The origins of the National Mortgage and Agency Company of New Zealand began in late 1850, when 22-year-old Henry John Le Cren arrived in Lyttelton, and established a store and accommodation agency with his friend Joseph Longden.

During this time, large farms were being established in South Canterbury by the Rhodes brothers, however transportation of goods south over land was difficult, with no roads or bridges yet established. The arduous journey stifled any trade with the emerging region. 

Although sea transport was preferred to the land route, the rocky, cliff-lined approach to Timaru also presented a challenge to safe and efficient trade.  The Rhodes brothers looked to Henry Le Cren to develop a cargo landing service at Timaru, enabling goods to be shipped from Christchurch to South Canterbury.   Henry’s firm, H.J. Le Cren & Co, managed the landing service until 1866, at which time the government took over. 

Further South in 1864, 36-year-old George Gray Russell established a general merchandising business in Stafford Street, Dunedin, with the help of 23-year-old John McFarlane Ritchie. While John managed the store, George travelled widely through Southland, Otago, and South Canterbury, building a client base. In 1866, he opened a store in Timaru, and by 1873, George and John joined in partnership as Russell, Ritchie & Co, handling consignments of wool, grain, and produce to Britain. 

By 1874, both Henry Le Cren and George Russel were based in London, and together the duo formed a new partnership of Russell Le Cren & Co to manage the sale of New Zealand consignments. John Ritchie remained in New Zealand, overseeing the dispatch of goods from Timaru.

By 1878, the two firms of Russell, Ritchie & Co and Russell Le Cren & Co were acquired by the newly formed National Mortgage and Agency Co of New Zealand. With links to British finance, the company provided farmers with much-needed access to credit and mortgages, as well as connecting producers to British markets.

Over the years the firm expanded significantly, particularly in the 1950s and 1960s, when it acquired many influential agricultural businesses including, among others, Levin & Co (1841), H. Matson & Co Ltd (1862), Alfred Buckland & Son Ltd (1853), G.W Vericoe & Co Ltd (1928), Murray Roberts & Co (1868) and Stronarch Morris & Co (1888). 

Adopting the new name of NMA Co of New Zealand in 1970, the firm then merged with Wright Stephenson & Co to form NMA Wright Stephenson Holdings Ltd in 1972. A further name change to Challenge Corporation occurred the following year. By this time, Challenge was one of two key players dominating the stock and station industry at a national level – the other being Dalgety New Zealand Ltd.

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^{References:  P. G Stevens, Pyne Gould Guinness Ltd: The Jubilee History 1919-1969.
Wrightson. 150 Years Service to the Rural Community. 1841-1991.
https://teara.govt.nz/en/biographies/1l5/le-cren-frederic}

^{Title Image: Fletcher Trust Archives P4227/5. National Mortgage & Agency Co Ltd:  A NMA branch merchandise store, Circa 1970,}