David Newbigging

He joined Jardine Matheson & Co, the leading British trading firm, in 1954 at the age of 20. He became its director in 1967 and worked in various places including from Hong Kong, Taiwan, China, the United Kingdom, Malaysia and Australia throughout the years.[3] In 1970, he was promoted to managing director in 1970 and was chairman and senior managing director of the firm from 1975 until his retirement in 1983. He was also chairman of the other companies under Jardine, including the Hongkong & Kowloon Wharf & Godown Company from 1970 to 1980, Hongkong Land from 1975 to 1983, Hongkong Electric Holdings between 1982 and 1983 (director 1975–83), and Jardine Fleming Holdings from 1975 to 1983.[2]

Newbigging was involved in the struggle against the Keswick family when he and his supporters opposed Henry Keswick to become the next taipan in 1972. The Keswicks prevailed after winning the support of institutional shareholders in London. Henry was named senior managing director, while his uncle John resumed the chairmanship to ensure that the Keswicks did not lose control of the company.[4]

When Newbigging took over from Henry Keswick as the Jardine taipan in 1975, the company was undergoing a rapid decline in power and wealth. Between 1975 and 1979, Jardine Matheson's profits grew at an annual rate of only 10 percent (a poor record for Hong Kong). Newbigging responded by disposing of underperforming Jardine subsidiaries outside Hong Kong. He redoubled efforts to increase trade with China (which had only invited the company back into China in 1979) and resumed investments in Hong Kong-based enterprises. However, due to the lack of expertise, these enterprises lost money in almost every venture.[4]

During the 1970s, British companies in Hong Kong such as Jardine Matheson, Swire Group, Hutchison Whampoa, and Wheelock & Co, were consistently outperformed by rising local, ethnically Chinese hongs. In 1980, Jardine was outbid by shipping magnate Sir Yue-Kong Pao for the Hongkong & Kowloon Wharf & Godown Company in which the two groups had previously shared control when the latter decided to diversify from ships into property.[4] Hongkong Land, a development company established in 1889 by William Keswick's brother James Johnstone Keswick, faced consistent threats from Li Ka-shing's Cheung Kong Holdings and nearly went bust in the early 1980s. When he discovered a secret buyer had begun acquiring shares of Jardine Matheson stock in late 1980, many observers suspected that either Li or Pao (or worse, both) were attempting to purchase a large enough share in Jardine Matheson to win control over Hongkong Land. Newbigging announced in early November that Jardine Matheson and Hongkong Land had agreed to increase their interests in each other, so as to make it impossible for any party to gain control of either company. The cross-ownership scheme, however, placed both companies deeply into debt. The defensive actions required during 1980 forced Jardine Matheson to sell its interest in Reunion Properties to raise cash. Newbigging was criticised for being too conservative and placing too much emphasis on local and regional operations. The Keswick family also saw it as a chance to remove Newbigging from office. Newbigging finally stepped down as senior managing director in June 1983, but retained the titular position of chairman. He was replaced as taipan by 40-year-old Simon Keswick, brother of Henry Keswick.[4]

During his Jardine chairmanship, Newbigging was also director of the Hongkong & Shanghai Banking Corporation and the Hongkong Telephone Co Ltd from 1975 to 1983, Wah Kwong Shipping Holdings Ltd (Hong Kong) and Wah Kwong Maritime Transport Holdings Ltd (Hong Kong).[2]

Besides his company positions, he was also appointed to various public positions by the colonial government. He had been chairman of the Hong Kong Tourist Association from 1977 to 82, and the Hong Kong General Chamber of Commerce in 1980 to 1982. From 1978 to 1982, he was the chamber representative in the Legislative Council of Hong Kong. In 1980, he was appointed by Governor Sir Murray MacLehose to the Executive Council of Hong Kong until his retirement in 1984.[2]