James Underwood was a noted shipwright, merchant businessman and distiller in Australia. Born in Bermondsey, London, he was shipped to Australia as a convicted felon in 1790. He learned his trade in Sydney, becoming joint owner of a merchant ship, Diana in 1799. He co-founded Kable & Underwood, along with Henry Kable which was a merchant trading company, and utilised Diana for seal hunting in the Bass Strait. The Hannah and Sally they used for trading. They also owned the Sydney Cove which they sent whaling.