He acted as Chief Manager of the Bank in 1871 when Victor Kresser retired and later on assumed the post officially from 1871 to 1876. He was responsible for handling the first public loan by the Qing government in 1874. He committed to the bank to a Fuzhou loan of £27,615 at the agreed but arbitrary exchange rate of 2 million taels, denominated in sterling. He retired from the Chief Manager in 1876 and was succeeded by Thomas Jackson.[citation needed]