In the 1920s and 30s, the French economic presence in Shanghai was marked by a small group of large, influential companies. They made a major contribution to the development of the French Concession and supported France’s influence in China.
Messageries Maritimes: a vital link with France
Founded in 1862, Messageries Maritimes played a key role in transporting goods and passengers between France, Indochina and China. Based on the Bund, it enjoyed a virtual monopoly on the transport of tea and silk to Europe. Great figures such as Étienne Sigaut and Jean Cochet have marked the history of this company, which has also experienced tragedies, such as the sinking of the Georges Philippar in 1932, in which the famous reporter Albert Londres perished. Messageries maritimes helped form the CMA-CGM group, France’s leading shipping company. (For more information on the MM, see post : “2 months in rationnaire”).
Compagnie Française de Tramways et d’Éclairage Électrique: Essential Infrastructure
Created in 1906 with the support of the Banque de l’Indochine, this company managed the tramway network and electricity supply for the French Concession. It experienced tensions with local authorities, particularly in the 1920s and 1930s, and had to deal with several strikes. Despite these challenges, it became one of the largest French industrial companies in the Far East. Listed on the Paris stock exchange and regarded as a “Père de famille” stock, it had to cease trading abruptly in the 1950s.
Banque de l’Indochine: a financial pillar in Shanghai
Founded in 1875, Banque de l’Indochine quickly established itself as a major player in Shanghai’s commerce and finance. In 1898, it opened a branch in the Jardine Matheson building, offering financial services crucial to the opium, cotton and silk trades. In the 1930s, 93.5% of its profits in Shanghai came from foreign exchange and trading operations. Banque de l’Indochine merged with Banque de Suez to create Banque Indosuez.
The International Savings Society: A French success story in Shanghai
Founded in 1912 by René Fano and Jean Beudin, this savings and lottery society expanded rapidly. By 1930, it had 130,000 subscribers and diversified into insurance through Assurance Franco-Asiatique. Personalities such as Étienne Sigaut and Michel Speelman were instrumental in the company’s growth. Faced with major difficulties, ISS disappeared in the 1950s.
FONCIM: Shanghai’s architectural heritage
A subsidiary of ISS, FONCIM left an indelible architectural mark on Shanghai. Drawing on the talents of renowned architects such as Léonard, Vesseyre and Laszlo Hudec, it contributed to the rapid urbanization of the French Concession, particularly after the 1917 expansion. Financed by ISS profits, FONCIM was one of the main landowners. FONCIM houses and apartments were often leased to other French companies to house their staff. One example is the CFTEE leasing houses from FONCIM.
The Bouvier Empire: a dominant figure in Shanghai
Félix Bouvier, an accountant turned influential entrepreneur, left his mark on Shanghai with his investments in Grand Garage Français and Union Mobilière. He was most famous for creating the Champs de Course Français (also called “Le Canidrome”), a betting center for greyhound racing. Nicknamed “the uncrowned king of the French of Shanghai”, he had close ties with Du Yue Cheng, an influential and sulphureous figure in the Chinese business world.
Import-export companies: a flourishing trade
Several French companies played a central role in the import-export of a variety of products: Olivier Chine was a major exporter of tea and silk. Racine & Cie, and Egal & Cie dominated the wine and food trade. In 1934, France exported 31,000 liters of champagne, 25,000 liters of bottled wine and 762,000 liters of bulk wine to Shanghai, illustrating the importance of this trade. For more information this topic, see article “French wines in Old Shanghai”.
What remains today?
The Messageries Maritimes building still stands on the Bund. Streetcars disappeared from Shanghai in the 70s, but some trolley-bus lines still follow the same route. French companies, especially FONCIM, left their mark on Shanghai’s architecture. Most of the Art Deco buildings in the former French Concession are attributed to them, including Le Gascogne, the Normandie (now called WuKang Da Lou / 武康大楼) and the Cité Bourgogne.