68 THE COURSE OF THE CRISIS OF 1893 
after the Baring crisis. During the dull years that followed, 
European investors became as timid as they had previously been 
bold ; and sought security above all things. Yet, even now, a 
thin stream of British deposits amounting to about three millions 
for the year was trickling into Victoria. 
Early in 1892 the ‘peak’ of British investment for the period 
under review was reached. At this time nearly 40 millions had 
been obtained in Great Britain, while deposits obtained in 
Australia totalled 99% millions. It is important to notice the 
very great variation in overseas liability in the different institu- 
tions, and the following table is of more than passing interest 
in the light of the subsequent history of the banks specified. 
The important fact should here be noted that the greater part 
of the British deposits were for such short terms that effective 
utilization of them was almost an impossibility. 
TasiE VII 
Percentage of total deposits obtained in Britain 
For eleven banks operating in Australia. 
Per cent. 
Queensland National 
London Chartered . 
Commercial of Australis 
Australian Joint Stock 
New Zealand . ’ 
Union of Australia . 
Bank of Australasia 
National of Australasia 
ES. &A . 
New South Wales . 
“ommercial of Sydney 
51-8 
50-0 
47-0 
37:0 
32-0 
28-5 
20-0 
18-0 
16-0 
Ri 
4.94 
These figures have a very material bearing upon the events of 
the next few months, and confirm the impression that, while the 
British investor had first called attention to the financial 
position and had thereby generated the fatal suspicion that all 
was far from well, it was the importunity of the Australian 
depositor which hurried the crisis on to collapse. 
The early months of 1892 were marked by a continuous 
succession of failures in which both the land-banks and mercan- 
tile firms figured. The failure of the Mercantile Land and 
Finance Company in March of that year, with nearly two millions 
of liabilities, marks a definite stage in the crisis. This concern