac & Co, founded by Charles in the 18th century, had grown into one of the largest and most prominent of all the China trading houses
Canton System
The Canton System served as a means for China to control trade with the west within its own country. Seen from the European view, it was a complement to the Old China Trade.-History:...
. However, after Charles' death the firm was taken over by his brother Daniel who was subsequently forced to resign after he married his Chinese mistress and brought the family into disrepute. That left Hollingworth in charge but by 1824 (some sources state 1822), the firm was in disarray. Wishing to leave Asia, Hollingworth went in search of competent partners to join his firm. Previously, Scottish merchant William Jardine had helped Daniel Magniac by sending his young son Daniel Francis, his child by his Chinese wife, to Scotland for schooling. After an extensive search for a senior partner, Hollingworth settled on Jardine, whose business reputation was already well known throughout Asia. Magniac and Jardine also invited James Matheson
James Matheson
Sir James Nicolas Sutherland Matheson, 1st Baronet , born in Shiness, Lairg, Sutherland, Scotland, was the son of Captain Donald Matheson, a Scottish trader in India...
to join the firm. Magniac returned to England in 1828 with the firm in the hands of two of the most talented traders in Asia. Contrary to the practice at the time of retiring partners removing their capital from the firm, Hollingworth left his capital in trust to Jardine and Matheson. The firm remained as Magniac and Co. until 1832, as the name was still formidable throughout China and India. The partnership was then restructured to become Jardine Matheson and Company
Jardine Matheson Holdings
Jardine Matheson Holdings Limited often referred to as Jardines, is a multinational corporation incorporated in Bermuda and based in Hong Kong. While listed on the London Stock Exchange and the Singapore Exchange, the vast majority of Jardines shares are traded in Singapore...
which would go on to become the largest trading company in Asia and later a Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
listed company.
Magniac married Helen Sampson, daughter of Peter Sampson, in 1827. After his return to England, in 1835 Magniac became a partner in the merchant banking firm of Magniac, Smith & Co. along with partners John Abel Smith
John Abel Smith
John Abel Smith was a British Member of Parliament for Chichester and Midhurst.He was the son of John Smith who preceded him as MP for Midhurst....
and Oswald Smith at 3 Lombard Street
Lombard Street
There are several famous Lombard Streets:* Lombard Street , famed for its twists and turns* Lombard Street, London, leading from the Bank of England to Gracechurch Street...
, London. Jardine agreed to make them agents for Jardine Matheson and Company with the proviso "At no time shall it be expedient that we should give up the option of carrying on transactions with other London houses". In 1841 the bank was renamed Magniac, Jardine & Co. when William Jardine became a partner on his return to England.
Death
Magniac died on 31 March 1867 at age 80 in London, England. He is buried in the Magniac mausoleum in SharnbrookSharnbrook
Sharnbrook is a village and civil parish located in the Bedford Borough of Bedfordshire, England.The settlement was recorded in the Domesday Book of 1086 as a parish within the Hundred of Willey but was probably first developed in Saxon times. The oldest surviving building, St Peter's Church, is...
, Bedfordshire. There is a memorial to Magniac and his wife in the local church.
Medieval art collection
Magniac's collection of medieval art included a fake "15th-century" Swiss or German cofferCoffer
A coffer in architecture, is a sunken panel in the shape of a square, rectangle, or octagon in a ceiling, soffit or vault...
now in the Victoria and Albert Museum
Victoria and Albert Museum
The Victoria and Albert Museum , set in the Brompton district of The Royal Borough of Kensington and Chelsea, London, England, is the world's largest museum of decorative arts and design, housing a permanent collection of over 4.5 million objects...
as well as the Reliquary
Reliquary
A reliquary is a container for relics. These may be the physical remains of saints, such as bones, pieces of clothing, or some object associated with saints or other religious figures...
from the Shrine of St. Oda which later passed to his son Charles
Charles Magniac
Charles Magniac was a British financier and Liberal politician who sat in the House of Commons in two periods between 1868 and 1886.He was the eldest son of Hollingworth Magniac of Colworth, Bedfordshire...
Issue
- Charles MagniacCharles MagniacCharles Magniac was a British financier and Liberal politician who sat in the House of Commons in two periods between 1868 and 1886.He was the eldest son of Hollingworth Magniac of Colworth, Bedfordshire...
, Member of Parliament for St. IvesSt Ives (UK Parliament constituency)St. Ives is a county constituency represented in the House of Commons of the Parliament of the United Kingdom. It elects one Member of Parliament by the first past the post system of election.-History:... - Fanny Eliza Magniac (c 1827–5 May 1903)