 In 1842, Samuel Wells Williams, an American Sinologist, described him as a "steady and munificent friend of all efforts for the good of China".In 1828, along with Charles N. Talbot, Olyphant founded the trading house Olyphant & Co. in Canton, trading in "silk, mattings and fancy articles" after their former employer King and Talbot went bankrupt.The new firm was unusual in that it eschewed the opium trade unlike many of its contemporary competitors.