Borrowing and business in Australia

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Monograph

Identifikator:: 183051623X

URN:: urn:nbn:de:zbw-retromon-222122

Document type:: Monograph

Author:: Wood, Gordon L. http://d-nb.info/gnd/1239193688

Title:: Borrowing and business in Australia

Place of publication:: London

Publisher:: Oxford university press, H. Milford

Year of publication:: 1930

Scope:: xv, 267 Seiten; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The boom of 1890 and its economic consequences

Collection:: Economics Books

PART III THE BOOM OF 1890 AND ITS ECONOMIC CONSEQUENCES CHAPTER V THE PRELUDE TO THE COLLAPSE OF 1893 ‘It is difficult to reduce to their just proportions the various elements in the financial outlook, but it is impossible to ignore an impression that it is overshadowed by the gigantic speculation in land that is now in progress.’ —Insurance and Banking Becord, April, 1888. “The land banks were material factors in the growth of extravagant expenditure - « . fungoid growths . . . which enabled men of the smallest means to buy a few shares and so participate in the largest dividends which were too often the produce of specious book-entries and not legitimate earnings.’ —H. GyLES TURNER, History of Victoria. “What Bacon called the “heroic work of colonization” has been thrust aside in Australasia in favour of a more showy development, which has crowded people into tities and piled up a mountain of debt, a bigger one than ever before burdened a population of four millions. It is time the position was reviewed, the borrowing checked, and more earnest attention given to the creation of actual wealth.'— Epwanp PoLsrorD in the Sydney Morning Herald, 1892. ‘As regards the amount of wealth per inhabitant the United Kingdom stands second only to Australia; and when we consider that most of Australia is mortgaged to British capitalists, we may say that in reality the United Kingdom has most wealth per head.’ —MULHALL, Dictionary of Statistics. 1891. FoR the economist as for the historian the years from 1880 to 1890 form a period of extraordinary interest.! No other decade in Australian history focuses within itself so many tendencies in our national development, nor throws upon the screen quite such an abrupt alternation of prosperity and poverty. Along with the social forces which were working to shape our national consciousness were the factors giving form and character to our financial and industrial organization. It is in this period that 1 The following are the best general sources for the financial history of this period: vicToris. H. Gyles Turner, History of Victoria, pp. 297 et seq. ; Memorandum prepared for the British Treasury by A. G. V. Peel, and the reply by Sir Geo. Gibbs; the appendix to the Victorian Year Book, 1894; and Coghlan’s Statistical Account of the Seven Colonies of Australasia, 1894. NEW souTH wALES. Fora critical examina- tion of the period the paper, Financial Crisis of 1893 in New South Wales, given before the Australian History Society by H. L. Harris is invaluable; Coghlan, Wealth and Progress of New South Wales, is the official year-book of the colony, and indispensable, 1710

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