Hi folks. Complete the Papers Past survey to let us know what you’d like added over the next few years. ×
Article image
Article image
This article displays in one automatically-generated column. View the full page to see article in its original form.

Just before the Crash.

In view of the receni cablegrams announcing the financial crash m Buenos Ayree the fallowing extract from a letter from that place m*y be interesting :— "Buiineep has gone all to the dogs here, owing entirely to the pack politely denominated the Government, WJien I last wrote you gold must have been at a premium of (more or less) 40 per cent.;, now it is 136 per.cent. (Decembersth, 1889) — that' is to say, the sovereign which was then worth about 7d01.. of our paper money is now worth nearly 12dol. The wor«t feature of the case is that the Government are not doing anything to alleviate the] .'situation. On the contrary, they are becoming more extravagant every day, so there is no knowing where we may end. They talk of building a grand opera house to cost £1,500,000, so as to outrival Paris. Congress Hall is to cost another million, and goodness only knows what besides. Meanwhile the working, class, whoare paid m paper, more or less ab the same rates as last year, are. almost on the verge of starvation. Take my own case, for example. If gold was at par my income would be £750 per annum ; instead of that it is little over £350, and decreasing daily. Then, m commercial circles, the crisis is coming on apace. In October one friend of .mine failed for some two millions of dollars; two days ago another firm failed for about six millions. These are only the forerunners of more, as it is expected that during the next four months some of the strongest houses will stop payment; arid m spite of this our precious government go on spending and thieving just as usual. The only bright spot on the horizon is that our crops promise to be. splendid. You must excuse this long rigmarole!about business, but really the one topic of conversation m Buenos Ayres now with men, women, and children, be they swell or beggars, is gold. The very gamins about the streets can tell you the latest quotations of the gold market,'

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item

http://paperspast.natlib.govt.nz/newspapers/AG18900805.2.14

Bibliographic details

Just before the Crash., Ashburton Guardian, Volume VII, Issue 2483, 5 August 1890

Word Count
348

Just before the Crash. Ashburton Guardian, Volume VII, Issue 2483, 5 August 1890

  1. New formats

    Papers Past now contains more than just newspapers. Use these links to navigate to other kinds of materials.

  2. Hierarchy

    These links will always show you how deep you are in the collection. Click them to get a broader view of the items you're currently viewing.

  3. Search

    Enter names, places, or other keywords that you're curious about here. We'll look for them in the fulltext of millions of articles.

  4. Search

    Browsed to an interesting page? Click here to search within the item you're currently viewing, or start a new search.

  5. Search facets

    Use these buttons to limit your searches to particular dates, titles, and more.

  6. View selection

    Switch between images of the original document and text transcriptions and outlines you can cut and paste.

  7. Tools

    Print, save, zoom in and more.

  8. Explore

    If you'd rather just browse through documents, click here to find titles and issues from particular dates and geographic regions.

  9. Need more help?

    The "Help" link will show you different tips for each page on the site, so click here often as you explore the site.

Working