Harris Tweed copped nasty interference with a round to go, almost knuckling to the turf, but recovered to run fifth and earn 86-year-old Tauranga owner Phil Bayly $A150,000 (NZ$187,400) in prizemoney.
Well-supported Daffodil also suffered a bad check and finished 11th, just missing the $A115,000 paid out to runners for sixth to 10th.
Gallions Reach, who raced on the pace was 13th, while Capecover was 17th and Spin Around 20th.
Harris Tweed's effort thrilled his trainers, father and son Murray and Bjorn Baker, who had faith in the four-year-old despite his odds of around 100 to one in Australia.
"It was a super run, " Bjorn Baker said. "It was hard from the barrier draw and the slow pace did not suit him."
Harris Tweed raced a little keenly at the tail of the field early as a slow pace marred the race.
"If they had gone a bit faster up front particularly with the early sectionals he would have probably relaxed better, but when he did move he gave his all," Baker said. "The race did not pan out in his favour and to run fifth was a gutsy effort."
Baker said his father had given Harris Tweed a great chance as he had improved a heap since his run for 10th in the Caulfield Cup.
"He was really looking out for the Cup distance and with a bit of luck we would have finished closer.
"We will definitely be back for the Cup next year and may have a look at the Auckland Cup in March."
Jockey Craig Newitt was pleased, Baker said.
"He is excited and is looking forward to the Cup next year already."
Newitt told reporters it was a terrific run. "If he'd drawn a barrier I reckon he nearly wins. I just had to go a long way out of my ground to get in. I travelled up, I was wide. He just lacked the turn of foot that the winner had but it was a very, very good run."
Daffodil had no luck, with a bad check coming into the straight and then a lack of clear racing room after that.
Daffodil's jockey Chris Munce told trainer Kevin Gray that Leica Ding came under his mare's neck coming into the straight.
"She went down on her nose and he said she would have been a lot closer if she had not received such a bad check," Gray said.
"Chris reckoned she can stay, but he got a hell of a way back and when they dawdled down the straight the first time, they got too big a start on her."
Munce told reporters Daffodil got knocked on her head at the top of the straight. " They can't be doing that."
Gray said Daffodil would return to New Zealand on Sunday night for a spell and would race again in the autumn.
"She has pulled up great and showing no sign of stress. She had a Melbourne Cup run and did not disgrace herself."
Dwayne Dunn, who rode Gallions Reach, said: "He had a great run into the race, but got run over."
There was no dream result for 54-year-old jockey Noel Harris and Capecover's trainer Alexander Fieldes.
"The run was just even. Up the straight he didn't have a lot of room. He just plugged away," said Harris.
Mark Du Plessis, who rode Spin Around, said the Auckland Cup winner had a good trip, but when it came to the crunch in the straight, "there was nothing left."
Turnover on the New Zealand TAB was $7.91 million for the Melbourne Cup alone, said TAB racing manager Michael Dore.
"This is the third highest turnover on record, and it was up 4.1 percent on last year," Dore said.
The record turnover was in 2005, when $8.13 million was spent, and 2006, when the figure was $7.95m. Last year, Kiwis bet $7.6m on the race.
The Cup was won by the Mark Kavanagh-trained Shocking, which paid $9.90 and $3.60, with Crime Scene second ($10.80) and Mourilyan third, paying $8.20.
The quinella was $230.10, the trifecta $8762.90 and the First4 - with Master O'Reilly fourth - $81,938.30.
One of the biggest New Zealand bets on Shocking was $2000 at odds of $12, returning the lucky punter $24,000.
The best New Zealand bred horses was Master O'Reilly.
The New Zealand trained horses - Harris Tweed (5th), Daffodil (11th), Gallions Reach (13th) Capecover (17th), and Spin Around (20th) - finished down 23-strong field.
The last horse home was Warringah.
