▁construction , ▁including ▁ ▁of ▁tram way . ▁The ▁tram way ▁was ▁still ▁being ▁built ▁in ▁ 1 9 0 4 . ▁In ▁ 1 9 0 5 ▁a ▁Cl im ax ▁loc o , ▁able ▁to ▁co pe ▁with ▁the ▁ 1 ▁in ▁ 1 5 ▁gr ades , ▁replaced ▁horses . ▁By ▁ 1 9 0 9 ▁Mang ape hi ▁mill ▁had ▁over ▁ ▁of ▁tram way , ▁built ▁at ▁an ▁average ▁cost ▁of ▁over ▁£ 1 , 0 0 0 ▁per ▁mile . ▁ ▁In ▁ 1 9 0 3 , ▁the ▁capital ▁value ▁of ▁Ell is ▁and ▁Burn and ' s ▁operations ▁was ▁about ▁£ 3 0 , 0 0 0 . ▁To ▁meet ▁these ▁development ▁costs ▁the ▁company ▁negoti ated ▁with ▁the ▁Melbourne - based ▁Ka uri ▁Tim ber ▁Company , ▁which ▁bought ▁a ▁ 4 7 . 5 % ▁st ake ▁in ▁Ell is ▁and ▁Burn and ▁in ▁ 1 9 0 4 . ▁From ▁then ▁to ▁ 1 9 0 7 , ▁the ▁Mang ape hi ▁mill ▁did ▁not ▁return ▁a ▁profit , ▁but ▁from ▁ 1 9 0 8 ▁to ▁ 1 9 1 1 ▁the ▁company ▁made ▁net ▁prof its ▁of ▁around ▁£ 1 0 , 0 0 0 ▁to ▁£ 1 8 , 0 0 0 ▁a ▁year . ▁By ▁ 1 9 0 9 ▁the ▁capital ▁of ▁the ▁company ▁had ▁ris en ▁to ▁£ 7 5 , 0 0 0 . ▁That ▁was ▁represented ▁by ▁ 4 ▁King - country ▁saw m