The Bay of Fundy Red Granite Company had its origin with Charles Ward. In the 1860s Ward, then living in New York, went on a fishing trip in the vicinity of St. George and became fascinated by the huge ledges of red granite to the north of the town. When he returned to New York he initiated a plan to start a company to exploit this resource. The Passamaquoddy Red Granite Company was incorporated in the State of New York in 1872 with Thomas J. Coleman of the firm of Coleman and Volk of New York City. It became necessary to incorporate in New Brunswick, which they did and at the same time changed the name to Bay of Fundy Red Granite Company. In 1884 the Bank foreclosed and an auction sale was held after which the remaining assets of the Company were sold to William Coutts and Alexander Milne, two Scotsmen, who had been employees since its inception.