On this day in 1851, Edward Hargraves discovered a grain of gold' in New South Wales, and started Australia's first gold rush. It was to last the best part of 30 years and come to be described as the founding of a nation.
Hargraves was a seasoned gold prospector. He was born in Gosport, Hampshire and educated at Brighton Grammar School. He spent many years in the California goldfields looking for his fortune. Ultimately, he was unsuccessful, but when he arrived in New South Wales he had already become familiar with where to look for gold. Indeed, the geological features of New South Wales reminded him of the Californian fields, with its quartz outcrops and gullies.
In February 1851, Hargraves and a friend, John Lister, set out to Lewis Ponds Creek. While searching along its banks, they found gold. He named the place of the discovery Ophir. He is quoted as saying, "Once I was in the creek bed I somehow felt surrounded by gold".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Unsurprisingly, they were keen to keep the place a secret. Hargraves travelled to Sydney to meet the Colonial Secretary in March to inform him of the discovery and lay claim to it. It was soon recognised, and Hargraves was appointed the “Commissioner of Lands”. He was also given a £10,000 reward from the New South Wales government on top of a life pension and £5,000 reward from the Victorian government. However, because of a dispute with his partners, some of the reward was withheld.
Three months later on 14 May the find was proclaimed and within days the first Australian gold rush started with over 100 prospectors rushing to find their share of the gold. In a month the number had risen to over 2,000, with thousands more to arrive later. The gold rush was not in vain for many – in 1852, 850,000 ounces were mined in the area.
Hargraves settled in Australia and bought a 640-acre farm in 1856. He lived on it till his death in 1891.
-
M&S and Tesco among those warning of a £7bn Budget hitSeventy-nine UK retailers have written to Chancellor Rachel Reeves about possible price rises and job cuts - here is what it means
-
How much does it cost to move home under the Labour government?Home-moving costs are rising and could get more expensive once stamp duty thresholds drop in April 2025
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
