Edward Boustead
Encyclopedia
Edward Boustead was an English businessman and philanthropist, who founded Boustead Singapore Limited and played an active role in the development of Singapore
as a business and trading centre. Boustead was born in Yorkshire, England. He was the great-grandfather of actor David Niven
.
on board the British ship Hindustan. In the same year he established Boustead & Co . The trading company specialised in import and export, offering goods such as banca tin, spices, saps, rattan, medicinal herbs, silk and tea widely available in South East Asia in exchange for Western products like cloth, oil and machinery.
In 1834, Boustead partnered with German-born merchant, Gustav Christian Schwabe
in the Singapore company. Schwabe and his cousin established Sykes Schwabe & Co in Liverpool. The Liverpool partner would export products like textiles, biscuits, brandies and steel to the East, while the Singapore partner would trade with Eastern produce such as coffee and spices. The freedom of port made Singapore an ideal market for trading among imported manufacturers.
Import of Western commodities such as textiles and machinery had to be balanced with exports of Eastern produce such as copra, coconut, pepper and tapioca. Boustead & Co had a “Balance of Trade”, where demand for goods from the East had to be balanced with demand for goods from the West.
Singapore merchant, Tan Kim Seng
, was a middleman in Boustead’s trading activities. He was also a good friend of Boustead. Tan amassed small shipments of produce from local traders for Boustead, who would then ship the produce to the West.
With a wide trading network, trade credit and finance became increasingly important to banks, merchants, manufacturers and traders. Edward Boustead actively contributed to the Singapore’s trading activities and economy. Boustead & Co was the first agent for Hongkong and Shanghai Bank in Singapore, offering banking facilities to businesses.
Brokers and sellers could draw a specific percentage of advances against the value of their goods stored in the Boustead warehouse. Such financing was called “trust receipts”, where the merchant would hold the goods in trust for the banks.
Boustead commissioned Irish civil architect, George Drumgoole Coleman
to design his company’s headquarters alongside the Singapore River
. The warehouse was known as “the house of seven and twenty pillars”, located around the corner from High Street.
In 1850, Boustead also set up a London office, Edward Boustead & Co, to oversee the other offices in Hong Kong, Manila, Shanghai and Singapore.
After his death in 1888, Boustead’s associates took over the business. Boustead Singapore Limited was listed on the Singapore Stock Exchange
on 17 October 1975.
, the first tin foundry in Singapore.
A pioneer in Singapore’s newspaper industry, Boustead was a co-founder of the Singapore Free Press with architect George Drumgoole Coleman and William Napier. The newspaper was the forerunner of The Straits Times
.
An enterprising businessman in the trading sector, Boustead was one of the founding members of the Singapore Chamber of Commerce in 1837 . The institution promoted trade in Singapore through establishing shipping, protecting trade on behalf of merchants and encouraging trade activities among merchants.
Boustead was active in community activities as well. He started the Horticultural Society, which supported the cultivation of pepper, cotton, sugar and other tropical produce. The Horticultural Society was responsible for pioneering the Singapore Botanic Garden. In 1829, Boustead started the first Singapore Club, which was called the Billiards Club.
Edward Boustead’s house, designed and built by George Drumgoole Coleman, was one of the exclusive villas on Singapore's Esplanade
. It was later converted into a hotel, renamed the Grand Hotel de l’Europe . The site where Boustead’s villa stood is now occupied by the old Supreme Court.
Boustead also donated charitably to hospitals, schools and churches. Some of these buildings included Raffles Institution
, Saint Joseph's Institution
and the Cathedral of the Good Shepherd
.
. There has been some dispute over Niven's paternity, with one biographer claiming that Niven himself believed his biological father to be Sir Thomas Comyn-Platt, whom his mother later married after her first husband was killed on active service in 1915.
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
as a business and trading centre. Boustead was born in Yorkshire, England. He was the great-grandfather of actor David Niven
David Niven
James David Graham Niven , known as David Niven, was a British actor and novelist, best known for his roles as Phileas Fogg in Around the World in 80 Days and Sir Charles Lytton, a.k.a. "the Phantom", in The Pink Panther...
.
Beginnings of Boustead & Co
In 1828, Boustead arrived in SingaporeSingapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
on board the British ship Hindustan. In the same year he established Boustead & Co . The trading company specialised in import and export, offering goods such as banca tin, spices, saps, rattan, medicinal herbs, silk and tea widely available in South East Asia in exchange for Western products like cloth, oil and machinery.
In 1834, Boustead partnered with German-born merchant, Gustav Christian Schwabe
Gustav Christian Schwabe
Gustav Christian Schwabe was a German-born merchant and financier who funded companies such as John Bibby & Sons, Harland and Wolff and the White Star Line. Born in Hamburg, Germany, Schwabe moved to Liverpool in 1838 and spent his working life there...
in the Singapore company. Schwabe and his cousin established Sykes Schwabe & Co in Liverpool. The Liverpool partner would export products like textiles, biscuits, brandies and steel to the East, while the Singapore partner would trade with Eastern produce such as coffee and spices. The freedom of port made Singapore an ideal market for trading among imported manufacturers.
Import of Western commodities such as textiles and machinery had to be balanced with exports of Eastern produce such as copra, coconut, pepper and tapioca. Boustead & Co had a “Balance of Trade”, where demand for goods from the East had to be balanced with demand for goods from the West.
Singapore merchant, Tan Kim Seng
Tan Kim Seng
Tan Kim Seng was a Straits Chinese merchant and public benefactor in Singapore in the nineteenth century.-Biography:Born in Malacca in 1805, Tan came to Singapore where he made a fortune as a trader. Tan started his firm, Kim Seng and Company, in 1840 and amassed a large fortune in his lifetime...
, was a middleman in Boustead’s trading activities. He was also a good friend of Boustead. Tan amassed small shipments of produce from local traders for Boustead, who would then ship the produce to the West.
With a wide trading network, trade credit and finance became increasingly important to banks, merchants, manufacturers and traders. Edward Boustead actively contributed to the Singapore’s trading activities and economy. Boustead & Co was the first agent for Hongkong and Shanghai Bank in Singapore, offering banking facilities to businesses.
Brokers and sellers could draw a specific percentage of advances against the value of their goods stored in the Boustead warehouse. Such financing was called “trust receipts”, where the merchant would hold the goods in trust for the banks.
Boustead commissioned Irish civil architect, George Drumgoole Coleman
George Drumgoole Coleman
George Drumgoole Coleman , also known as George Drumgold Coleman, was an Irish civil architect who played an instrumental role in the design and construction of much of the civil infrastructure in Singapore, after the island was founded by Sir Stamford Raffles in 1819.Born in Drogheda County Louth,...
to design his company’s headquarters alongside the Singapore River
Singapore River
The Singapore River is a river in Singapore with great historical importance. The Singapore River flows from the Central Area, which lies in the Central Region in the southern part of Singapore before emptying into the ocean...
. The warehouse was known as “the house of seven and twenty pillars”, located around the corner from High Street.
In 1850, Boustead also set up a London office, Edward Boustead & Co, to oversee the other offices in Hong Kong, Manila, Shanghai and Singapore.
After his death in 1888, Boustead’s associates took over the business. Boustead Singapore Limited was listed on the Singapore Stock Exchange
Singapore Exchange
Singapore Exchange Limited is an investment holding company located in Singapore and providing different services related to securities and derivatives trading and others. SGX is a member of the World Federation of Exchanges and the Asian and Oceanian Stock Exchanges FederationSingapore Exchange...
on 17 October 1975.
Role in development of Singapore
Boustead was a shareholder in the Tanjong Pagar Dock Company (now known as the Port of Singapore Authority). He was also a key investor in the Straits Trading CompanyStraits Trading Company
The Straits Trading Company Limited is a Singapore-based corporation with operations in Singapore and Malaysia, as well as various localities in Asia and Australia....
, the first tin foundry in Singapore.
A pioneer in Singapore’s newspaper industry, Boustead was a co-founder of the Singapore Free Press with architect George Drumgoole Coleman and William Napier. The newspaper was the forerunner of The Straits Times
The Straits Times
The Straits Times is an English language daily broadsheet newspaper based in Singapore currently owned by Singapore Press Holdings . It is the country's highest-selling paper, with a current daily circulation of nearly 400,000...
.
An enterprising businessman in the trading sector, Boustead was one of the founding members of the Singapore Chamber of Commerce in 1837 . The institution promoted trade in Singapore through establishing shipping, protecting trade on behalf of merchants and encouraging trade activities among merchants.
Boustead was active in community activities as well. He started the Horticultural Society, which supported the cultivation of pepper, cotton, sugar and other tropical produce. The Horticultural Society was responsible for pioneering the Singapore Botanic Garden. In 1829, Boustead started the first Singapore Club, which was called the Billiards Club.
Edward Boustead’s house, designed and built by George Drumgoole Coleman, was one of the exclusive villas on Singapore's Esplanade
Esplanade, Singapore
The Esplanade is a waterfront location just north of the mouth of the Singapore River in downtown Singapore. It is primarily occupied by the Esplanade Park, and was the venue where one of Singapore's largest congregation of satay outlets until their relocation to Clarke Quay as a result of the...
. It was later converted into a hotel, renamed the Grand Hotel de l’Europe . The site where Boustead’s villa stood is now occupied by the old Supreme Court.
Philanthropy
Many sailors were left homeless when they were sick or too old to work. Boustead was an altruistic man and he felt compassion for these sailors. He built the Boustead Institute, situated at Tanjong Pagar. The building came to be known as the Sailor’s Home, providing accommodation for sailors of ships visiting the port as well.Boustead also donated charitably to hospitals, schools and churches. Some of these buildings included Raffles Institution
Raffles Institution
Raffles Institution , founded in 1823, is the oldest centre for pre-tertiary learning in Singapore. It is an independent school in Singapore providing secondary and pre-university education. RI consists of a boys-only secondary section , and a coeducational pre-university section...
, Saint Joseph's Institution
Saint Joseph's Institution
Saint Joseph's Institution is a Catholic secondary school for male students in Singapore. It was founded in 1852 as "Saint John's Institution", and is the third oldest educational institution in Singapore .SJI provides an education to boys of all races and...
and the Cathedral of the Good Shepherd
Cathedral of the Good Shepherd
The Cathedral of the Good Shepherd is the oldest Roman Catholic church in Singapore. It is located in the Museum Planning Area within the Civic District and affords a welcome respite from the city....
.
Family
Boustead's daughter Helen, born in 1857, married William Niven. Their son, William Edward Graham Niven, married socialite Henrietta Julia Degacher, and their first child was James David Graham Niven, better known as film actor David NivenDavid Niven
James David Graham Niven , known as David Niven, was a British actor and novelist, best known for his roles as Phileas Fogg in Around the World in 80 Days and Sir Charles Lytton, a.k.a. "the Phantom", in The Pink Panther...
. There has been some dispute over Niven's paternity, with one biographer claiming that Niven himself believed his biological father to be Sir Thomas Comyn-Platt, whom his mother later married after her first husband was killed on active service in 1915.