James Finlay & Co facts for kids

James Finlay & Co started way back in 1750. It grew to be one of Scotland's top companies for making and selling cotton. This happened mostly thanks to Kirkman Finlay. Later, in the 1860s, John Muir took charge. He helped the company start growing tea in India. Eventually, the cotton business closed down. After trying other types of businesses, Finlay focused mainly on tea and other farm products. In 2000, a company called John Swire & Son bought James Finlay & Co.

How James Finlay & Co Began

James Finlay was born in Killearn, Stirlingshire, in 1727. He began working in the cloth business. He saved enough money to become a merchant and manufacturer. In 1769, he became a "Burgess and Gild Brother" in Glasgow. This special title helped him build a small business. When James died in 1790, his company was worth £11,785.

Kirkman Finlay's Big Changes

It was James's younger son, Kirkman Finlay, who made the company much bigger. Kirkman was born in 1773. He took over the company at just 17 years old when his father died. He helped James Finlay & Co. become a major player in the Scottish cotton industry.

To grow, the company needed more money. In 1792, Kirkman partnered with other big Glasgow merchants. These partnerships helped Finlay sell more cotton goods to countries in Europe.

Kirkman also started making cotton himself. He bought three large cotton mills: Ballindalloch in 1798, Catrine in 1801, and Deanston in 1806. This made James Finlay & Co. "probably the single largest producer of cottons in Scotland."

Expanding Across the World

The company opened branches in other countries. At first, these were in Europe. Later, they went further away. These branches were often partnerships with local managers. They included places like Manchester (1799), Heligoland (1807), and London and Malta (1809).

Finlay also bought Easton, Alston & Co. in 1805. This company sold cotton and other goods to The Bahamas. This led to new branches in the United States. These were in New York, New Orleans, and Charleston. Raw cotton came into Glasgow, and finished cotton goods were sent out.

Kirkman worked hard to end the East India Company's special control over trade. In 1813, a new law ended their monopoly in India. In 1816, James Finlay & Co. was the first Scottish company to trade directly with India. They opened a branch in Bombay.

By the time Kirkman died in 1842, James Finlay & Co. was a top Scottish manufacturer. It traded with America, Europe, and Asia. Kirkman was also important in public life. In 1813, he became Lord Provost of Glasgow. He was also a Member of Parliament.

Challenges and Changes

Kirkman Finlay had been the main leader of the company for a long time. After he died in 1842, it was hard to find a new leader. The company was reorganized with Kirkman's four sons and two cousins. They planned to close the business slowly, but this didn't fully happen.

In 1843, the London branch closed. In 1844, the three cotton mills were put up for sale. Only Ballindalloch was sold, so the company kept the other two. The company lost money in 1847 and 1848. By then, John Finlay was the only son of Kirkman left in the company. Other people who were not family members became partners.

New Leadership and Mergers

Things started to get better when James Clark became a partner in 1847. He suggested a new plan. The Catrine and Deanston mills needed a lot of money to be updated. The business in India also started up again. In 1858, James Finlay & Co. officially joined with another company, Wilson, James & Kay. The new company kept the James Finlay name.

At this point, the Finlay family no longer controlled the company. James Clark owned 30% of the shares. Other partners owned even more. The remaining Finlay family members owned only 25%.

Sir John Muir Takes Charge

In 1861, John Muir became a new partner. This was the year the American Civil War began. This war stopped the supply of cotton, and the cotton mills had to close. John Muir looked to India to get cotton for the company. He opened offices in Calcutta and Bombay.

John Muir slowly gained more ownership in the company. By 1871, he owned 8 out of 30 shares. John Finlay died in 1873. When Archibald Buchanan retired in 1883, Muir became the only owner of James Finlay & Co.

New Businesses in India

The Calcutta branch, called Finlay Muir, first helped other companies trade cotton and other goods. Muir then started making jute, a strong fiber used for sacks. He started the Champdany Jute Company in 1873. A second mill was added in 1880. These two mills employed 5,000 workers.

In 1882, the company's cotton mills in Scotland were not making enough money. John Muir decided to put a lot of money into two tea companies instead. This was a completely new type of business for the company. James Finlay & Co. would help the tea companies in Glasgow. Finlay Muir & Co. would help them in India.

Finlay's tea operations were huge. The company cleared forests, built roads, planted tea estates, and hired thousands of workers. Muir also helped other tea estates to get their business. This led to the creation of the "Finlay Group of companies." These four companies were:

• Consolidated Tea & Lands Co Ltd
• Amalgamated Tea Estates Co Ltd
• Kanan Devan Hills Produce Co Ltd
• Anglo-American Direct Tea Trading Co Ltd

Like Kirkman Finlay, Sir John Muir was recognized for his business success. He also became a Lord Provost and was given the title of Baronet in 1892. When he died in 1903, Finlay had planted tea on 274,000 acres. It employed 70,000 Indian workers and many managers from Scotland. It was the top supplier of Indian tea in the UK.

Modern Company Changes

Sir John Muir had four sons and six daughters. After he died in 1903, his eldest son, Alexander Kay Muir, led the company. In 1909, a private company was formed to bring all of James Finlay's businesses together. This included the Glasgow trading business, the Catrine and Deanston Mills, and all the businesses in India.

Challenges and Growth After Wars

After World War I, prices for goods fell, and the value of the Indian rupee dropped. This caused big losses for Finlay. The Champdany Jute company even had to close. But after profits recovered, the company was listed on the Stock Exchange in 1924.

The next year, Finlay bought land in Kenya. They formed The African Highlands Produce Co., now called James Finlay (Kenya). Finlay planted estates there, and Kenya became an important place for growing tea and flowers. The time between the two World Wars was hard for Finlay. There was a depression, prices kept falling, and Japanese imports hurt Indian cotton making. The Scottish mills also lost money but stayed open.

New Directions and Ownership

After WWII, new parts were built at Catrine and Deanston mills. But it wasn't enough to keep them going, and the mills closed in the mid-1960s. The Indian jute and cotton mills had been sold after India became independent. So, with the Scottish mills closed, James Finlay's main work was tea plantations and merchant banking (helping businesses with money).

The company then slowly started to try new things. They got involved in North Sea oil, manufacturing, and businesses in the USA.

A big change happened when another company, Slater Walker, bought almost 30% of Finlay's shares. When Slater Walker had money problems, they sold their shares in 1976 to John Swire & Sons. That year, all the tea companies in India were combined into one. These were later sold to Tata Sons in 1977.

After these changes, Finlay's businesses in the UK included merchant banking, North Sea oil, tea trading, and drinks. Overseas, they had financial services, especially in Australia, trading, and plantations in Kenya, Bangladesh, and India. Plantations made up more than half of their profits.

By the end of the 1970s, Finlay wanted to rely less on tea. They wanted to grow more tropical farm products. Finlay also put more money into US oil and trading. However, these new businesses didn't always do well and sometimes lost money. In 1995, the company decided to sell off businesses that were not their main focus. This left them with plantations, special teas, tea trading, and drinks.

In September 2000, John Swire & Sons fully bought James Finlay. In that decade, Finlay's main interests were tea, farm products like rubber, flowers, and timber, and also shipping and agency services.