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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,'

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Permanent link to this item

https://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

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