MILES AND CO., LIMITED.

Star (Christchurch), Issue 5154, 12 January 1895, Page 5

MILES AND CO., LIMITED.

Petition for Voluntary Winding Up.

Information has been received by cable from London that : Messrs Miles and Co., Limited, have presented a petition for the voluntary winding up of the company.

It is notified that the business hitherto carried on by them in Canterbury will be continued in liquidation, and that all clients' moneys that may be received will be placed in a special trust aooount.

Mr F. A. Archer intimates that the s|)ck and station business hitherto carried oi by the company will in future be carried on by him and in his name.

The present company was formed between two and three years ago, bat the original firm,, whose business it took over, was of very long standing. The old firm was founded in Bristol about two hundred years ago, by Edwin Miles, as a banking house. About the beginning of this century the then head of the firm took Mr Cave into partnerehip. The bank was carried on under the title of Miles, Cave and Co., and a firm fcr conducting general mercantile business was established in London by Mr Miles, who admitted his two sons into partnership. Upon the death of the founder of this mercantile firm, the two buairiesses were ceparatdd, the Caves carrying on the banking business in Bristol, and Miles Brothers taking the London business, which they extended bo as to include a large trade with the West Indies, where they acquired a considerable amount of property. Afterwards a branch of the firm was established in Australia, under the title of Miles, Eington and Co. About forty years ago Mr H. P. Murray- Aynaley was sent out to the West Indies to wind up the firm's business there, and sell its properties. On his return to England after executing this mission he was sent to New Zealand, which waa offering a good field for business operations. The firm chartered | the steamer Royal Bride, and despatched it to Lyttelton, vi& Melbourne. She waa the first large steamer to enter Lyttelton harbour. The New Zoaland branoh was opened in 1859, and Mr Murray- Aynsley waß admitted as a partner in the firm, of which the headquarters in this colony were at first in Lyttelton. The late Mr P. Banks arrived shortly afterwards and. remained a partner till the day of his death. | The New Zealand business increased to ! such an extent, that ' it was agreed to devote undivided attention to it, and, , on ' the death of Mr Eiogton, the Melbourne branch was closed up. In 1863 ! the late Mr Hassal was taken into partner- j ship, and tho firm in .Chriatchurch became | Miles, HaEsal and Co.^A±- tha same time J -Mr .^PulberC Archer ''waa admitted a_g_a, partiieiriit-ifc-l»raDoh founded at Timaru, under the name of Miles, Archer aud Co. On the death of Mr Hasual, about eight; years ago, a company was formed. Upon ihe retirement^ Mr SJar^ay- Aynsley aorae two years ago> the only surviving Mr Mile3 came out to arrange for the transference of the business to a joint-stock company whiohhad been formed in England, but died immediately on his arrival at Auckland. Another partner, Mr Einton, came out and completed the arrangements. Mr Fulbert Archer was brought from Timaru to manage the Chriatchurch. office, aud Mr M'Beth took his place at Timaru. The caußO of the winding up is the depreciation in tho value ofi property and securities. Tho fiim held very large estates in all parts of New Zealand, and losb heavily over some of them. It may be noted that when Mr MurrayAynsley came to tlm colony there were three members of tho Miles family, Mr Cave, Mr King ton and himself connected with the firm. Of all these he is the sole survivor.