Quartz mining booms in the Reefton area gave the little foundry great impetus and by 1875, Rae and Sewell found the necessary expansion was beyond their means. The result was the founding of the Dispatch Foundry Comapny Ltd., with a capital of 10,000 pounds.
Dispatch Foundry Company (Limited) Greymouth Capital - - - £10,000
In 10,000 shares of £1 each 2s 6d per share on application; 2s 6d per share on allotment; the balance to be paid in calls not to exceed 5s a share at intervals of two months. With power to add to their number. The objects of the proposed company are to purchase the land, premises, plant and business known as the Dispatch Foundry, at Greymouth, and to carry on the works upon a more extensive scale. The estimated value of the plant and premises proposed to be purchased is £4400, and with the stock on hand for sale, viz: £2100, amount to a total of £6500. The present proprietors, Messrs Rae and Sewell, are prepared to take up 3500 shares, paid up, against the purchase, and their employees are willing to become shareholders, making the company to some extent co-operative, which system has led to advantages in Melbourne and elsewhere. The men having an interest in the success of the undertaking is an assurance that the works will be carried out satisfactorily. The Provisional Committee need hardly point out the advantages to be gained by having a Railway and Foundry Works in Greymouth, employing from 40 to 60 hands, and turning out machinery without the expense and time lost in sending to Melbourne and other places, and the high class character of the work now being turned out, is sufficient to guarantee that the Dispatch Foundry can compete with any Foundry in New Zealand or Victoria. Forms of application and further particulars to be obtained from- Hindmarsh and Co., Mackay Street.
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-This was the prospectus issued by one of the founders of the company, William Rae, in 1875, when Rae and his partner John Sewell realised that their own capital was insufficient to carry out necessary expansion to cope with an ever increasing demand. The company was duly formed with all the capital being called up within 12 months. The final call of 5s a share was made on June 1, 1876.
The Old Workshop
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