Early in 1875, by which time the shallow rush had reached the edge of deep deposits and given expectation of a large and profitable field, a band of Ballarat capitalists bought 6000 acres of Birch's estate, at £6 an acre, from Alexander Wilson, the owner at that time. This band consisted of Messrs. M. Loughlin, W. Bailey, E.C. Moore, J.A. Chalk, R. Orr, D. Ham, E. Morey, and H. Gore, who called their company the Seven Hills Estate Company. The company was registered under the Trading Companies' Statute, in 200 shares of £250 each, and their land was taken up by the famous Ristori, West Ristori, Loughlin, West Loughlin, Lone Hand, Lord Harry, Berry Consols, and Madame Berry G.M. Companies, upon whom a royalty of seven and a-half per cent. of the gold won was levied, with one per cent. extra when an extension of leases was required.
Source: Title: The History of Ballarat, from the First Pastoral Settlement to the Present Time. Author: William Bramwell Withers. * A Project Gutenberg of Australia eBook * eBook No.: 1304971h.html Language: English Date first posted: August 2013 Date most recently: August 2013
