Martin Luther Stephen was an experienced figure in Adelaide’s cordial and aerated waters trade well before the formation of the Adelaide Cordial Factory. Prior to 1877, he operated a cordial factory in Freeman Street in partnership with John Moss. This business was dissolved in February 1877, bringing an end to their working relationship but not to Stephen’s involvement in the beverage industry. Later that same year, Martin Stephen entered into a new partnership with Joseph Solomon, establishing The Adelaide Cordial Factory. The business was located on Currie Street, Adelaide, and was structured with clearly defined roles: Stephen acted as the commercial traveller, responsible for sales and distribution, while Solomon managed the day-to-day operations of the factory. The firm also employed Joseph Clare, a skilled brewer and cordial maker, formerly of Geo. Hall & Sons, adding valuable technical expertise to the operation. Initially focused on the production of cordials and soft drinks, the business soon sought to expand into beer brewing, reflecting the strong demand for locally produced beverages. To facilitate this expansion, the partners acquired the old windmill site on Waymouth Street and established a brewery known as the Enterprise Brewery. This marked a significant step in the company’s growth, transitioning it from a cordial manufacturer into a combined brewing and soft drink enterprise. The partnership between Stephen and Solomon dissolved in 1884. Stephen continued trading independently for several years, but mounting financial difficulties led to his insolvency in 1887. Following the collapse of the partnership, Joseph Solomon purchased the Currie Street premises and continued production there under the Eureka brand, focusing once again on cordials and soft drinks. In 1888, Martin Stephen relocated to Broken Hill, where he attempted to re-establish himself in the brewing and cordial trade. Despite his experience, the venture was short-lived, lasting only eleven months before he was once again declared bankrupt. His career reflects both the opportunities and the financial risks faced by early beverage manufacturers in colonial Australia. Stephen & Co 1881 South Australian State Library B3778 City Windmill 1865 South Australian State Library [B 5099/11]