How Allworths began

By Mark Copsey, Partner

We’ve spoken and written proudly of the fact that our firm traces its origins back to 1897, when William F Allworth partnered with his two sons to create W F Allworth & Sons.

The firm wasn’t registered as a Tax Agent until 1924, so what did those intervening years involve for Allworths?

In fact, we began life as a Sydney-based stock and station agency, serving rural agricultural communities throughout NSW. Imagine what Sydney would have been like then!

What were stock and station agents?

As representatives for farmers and graziers in business transactions, stock agents would get involved in various aspects, including but not limited to: livestock and wool sales, property and equipment purchases, as well as banking and finance.

Thinking about what life and society must have been like at the time, you can also imagine that stock agents were important socially as bringers of news (gossip probably), technological advancements and other matters of interest to rural families; especially in the very early days when even telephones weren’t around.

Recognised as the first stock and station agency in Australia, Elders was founded in 1839 by Alexander Elder and continues to be a leading provider of agribusiness services to this day.

These days, accounting and advisory firms all seem to talk about providing “holistic services,” meaning they go above and beyond the ordinary call of duty. Nothing could be truer of the stock agents of old… 

‘Out of scope’ 

According to the Te Ara Encyclopedia of New Zealand, “Farmers expect their stock agents to perform a range of tasks and services. One agent even acted as a go-between for a client who wanted to get married but was too shy to propose to the woman!”

Before you ask, we don’t currently offer that service.

As you can tell by the range and importance of the tasks entrusted by farmers and graziers to their stock agents, such relationships would usually be characterised by high levels of trust and closeness. 

In “The rural entrepreneurs: a history of the stock and station agent,” Simon P. Ville wrote: “…the stock and station agent has been a legendary figure in local folklore, connected or related to many individuals and groups, a central figure embedded in rural settler communities and about whom everyone has had a view. This social perspective helps inform our understanding of the agent’s role and importance in economic activities since trust, reputation, and personal connection were the vital lubricants in sustaining business relationships and networks.”

Development and decline

As communication technologies developed, along with the growth of many adjacent businesses and industries, the number of stock and station agencies declined rapidly throughout the 20th century. Rural lending is now predominantly managed by major banks. Machinery and fertiliser is often sold direct to farmers. Business or personal advice can be accessed from anywhere by phone or online. The need for the same individual to take care of all these things (and more) diminished. Much consolidation was seen throughout the century, leading to only a few players continuing in some form today (like Elders). 

Links to today

Professional life for the Allworth family would have looked like regular calls to visit producers on the land, handling confidential information, listening to business aspirations, providing thoughtful advice and taking on certain tasks to free up their busy clients’ time.

Although 125+ years have passed for us, it’s really not so different to life for the Allworths family today. 

Some of our most treasured relationships to this day are with great and renowned rural families, including a good few we’ve written about over the years: Pip and Norman Smith from Glenwood Merinos, Ian Webster from Chatsworth Pastoral, and friends in the Hunter Valley. And we must also mention John Manchee of Manchee Agriculture and David Alker of Jada Grazing, as well as the Vickery family, who have been clients through the generations since the founding of Allworths!

Even outside our rural clientele, the “day in the life” description above still rings true with virtually every client.

Even though we’re no longer a stock and station agent, we’re pretty chuffed to be carrying on the traditions and responsibilities in some way every day.