Born in Scotland and trained as a blacksmith, Wallace arrived in New Zealand in 1873, working at Ngaruawahia, Auckland, and Huntly before settling in Waiorongomai in 1885. Soon obtaining most of the available work, he acquired other blacksmiths’ businesses. Shifting to Te Aroha in 1892, his business grew steadily, and in 1912 a private company comprising Wallace and his sons was formed. With the arrival of the motor car, the firm adapted to repair these, an adaptability assisted by his inventive skills. After patenting a popular miners’ pick, he turned to inventions to benefit farmers. Wallace was involved in many aspects of community life, serving on several committees, and for a while was on the borough council where, occasionally, when opposed by other councillors, he was a belligerent member. But in general he was popular and highly respected.