David Sassoon's son Sir Albert Sassoon, Bart. succeeded his father and subsequently passed the business on to Sir Edward Sassoon, Bart., M.P.. Under Sir Edward Sassoons leadership David Sassoon & Co. was in 1901 incorporated as a Joint-stock company with a capital of £500,000. There was no public issue, but for the first time shares were given to leading company managers who did not belong to the Sassoon family. The reorganization was made necessary by intensified completion in both India and China, and above all the growing challenges from Japanese manufactures. In 1907 the United Kingdom signed a treaty agreeing to gradually eliminate the opium exports to China over the next decade while China agreed to eliminate domestic production over that period. Following this treaty David Sassoon & Co. retreated from the opium trade, eventually stopping it completely, although this had been one of its principal business interests for a long time. Upon Sir Edward Sassoons death in 1912 his uncle Frederick David Sassoon (1853–1917), the youngest son of David Sassoon, was the dominant person in the company. After Frederick Sassoons death 1917 David Gubbay (1865–1928), a cousin, became chairman until his own death in 1926. With Gubbay ended the direct involvement of the Sassoon family in the management of David Sassoon & Co.. Sir Philip Sassoons (1888–1939) participation in the management of the company as chairman was only nominal although he held on holding shares in it. After the Second World War David Sassoon & Co. was eventually sold to UBS of Switzerland.