Russell, Ritchie, Le Cren
Perthshire-born George Gray Russell (1828–1919), a London ship and insurance broker, came to New Zealand in late 1864 and set up in business as a general merchant selling from premises in Dunedin's Stafford Street: brandy, fencing wire, nails and corrugated iron, oats and timber and other goods. Once established, he also represented British pastoral investors, shipping lines and merchants, and shipped wool, grain and produce to Britain. He was assisted by John Macfarlane Ritchie (1842–1912) who arrived a few months later than Russell at the beginning of 1865.
Russell had contracted Ritchie in Scotland after being recommended to interview the 23 year-old. Content to delegate the necessary authority to young Ritchie, Russell regularly travelled widely from Otago up to South Canterbury and down to Southland, dealing with clients and noting investment and business opportunities. He established his first branch office in Timaru in 1866. A little later, he took Ritchie into partnership and in 1873 George Gray Russell & Co became Russell Ritchie & Co.
In Timaru, Henry Le Cren sold his Timaru business the same year as Russell opened in Timaru. The two became friends. Russell, before emigrating to New Zealand had been a shipping and insurance agent in London. Together they set up (before 1873[6]) Russell, Le Cren & Co in 37 Lombard Street, London where visiting squatters were made welcome to regard it as their London headquarters. They were within the premises of the National Bank of New Zealand and would become those of National Mortgage & Agency.
The offer of shares in National Mortgage & Agency was well publicised in New Zealand and over-subscribed. Russell happened to be in London. Aware that NMA would want to invest in an existing business Russell and Ritchie hung back from direct discussion of possibilities but William Dymock in Dunedin, general manager of National Bank of New Zealand, was a useful conduit for the very slow communications between interested parties (when a delivery in as little as 74 days became occasion for delight). Negotiations were completed and NMA took over the London firm, Russell Le Cren & Co, as of 1 January 1878 and the Dunedin firm, Russell Ritchie & Co, as of 1 April 1878. Russell and Ritchie were appointed managing directors.
On 1 February 1878 the column City Intelligence in The Times included this statement: "The National Mortgage and Agency Company of New Zealand Limited has made an arrangement with the firms of Russell, Le Cren and Co., of London and Russell, Ritchie and Co., of Dunedin and Timaru, New Zealand, for the transfer of their businesses to the company. Mr George Gray Russell will join the board of directors as soon as the necessary formalities are completed and Mr John Macfarlane Ritchie will be general manager of the company in New Zealand. On and after 1 February the business of the company will carried on at No. 37 Lombard Street, E.C."[7] While Russell did attend board meetings when in London he was never a director of NMA. The dissolution of the partnership of the three men was reported in the Gazette of 2 August 1878.[8]
