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The man - Eu Tong Sen
Eu Tong Sen street is no doubt a road name accredited to the great Eu Tong Sen who was a very influential business figure in the 1890s - 1930s. Eu Tong Sen was a powerful figure dealing in rubber, tin, banking, medicine. Today, what’s left are probably the donations that he made and his only business in medicine – Eu Yang Sang. One of the biggest reasons why this road was named after him was Eu Tong Sen’s large contribution to the rebuilding of the street which was previously called Wayang Street.
The most prominent evidence of his contributions was the The Majestic, area around People’s Park complex along Eu Tong Sen street. Originally called Tien Yien Moi Toi, The Majestic
Strengths of the Tycoon
Obviously Eu Tong Sen’s wealth was the main factor behind his contributions. How did he become rich? He wasn’t exactly born with a silver spoon as his father died and left him a medicine shop called Yan Sang. He expanded his father’s business and left a legacy in the Chinese medicine business in the form of Eu Yan Sang. Eu Tong Sen is someone who sees opportunity and is able to quickly exploit it. Besides that, he was also adaptable to changing conditions and was decisive in expanding or exiting his business.
Another key strength of his is diversity. For example, in the early 1900s, Eu Tong Sen realized there was a need to diversify out of the tin business as it was increasingly coming under government regulation, he transformed the medicine shops that his father left him and expanded the business regionally. Similarly, when the rubber business deteriorated, he shifted his focus to remittance at medicine shops which was an extension of his business at the Yan Sang medicine shops. This remittance business grew so big that it overshadowed the medicine business for some time. An opportunist, being adaptable and ability to diversify were the key traits of Eu Tong Sen. This explained why he was one of the richest tycoons in the region by the age of 30. These traits also typically exemplify Chinese tycoons of that era.
I have been along the Eu Tong Sen street many times on my short visit in Singapore. With other streets that are named after a person, I have wondered that who is Eu Tong Sen and what are his contributions to earn such an honor. After reading this blog post, I was impressed by his achievements and the extent of his impact on Singapore and that even today the buildings he built or the company he owned are still up.
ReplyDeleteAs all the rich men in developing economies have always been ruthless, skilled and adaptable, it is good that he has been able to support also Singapore’s growth and development. There are many similar men in Europe that have only exploited the country and its people, it is very impressive to find a man who has given some back to the society.
I have walked along the street many times, and tried to walk it during the Chinese Lunar New Year. I agree totally that a walk down the street leaves a big impression. It was refreshing and interesting to see a old part or a part built in a old style in contrast to tall buildings and modern Singapore.