 In January 1906, he entered into an agreement with a group of Brisbane businessmen to convert his firm into a limited liability company, Fearnley & Co. Ltd, with Fearnley remaining the managing director of the company for life, but with power to delegate that function.The new company was registered in July 1906 with Dr John Hastings Reed, manager of the Hambledon Sugar Mills outside Cairns, delegated Managing Director.Affecting the activities of Cairns shipping agencies and wharf owners at this time was the establishment of the Cairns Harbour Board, incorporated by Act of Parliament on 20 December 1905, and in operation from 1 January 1906.