WRIGHT, STEPHENSON, & CO., LTD.

Otago Daily Times, Issue 26729, 25 March 1948, Page 5

WRIGHT, STEPHENSON, & CO., LTD.

A BRIEF HISTORY By Mr J. T. Martin, Chairman of Directors As a gesture of appreciation that this company was established in Dunedin 87 years ago, and as a tribute to the founders of the company and those directors and staff who have passed away, together with the fact that this year is the centenary of the province, the present directors held their March meeting on 19th. instant in Dunedin. In common with many other concerns originating in Dunedin, the expansion of business necessitated in 1918 the transfer of the head office to Wellington. The centenary of the province calls for some reference to the history of the company which has been so closely associated with the development of Otago. The firm was formed in 1861 by Mr John T. Wright, who joined in partnership Mr R. M. Robertson, of Dunedin, it iunctioned for seven years under the name of Wright, Robertson and Co. In 1865 Mr John Stephenson arrived from Melbourne and was taken into partnership. In 1868 Mr Robertson retired ana the company was then carried on' under the name it carries to-day, Wright, Stephenson and Co. The first premises occupied by the partnership were built in 1862 on a Town Board leasehold in Manse street, known as Victoria Chambers. In the late 1860 s Mr John Stephenson conducted the first auction sale of wool held by Wright, Robertson and Co., in these premises and this was prooably tne first wool sale to be held in Otago. The wool sales quickly developed in size and importance and American representatives became conspicuous by tbeir keen competition for the beautiful crossbred and merino wools from the well-known stations in Otago. The bulk of these high quality wools were purchased by the American buyers at one shilling to sixteen pence per lb. In those days the sheep farmer depended on the proceeds of his wool clip for the whole of his revenue, the only outlet for fat stock being the butcher, whose requirements were comparatively small. Surplus stock was a drug on the markets, thousands of well conditioned sheep realising from eightpence to one shilling each. Farmers desirous of improving their stock watched the papers for lnrormation about incoming shipments, in 1863 the following advertisement appeared in the Otago Daiiy Times:— “Merino rams for safe. 50 superior young merino rams, the produce of imported stock, selected from one of the molt celebrated flocks in Germany. Deiivery in January, or afterwards, according to agreement. Apply Wright, Robertson and Co.’’ Another advertisement read:— “At Port Chalmers we have an agent who attends to the landing of stock, having a large punt suitable for the purpose.” An important part of the business in those days was the regular sales of horses inaugurated by Mr John Stepnenson/ whom early settlers will remember as a very genial, humor-ousiy-minded auctioneer. The sales took place in the old Commercial Saleyards in Rattray street. The discovery of gold throughout Otago created a big demand for horses which readily sold at £75 and upwards. At the peak of tne Gabriel’s Gully rush, cartage from Dunedin reached £9O a ton. Advertisements like the following used to appear m the Otago Daily Times:— “ Wright, Stephenson and Co., have received instructions to sell the cargo ex the ship Creole, comprising araugnt horses, mares and working bullocks.’’ Financing of farmers was mostly on three to six-monthly promissory notes at 10 per cent, interest, and grain and produce sold on 5 per cent, commission. In 1875 the late Mr J. A. Johnstone joined the firm as a junior, and in 1885 was, with Mr John Dove Dunn, admitted into partnership. Six years iaier the late Sir William Hunt joined the company and opened up a branch at Gore and subsequently at Invercargill. In 1899 Messrs J. T. Wright and John Stephenson retired and the partnership was carried on by Messrs Johnstone. Dunn, Hunt and Jack Wright (son of the founder;. In 1906 the private partnership ended and a public company with a capital of £2d0,000 was formed, the first directors being Messrs J. A. Johnstone (chairman and managing director;, W. D. Hunt (managing director; and P. L. Wright. Shortly afterwards Mr Hunt, who was in charge at Invercargill, became chairman and Mr Guy Honywood (Invercargill; joined the board. The only other branch was Gore, then jointly managed by Mr F. C. Gray and myself. The first expansion came when a branch was opened at Oamaru under the management of the late Mr Alex Gilchrist, who was succeeded by Mr B. B. Walton and later by the late Mr J ohn Fraser. On Mr Fraser’s death in a motor accident, Mr Georgfe Elvidge, present manager was appointed to Oamaru. In 1912 the company expanded its operations to Canterbury where, under Mr W. M. Shand, a member of a prominent Taieri family, an extensive business was established, particularly in grass seeds and produce. Subsequently branches were opened at Ashburton and Timaru. With the steady expansion of the Dunedin business, Mr David Allan, well-known as an agent and auctioneer for the company, was appointed manager at Dunedin. In 1913 Messrs David Allan, P. C. Gray, T. F. Mitchell and myself joined the board of directors. Mr Allan remained in charge at Dunedin. until 1923 when he transferred to Wellington. ® Mr S. G. Sutherland who at present controls the company’s Otago business succeeded Mr Allan at Dunedin. The board was further strengthened in 1931 when Messrs S. C. Sutherland, W. M. Shand, H. A. Price and John Macdonald were elected directors. The directorate has in late years been strengthened by the appointment of Messrs R.' W. Steel, R. Nichol, L. S. Durey, C. U. Plimmer and C. E. Robertson. Since the partnership was formed into a public company, 42 years ago, the business has extended greatly, chiefly due to the financial ability of the late Mr J. A. Johnstone and the outstanding organising qualities of the late Sir William Hunt. Direct representation was established in Great Britain in 1906 when a branch was opened in London, mainly for the purpose of handling New Zealand dairy produce through the Tooley Street markets.

The year 1916 witnessed the commencement of the development of the company’s business throughout the North Island by the purchase of two well-known and prosperous concerns in W. and G. Turnbull and Co., Ltd., Wellington and W. Gunson and Co., Auckland and later the acquisition of a substantial interest in Abraham and Williams, Ltd., a company operating throughout the King Country, Auckland and Manawatu districts. In 1938 business was commenced in Melbourne and an extension has since been made in Tasmania where the business of Field and Co., Devonport, has been acquired. The Australian business is strongly established under the managership of Mr T. R. Wright, a grandson of the founder of the company. The company’s stock and wool business has so developed that the seasonal offerings of wool • now exceed 100,000 bales. A more recent development of the stock business has been in stud stock. During recent years stud cattle and sheep bred in New Zealand have been exported by this company to breeders in Australia, South Africa, South America, U.S.A.. China. India and Great Britain. Prior to the period when machinery replaced horses on the farm, the Clydesdale horse was the farmer’s main support. In this connection it is interesting to recall that the foundation of the Clydesdale Society in 1912 was mainly through the instrumentality of the late Mr J. A. Johnstone. The company’s annual sales of blood horses at Trentham attract buyers and orders from Australia, India and other countries where the fame of New Zealand bred animals is now so well established.

The Pension and Benevolent Fund which was established for the staff in 1913 is in a strong financial position and is a considerable source of satisfaction to its members. The J. A. Johnstone Educational Trust enables deserving members to attend courses of study at Massey and Lincoln Colleges; others to qualify as accountants or to study business organisation and salesmanship. In conclusion let me express the hope that Otago, the enterprising province and the reservoir of wealth in the early years of this century will continue its import role in the development of this young Dominion.—Published by Arrangement.