'...the Chinese authorities were so jealous and so afraid of the foreigners, that they allowed none but the best Chinese merchants to deal with them. The famous Co-Hong of Canton, which consisted of Hou-qua, Mou-qua and others, was an association of the highest commercial rank, and possessed a monopoly of the foreign trade, granted by the Government because it was to be trusted'. Charles M. Dyce, The Model Settlement (London, 1906).

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