Business and Investments
Astute Businessman
Beyond construction, Robert McCallum was a prominent businessman and entrepreneur.
He was the consummate deal-maker, always on the lookout for another transaction and seemingly skilled in putting them together. He was a director of a public company, a property developer, a landlord, and a savvy financial investor.
Board Of Directors
For many years, McCallum was on the Board of Directors of Wingate & Co, a large well-known public company. Wingates was in the hardware, general merchants, and iron store business.
Wingate’s business was chiefly wholesale; and amongst its special lines, it had carriage ware, and also mining machinery from the Union Ironworks Co., of San Francisco. The firm exported flax extensively to London, New York, and Asia, and was also an exporter of kauri timber, gum, wool, and general produce.
The company had a four-storey brick building at the corner of Customs and Commerce Streets in downtown Auckland (which the diarist refers to many times). The firm also had a large iron building at Mechanics’ Bay, where it had an extensive stock of iron and bulk goods.
Director Decisions
Through his diaries, we gain insight into the goings-on in the board room as well as numerous transactions and commerce from the past.
We gain visibility to board meetings, dividend payouts, stock issues, disgruntled shareholders, fellow directors’ resignations, and being coerced to leave.
Landlord
Over the years McCallum accumulated a significant portfolio of rental property. We learn about rental rates of the time and his tenant hassles.
Every Monday morning he would do his rounds for rent collecting. Invariably one or more of the tenants would be late with a payment, a cause for much consternation.
We watch him chasing tenants for money, preparing rent raise notices, advertising for new tenants, doing tenant showings, and serving notices to vacate.
Property Speculator
McCallum was a pioneer and risk-taker. Many journal entries are devoted to looking at undeveloped land, ripe for development, or for hold and sell. We meet business partners, valuers, sellers, and buyers.
He gets specific on transactions and prices such as: “Bought 37 acres of land” “agreed for an allotment for £70.0.0”
Most of this speculation took place in undeveloped areas in and around Auckland, but not always. McCallum also bought land in Canada – raw prairie lots near Calgary in partnership with a friend. This speaks volumes about the man. Consider the logistics and risk of buying land in another country, across oceans, thousands of miles away, over a hundred years ago.
1925 Gold Half Sovereign
Financial Investments
McCallum had a broad range of financial investments. He leaves behind records of dealing with banks, interest rates of the time, stocks, war bonds, half sovereigns, personal loans, and wage advances.
In addition, we witness foreign exchange and gold and silver transactions – on overseas trips he routinely sought out and traded silver with the local Jewish community.
The journals also note personal administrative matters of filing income tax returns, arranging insurance policies, and preparing his Will.
Sample Transactions
1893 – Signed for £377 for the farm
1901 – Sold 3 sections for £150
1901 – Rent house at 8/- per week
1903 – Agreed to let her the house for 5 years at 22/6p per week
1904 – 2000 shares in Wingates for £1500
1910 – Meeting about raising loan of £33,000
1912 – Paid good dividend, 6% & 1/9p
1913 – Borrowed £270, bought mortgage £345
1914 – Bank interest rate 6%
1915 – Agreed to sell her home for £575
1933 – Sell gold £6-10-0
Oct 29, 1929
The Depression
Curiously, though McCallum lived through the Great Depression, he makes no specific mention of this time in his journals.
No detectable change of spending patterns or behavior is evident. This might be because he simply did not record such changes or his lifestyle was largely unaffected during this time.
Wheeler-Dealer
“One who advances one’s own interests by canny, aggressive, or unscrupulous behavior.”