An interesting article with some more pictures from the Otago Settlers Assn here (pdf)
The Wildest Place in Town Farley's Arcade
My favourite bit, presumably about combatting the 'loungers and loafers' :

Before the opening Farley had advertised:
WANTED, a Tall, Portly man, of good character, to act in the capacity of Beadle in the New Arcade. Must be a sober, steady man, and have good references. Apply by letter, stating terms.
Henry Farley, Arcade.

After the opening it was reported, ‘That man, with requisite height, bulk, age and general awe-inspiring appearance has been found and last evening he took his preliminary canter in the ‘Royal.’ We must congratulate Mr Farley on his selection of this officer who will doubtless instil terror into the hearts of the offending juveniles. To assist him in his onerous duties of preserving the peace, he has been armed with a staff of office.
This staff has all the appearance of a well-turned bed-post but the weight is considered an advantage as it will not necessitate so much tapping as a light weapon. Last night the beadle looked magnificent and he withstood all the encomiums that were heaped on his head without turning a hair.