William Smith (1847 - 1915) was born at Knaresborough, possibly the son of Stephen (a police constable) and his wife, Mary. He worked as a merchant's clerk and then a commercial traveller.

On 20 August 1887, The Sheffield Independent, advertised the sale of Spring Works at Napier Street / Renton Street, with its two / three storey block of workshops, warehouses and dwelling house (though apparently no steel furnace). In 1887. Smith, occupied the factory. In the 1890s, he advertised crucible cast steel circular saws, files, hammers, chaff knives, and reaper sections. His partner was James Wing, but this arrangement ended in 1896.

Smith brought his sons - Hedley Turton Smith (1877 - 1945) and Charles Stuart Smith (1882 - 1940) - into the firm. They assumed control after William Smith's death on 16 September 1915. He was buried in the General Cemetery, leaving £6,382.

William Smith & Co (using the trade mark 'DESPATCH', and the Statue of Liberty) traded into the interwar period. Presumably, the firm marketed stainless cutlery, besides tools. After the death of the founder’s sons during the Second World War, the firm became William Smith Tool & Steel Co Ltd and was acquired by tool maker Neills.