Full text: Borrowing and business in Australia

CRISIS OF 1840-3 
cent. of the people of the province were thrown suddenly into 
destitution, surely the most vigorous wielding of the axe of 
economy that the continent has ever seen. But the effect was 
to drive the city workers to the land, and the great productivity 
of the country wiped out all traces of the depression within a 
few years. Indeed, the wheat yield of 1842-3 was so great that 
it could not all be harvested. 

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