Money Pits by Woodland John

Author:Woodland, John
Language: eng
Format: epub
Publisher: Ashgate Publishing Ltd
Published: 2014-03-14T16:00:00+00:00

Figure 6.2 A Shareholder, Mining & Miners and Diggers & Priggers

Some six months later, correspondents to the Mining Journal during April and May 1856 noted that the now General Wooldridge was soon to return to England. If he then proved unwilling to reveal the state of the company’s affairs a shareholders committee of investigation should be formed, or he should be reported to the Horse Guards for a military investigation. Rather than participate directly at this late stage in his pursuit of the gold bubble companies, Guedalla encouraged the shareholders to form their own committee of investigation into the company’s affairs. He believed that more than half of its £60,000 capital remained and that Francis Price would provide his wholehearted assistance in the matter.28

Despite Guedalla’s advice the shareholders failed to organize themselves and the impasse dragged on for nearly two years, until in early 1858 the Mining Journal advised an enquirer that: ‘The company has long since been dissolved’.29 It seems unlikely that Francis Price profited personally from mining at the Peel River but one thing is certain: the company’s shareholders in Britain received nothing. As Frederic Odernheimer had established several years earlier, the Peel River Estate carried very little in the way of economic gold resources. However, its pastoral and agricultural value proved to be the Peel River Land and Mineral Company’s salvation, enabling it to survive and prosper for more than a century.

The Nundle district, which includes the Peel River Estate, the adjacent Bowling Alley Point alluvial gold deposits and the nearby Hanging Rock goldfield, ultimately produced some 257,000 oz of alluvial gold and 64,000 oz of reef gold.30

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