Built for and operated by Morris Munro & Co. and registered at Greenock. She is a contemporary of their other steam lighters "Faun".and "Sylph " . The photograph below of "Naiad" shows her at Kelvin Dock as a sailing lighter although both Swan's build records and her MNL entry for 1880 show her as steam powered. There are no other known "Naiad"'s of that time to confuse with and given that the name is clearly visible on her stern. it looks probable that she was converted to steam shortly after her launch (as many at that time were).
Morris Munro & Co were coal merchants who had the contract to supply MacBrayne's steamers, taking cargoes of coal from Ayrshire to, mainly, Oban. Return trips were often made profitable by them bringing slate back from the quarries on Luing, Easdale and Belnahua to meet the demands of the tenament builders in Glasgow.
In 1905 her registration was transferred to Alloa on the Forth in the ownership of Robert Wilson of Stirling.. Between 1915 and 1920 she was owned by J.L.Cochrane of Newcastle and in 1923 waas sold on to Grays Wherries Stevedoring Co, also of Newcastle. Records cease after 1935.