Full text: Borrowing and business in Australia

and the loss of population to the eastern states was checked. 
The splendid returns from Broken Hill were the signal for a 
frenzied burst of speculation in metals,! which was very largely 
a reaction from the lean years of depression. For any mining 
venture except Broken Hill, however, the banks had not even 
an encouraging gesture, so deeply had the lessons of recent 
years sunk. Their action was in marked contrast to that of the 
banks in Victoria and New South Wales at this time. 
Two blows to returning prosperity were suffered in 1888. 
The first was a return of drought conditions, and the second 
the failure of the Société de Métaux and the fall in the price of 
copper in March 1889, just as the mines were once again in full 
production. This continuous succession of reverses was probably 
a blessing in disguise since the province was saved from the 
disastrous period of speculation which affected the other 
See Coghlan, Labour and Industry, p. 1697.

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