however, the russell & co. gradually lost competition against the british jardine, matheson & co. which was more efficient under the leadership of the chinese comprador tong king-sing. the russells faced difficulties as it was lack of funding for development and was further devastated during the financial crisis. in the period between 1860s and 70s, many major firms failed, including the british firm dent & co., beale & co., maitland, bush & co., mackellar & co.; and the american firm olyphant & co.. in 1875, russells' major competitor augustine heard & co. failed which led to the resignation of albert heard from the board of the hongkong and shanghai bank.