If you were to visit the Perth offices of Eyers Reed Ltd, 45 floors up from the city of Perth with views of the Swan River and Darling Ranges, it takes considerable effort that this modern share broking firm with a turnover of tens of millions had its beginning on the Goldfields of Western Australia.
The thousands of men who made the journey to Coolgardie, and indeed the women who sometimes went with them, had only wagon tracks to follow to the scatter of tents and ramshackle buildings. Among these men was Tom Stoddart and his partner James Henry Harris Penberthy. They began a business in Coolgardie in 1896 on the sound principle that there was more money to be made selling picks and shovels rather than using them. They were soon joined by J S Duffy when they set up an auctioneering business and set up the ‘Coolgardie Carrying Company’ which traded in horses and camels.
West Australian – Perth 22 October 1894, page 6
J S Duffy
The first mounted trooper arrived in 1893 and JS Duffy was often seen accompanying Corporal McCarthy down Bayley Street on patrol. While temporarily stationed at Kurnalpi with two trackers – Spider and Ginger – he tracked Galwood the surveyor for forty miles through the thick bush where they finally found him in the last stages of thirst and exhaustion.
Duffy resigned from the Police Force to go into partnership with Bill Cosgrove in an Auction Mart. On one occasion when selling horses he was continually interrupted by a bilious individual and finally leaped from the rostrum and booted the offender off the premises and down Bayley Street. Non-deterred the delinquent returned the next day and inquired as to whether Duffy didn’t have a bigger pair of shoes he could use at home.
When he and Bill Cosgrove sold their interests in the Auction Mart. Duffy joined Penberthy in a similar business in 1897 but the partnership was short-lived after the death of Penberthy in 1896.
Stoddart and Duffy and Co
When Duffy left the partnership he moved to Perth where he was to establish the major real estate Group ‘Joseph Charles Leamonth Duffy’
At the 1920 reunion at the Denver City hotel, Coolgardie, Duffy, who had been through two wars – The South African and World War 1 – was among the few former residents who returned for the occasion.
The partnership of Stoddart and Duffy was to go on to become ‘Eyres Reed Limited’ after Stoddart was joined by Thomas Eyres in 1898 and they established offices in the Palace Chambers. Ronald William Reed was to join Eyers in 1930.
A book was published called ‘A Century of Scripping‘ 1896 to 1996 and is a wonderful story and a tribute to the Stockbroking empire that all started on the Goldfields.
A Century of Scripping
Now out of print and hard to find, but may be obtained from your local library through interlibrary loan.
Moya Sharp
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