MILES AND CO. (LIMITED).

Otago Witness, Issue 2135, 24 January 1895, Page 28

MILES AND CO. (LIMITED).

(Saturday's limea.) The flrm of Miles and Co. (Limited), which has just gone iuto liquidation, was formed between two and three years ago, but the firm who3e business it took over was one of the oldest in the United Kingdom, having been in exutence, under one name or another, for nearly 200 years. One of it 3 members represented Bristol in the House of Commons continuously for upwards of 20 years. The firm (says the Lyttelton Times) rose to its greatest eminence in the lifetime of Mr Philip John Miles, who was the principal partner in Miles, Hertford, and Co., baukere, of Bristol, and also iv Miles and Kingtoo, merchants and shipowners, trading chiefly between Bristol and the West Indies. On his death, in 1844, the banking and mercantile houses were separated, the late Sir William Miles and Mr John Milea remaining in the bank, while Mr Philip Miles snd Mr Thomas Kington took the mercantile business. The bank was called Miles, Hertford, and Co., then Sir William Milea and Co., and finally was amalgamated with Cave and Cos. Bank (called the Old Bristol Bank) and became Miles, Cave, »nd Co'a. Bank. The mercantile houie was first called Miles and Kington, of Bristol aßd London. Soon after its- independent start, Messrs Edward and Crager Miles (brothers of Mr Philip Miles, and sons of Mr Philip .John Miles) became partners. After the discovery of gold in Australia, Mr Pbilip Kiugton and Mr W. O. Mackworth were sent out to establish a house in Melbourne. They were joined by the late Mr F. Banks. In 1856 Mr Banks came to Lyttelton to open a house in Canterbury, and in 1858 Mr H. P. MurrayAynsley was sent to inspect the new field. He j returned to England, and came back to New I Zealand in 1859 in the steamer Royal Bride, I owned by the firm, which was now called Miles Bros. This steamer waa built to Miles Bros.' order, and launched on the marriage day of the Princess Royal (the Empress Frederick). She was intended to open direct steam communication between New Zealand and England, but it was found that at that time there was not sufficient trade to ju-'.tify this, and the project was abandoned. The Royal Bride, however, took back a cargo of wool to London. Mr Murray-Ajnsley, on his arrival, took charge of the branch at Lytleltun, Mr Banks returning to Melbourne, Mr T. Hassal, who had come from the Melbourne branch about 1857, remaining iv Lyttelton. The Chriatchurch office was opened a few years later. About 1367 the firm acquired Mr Le Cren's business in Timaru, and in 1863 Mr Fulbert Archer arrived from Melbonrne to take charge of this new branch. In 1869 Mr Murray-Aynsley took a trip to England, And Mr Banks, having wound up tho Australian busing, returned to New Zealtuid. About this time Messrs Philip and Cruger Miles retired from the firm, and negotiations were entered into which terminated in Messrs Murray-Aynsley, Banks, Hassal, and F. Archer becoming partners in the firm in 1875, the firm in Christchurch being called Miles, Hassal, and Co., and in Timaru Miles, Archer, and Co. In 1879 Mr Hassal died, and the title was changed to Miles and Co. About two years ago Mr Murray-Aynsley retired from the partnership. Mr EJ«a,rd Mile»f, who had come out to New Zealand to inspect the New Zealand business, died at Miinawaru, Te Aroha — a property which belonged to the London firm — on his way home. Mr Hilton, one of the London partner?, then came out, and on his return to London arrangements ware completed for the conversion of the business into a private limited liability company. Mr Fulbert Archer was brought from Timaru to assist Mr Banks. The capital of the present company waa registered at £100,000, all paid-up. It is understood that the number of shareholders ia small, being the number required to fulfil the conditions of the Joint Stock Companies Act. The company has offices at Christchurch, Ashburton, and Timaru, with large buildings at each place. It is understood thai the business of Miles and Co. in Canterbury is one of the best wool and stock businesses in New Zealand, the firm possessing the cream of the Canterbury run-holding accounts.