Upon his arrival in Christchurch Stead was employed by the Union Bank of Australia, at the first permanent bank branch in Christchurch, managed by Joseph Palmer. By 1871 Stead had left the bank and partnered with William Royse, to form Royse, Stead & Co. In the early 1870s New Zealand was entering a boom period, largely brought about by public borrowing for investment in immigration, land development, and transport links, such as railways and roads. Private individuals and companies were also raising funds offshore.
