The Old Taicoon of Dragon Island was the ruler of Dragon Island. He captured a Foochow junk with Olo Lee who was a velly little boy and his family, who were lost. Olo Lee hit the Old Taicoon, and one of the men went to throw him overboard. But the Old Taicoon said he was a good boy, and kept him to see if he would be ransomed, but his family was lost when the junk went down (ML13).
As the Old Taicoon had no sons Olo Lee grew up in his house. When he died the Dragon Island men made Olo Lee. father of Missee Lee, their new Taicoon