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Hawke's Bay Herald, Volume XXX, Issue 9993, 21 January 1895, Page 2

AN OLD FIKM GONE DOWN, Our cable messages last week recorded the snapenslon of Messrs Miles and Co. To moat New Zealandera Miles trnd Co. are only known as an old Christchurch firm doing an extensive business, and whose credit) stood at the bighest. As a matter of fact the concern is one of the oldest In the United Kingdom, having baen established nearly 200 years, and the Christ cbarcb business was only a brunch Originally the bnelness was start). (l io Bristol, where it had the highest of reputations. One of the ' partners represented Bristol in Parliament continnon<s]y f,)r 20 years From a sketch pf ltn carter In the LytteUon Times wo learn that the firm rose to iv greatest eminence in the lifetime of Mr Pbillp John Miles, who was principal partner In Miles, Hertford and Co., bankets, of Bristol, and also in Miles and Kingston, merchants and shipowners, trading chiefly between Bristol and the West ladles. On bis death, in 1844, the banking and mercantile honses were separated, the late Sir William Miles and Mr John Mileß remaining in the bank, while Mr Philip Miles and Mr Thomas Kingston took tbe mercantile business. The bank was called Miles, Hertford and Co., then Sir William Miles and Co., and finally was amalgamated with Cave and Co.'s Bank (called tbe Old Bristol Bank) and teoame Miles, Cave and Co. 'a bank. The mercantile house was first called Miles and Kingston, of Bristol and London. Soon after its Independent start, Messrs Edward and Crnger Miles (brothers of Mr Philip MUsb, and sons of Mr Philip John Miles) became partners. After tbe discovery of gold in Australia Mr Philip Kingston and

Mr W, O. Mackworth were sent oat to establish a house in Melbourne. They were joined by the late Mr P. Banks. In 1856 Mr Banks oame to Lyttelton to open a house In Canterbury, and in 18S8 Mr H. P. Murray-Aynsley was sent to inspect the new field. He returned to England, and came bask to New Zealand in 1859 in the steamer Royal Bride, owned by the firm, which waa now called Miles Bros, This steamer was bnllt to Miles Bros', order, and launched on the niirriage day of the Princess Royal (the Empress Frederick). Sne was intended to open direct steam communication be* tween New Zealand and England, bub it was found that at that time there was not sufficient trade to justify this, and the project was abandoned. The Royal Bride, however, took back a cargo of wool to London. Jvlr Murray-Aynsley, on his arrival, took charge of the branch at Lyttelton, Mr Banks returning to Melbourne, Mr T. Haesal, who had come from the Melbourne branch about 1857, remaining in Lyltelton. The Christ" church office was opened a few years later. About 1867 the firm acquired Mr Le Cren's business in Timaru, and in 1863 Mr Fulbert Archer arrived from Melbonrne to take oharge of thi3 new branch. In 1869 Mr Murray- Aynsley took a trip to England, and Mr Binks, having wound up the Australian business, returned to New Zealand. Abont this time Messrs Philip and Crnger Miles retired from the firm, and negotiations were entered into whioh terminated in Messrs MnrrayAynßley, Banks, Hassal, and F. Archer becoming partners in the firm in 1875, the firm in Christohurch being called Miles, Hassal and Co., and in Timarn Miles, Archer and Co. In 1879 Mr Hasaal died, and the title was changed to Miles and Co. Abont two years ago Mr MurrayAjmsley retired from the partnership. Mr Edward Mil SB, who had corao oat to New Zealand to Inspect the New Zealand business, died at Manawara, Te Aroha— a property which belonged to bhe London firm— on his way home. Mr Hilton, one of the London partners, then came out, and on his return to London arrangements were completed for the conversion of the business iato a private limited liability compiny. The capital of the pre« sent company was registared at £100,000, all paid np. Id Is understood that the number of shareholders is small, being the nnmber required to fulfil the conditions of the Joint Sbock Companies Act. The company ha 9 offices at Christchnrch, Ashburton, and Timaru, with large buildings at each place. It is stated that the business of Miles and Co. in Canterbury is one of the best wool and stock businesses in New Zealand, bhe firm possessing the cream of the Canterbury run-holding accounts,