THE OLDEST FIRMS IN LONDON

New Zealand Times, Volume XXXIII, Issue 5302, 23 March 1878, Page 1 (Supplement)

THE OLDEST FIRMS IN LONDON

(From the American Mail and Export Journal) Some very curious and inseresting statistics have been furnished me by K. Seyd, a wellknown contributor to the Economist, on the subject of mercantile and other firms engaged in business in the city of London. It appears that in the beginning of the present year there existed in the city no fewer than 11,410 firms engaged in the wholesale business, exclusive of stock exchange, publishing, retail and small industrial trades, &c. The wholesale businesses include banking, financial, insurance, and other firms. Incredible as it may seem, the date of establishment of one of the existing firms goes back to a period before 1600. The original principals of this firm were contemporaries of Shakespeare and Bacon, and it is strange indeed that though England has witnessed two revolutions since the foundation of this firm, its stability and continuance h ve not been affected. The firm in question is that of Martin and Co., established 1555, or upwards of 320 years ago. Two other firms—those of Messrs. Child and Co., and Messrs. Goslings and Sharpe—were established before 1650. The Bank of England commenced business in 1694, having been preceded by some years by Messrs. Hoares, Thomson, Hankey, and Co., Coutts and Co., Barnetts, Hoares, and Co., and the Hudson’s Bay Company. Of merchants, Messrs. Barring, Bros., and Co. was founded in 1763, and of wine merchants the firm of Hedges and Butler was established in 1667. I'he fii ms of warehousemen appear to be of a somewhat later date, none being as yet quite a century old. There are many classes of firms which do not come within the scope taken by Mr. Seyd, and respecting which he is unable to furnish statistics. In the publishing world for instance, Messrs. Longmans have done business continuously since 1720, while Mr. Bentley’s ancestors published works upwards of 200 years ago. The eleven years from 1866 to 1877 proved very disastrous to newly established firms in the city. In the former year about 600 new firms established themselves, of which in 1877 only 317 remained. Of nearly 650 firms established in 1872, about 400 have perished, hut since that period greater stability has prevailed. The number of newly-established firms have also largely increased. In 1873 these firms numbered 753 ; in 1874, 703 ; in 1875. 864 ; while in 1876 no fewer than 1044 new firms were established. It seems that by far the greater part of this increa-e consists of small firms in the commission trade and agents of manufacturers from the provinces and abroad. This increase in tho commission and agency business for American and Euro pean manufacturers is strongly borne out by British imports. The total imports in 1871 amounted to £231,000,000, but in 1876 the total amount had raised to £376,000,000.