MILES & CO., LIMITED.

Temuka Leader, Issue 2763, 15 January 1895, Page 3

MILES & CO., LIMITED.

VOLUNTARY LIQUIDATION,

Information has been received by cable from London that Miles and Co. (Limited) have presented a petition for the voluntary winding up of the company. It is said that the cause of the winding up is depreciation in the value of property and securities. The firm held very large estates in all parts of New Zealand, and lost heavily over some of them.

The Lyttelton Times says the business hitherto carried on by the firm in Canterbury will be continued in liquidation, and all clients’ moneys that may be received will be placed in a special trust account. Mr F. A. Archer intimates that the stock (and station business hitherto carried on by the company will in future be carried on by him aud in his name.

The present Limited Liability Company was formed between two aid three years ago, but the firm whose business it took over was one of the oldest in the United Kingdom, having been in existence, under one name or another, for nearly two hundred years. One of its members represented Bristol in the House of Commons continuously for upwards of twenty years. The firm rose to its greatest eminence in the lifetime of Mr Philip John Miles, who was principal partner in Miles, Hertford & Co., bankers, of Bristol, and also in Miles & Kington, merchants aud shipowners, trading chiefly between Bristol and the W ost Indies. On his death, in 1844, the banking aud mercantile houses were separated, the late Sir William Miles and Mr John Miles remaining in tho bank, while Mr Philip Milos and Mr Thomas Kington took the mercantile business. The bank was called Miles, Hertford & Co., then Sir William Miles & Co., and finally was amalgamated with Cave & Co.’s Bank (called the Old Bristol Bank) and became Miles, Cave & Co.’s Bank. The mercantile house was first called Miles & Kington, of Bristol and London. Soon after its independent start, Messrs Edward and Cruger Miles (brothers of Mr Philip Miles, and sons of Mr Philip John Miles) became partners. After the discovery of gold in Australia, Mr Philip Kington 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, aud in 1858 Mr H. P. Murray-Aynaley was sent to inspect the new field. He returned to England, aud came back to New Zealand in 1859 in the steamer Royal Bride, owned by the firm, which was now called Miles Bros. This steamer was built to Miles Brox’ order, aud 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 four 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. Mr Murray-Aynsley, ou his arrival, took charge of the branch at Lyttelton, MiBanks returning to Melbourne, Mr T. Hassal, who had come from the Melbourne branch about 1857, remaining in Lyttelton. The Christchurch office was opened a few years later. About 1867 the firm acquired Mr LeCren’s business in Timaru, and in 1873 Mr Fulbert Archer arrived from Melbourne to take charge of this new branch. In 1869 Mr Murray-Ayusley took a trip to England, aud Mr Banks, having wound up the Australian business, returned to New Zealand. About this time Messrs Philip and Cruger Miles retired from the firm, and negotiations were entered into which terminated in Messrs MurrayAynsley, Banks, Hassal aud F. Archer becoming partners in the firm in 1875. the firm in Christchurch being called Miles, Hassal, & Co., and in Timaru Miles, Archer & Co. In 1879 Mr Hassal died, and the title was changed to Miles aud Co. About two years ago Mr Murray-Aynsloy retired from tho partnership, Mr Edward Miles, who had come out to Now Zealand to inspect the New Zealand business, died at Manawaru To Aroha—a property which belonged to the London firm—on his way home. Mr Hilton, one of the London partners, then came ont, and on his return to London arrangements wore 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 was registered at £IOO,OOO, all paid up. It is understood that the number of shareholders is small, being the number required to fulfil the conditions of the Joint Stock Companies Act. The company has offices at Chri-it-church, Ashburton, and Timaru, with large buildings at each place. It is understood that tho business of Miles aud Co. in Canterbury is one of the best wool and stock businesses in New Zealand, the firm possessing tho cream of the Canterbury run-holding accounts.