Story: Stock market

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.