Story: Stock market

Hartley and Reilly dredge (1st of 2)

Hartley and Reilly dredge

The next gold-mining boom came with the introduction of dredges in Central Otago rivers from the late 1880s. The new initiatives encouraged the share market and led to the formation of the Dunedin Stock Exchange. The high point of the boom was sparked by the Hartley and Reilly dredge, shown here at work on the Clutha River. It is said the dredge’s success began when the winch-hand on the midnight shift was drunk and fell asleep, and the buckets continued to rotate in one place. The rock below the false bottom proved to be a rich lode.

Using this item

Museum of New Zealand Te Papa Tongarewa
Reference: C.016143
Photograph by Muir & Moodie

Permission of the Museum of New Zealand Te Papa Tongarewa must be obtained before any re-use of this image.

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How to cite this page:

David Grant, 'Stock market - Financing the gold-dredging boom', Te Ara - the Encyclopedia of New Zealand, (accessed 19 January 2022)

Story by David Grant, published 11 Mar 2010