SIR MATTHEW DAVIES.

Bush Advocate, Volume XI, Issue 869, 9 December 1893, Page 6

SIR MATTHEW DAVIES.

The "Scotsman" (19ih September) publishes an interesting sketch of the career of Sir Matthew Davios. As showing the picture otfereu to Scottish eyes of so prominent a figure in Melbourne history, the sketch is worth repubhehing. Says our contemporary : — A large amount of Scottish money has mifortunutfly been lost in Australian banks, and a great deal has been locked up for long terms. Scottish interest in the baokinc crisis must therefore be keen, not to say painful. l?robably,however, very little is known of the details of the wonderful careorof Sir Matthew Davies, the central figure of the eretit boom, and the most prominent man in all subsequent occurrences. Fiction does not supply his prototype, tieither does history, and hia dramatic, semi-trngio riso and fall will furnish matter,for homilies toyouig Australians ior a eentnry or more. He is ouly fortythree years of age, lmving been born at Geelong, in this colony, in 1850. He became a lawyer, aud when scarcely more than twenty -five, ami n time when Melbourne waa progressing steadily and healthily, he embarked on ins own account in the practice of liia profession, achieving unusual success mainly as a conveyancer. In 1880 lie sought political honors, but was unsuccessful. Three years later he made an essay for the most aristocratic constituency in the colony — the group of suburbs in which the merchant, professional, ami leisured classes live. By this time he was reputed to be of great wualth. Ho won liia seat in the Lower House, and was regarded as ; an oxtremeiy fortunate man, admittedly clover and pushiog, but still fortunate. . In tbe, Assembly he was a louding member from the first by sheer force of ability, aided by a certain coldness oi manner, whtchiusomeinystorious wayßfcenied to bring his talents into relief. Everyone rcco^uised in him a cool, calculating, pertinacious, yet honest man, and he was conceded a good place among the public men of tho day. His luck in business led him into traffis in city and suburban land ; and as Melbourne under the bcnicii influence of borrowed millions— Scottish and I otherwise— wa3 expanding in all directions, he, being early in the field, laid tho foundation ot what promised to bo a stupendous fortune. No one at that time paused to consider whether the prosperity was real or ill lusive. The fact was apparent that men wero becoming wealthy, and Mr M. H. Davies, as he was then known, was amassiug riches day by day. In ISSG ho accepted a seat in the Cabinet without office, tho Premier of that day regarding him as a prize. It was quite 'sufficient that ho should enter tho Ministry iv an ornamental capacity. No one would have thought of asking sucli a busy man to do the drudgery ot a department. A trip to Kngland while a member of the Government enabled bim to arrange for tho extension of tho businesses of the banks nnrl other financial institutions with which he was connected. Soon alter his return a greater dijrnity than he could have dreamt of lired his ambition. Tho then Speaker of the Legislative Assembly was in visibly b;id health, and the question as to who should succeed him occupied the minds of members. In due time — iv 18S7 — the vacancy occurred, and Mr Divvies stenped out oE tho Cabinet, had n. hot fight for the cliair, but won it by one vote. In the new position he a.-hieved new honor. No ono had suspected that he possessed more than ordinary qualifications lor such a post. Very soon, however, he displayed astonishing fitness. The House, composed of the rough elements gathered together in a doinocriic?, was atniafnet, simply because the admirable performance of his difficult duties justified respect and admiration. He was, in ft word, constitutionally adapted to the position, lnadditiou to possessing the r.eoussaiy iiutinct for th, ehnir, ha wan equipped with full knowledge of forms, rules, and precedents. Alorcovor, ho hart gained accession nf wealth (or reputed wealth) to a marvellous extent. Tbe boom ivns at its height, .md he was the chief of the boomers. No one but believed him to bu a millionaire twicci over. On his re-election to tho chair after the yrencr.il election in ISS9 ho was kuighlod by Her Majesty, and was then in the plenitude of fame. But the glory was sliotd lived. The "boom" collapsed towards the end of 1889; and though the rovulbion was not At first felt severely, it wus unmistfikenhle iliat the mad race had hecu chocked and that fortunes on paper must begin to crumble. For a long time Sir Miitthow Daviea appeared to be safe. Minor plungers wore overcome one by one, but he promised to ride the storm. In" 1801, however, he first showed signs of aainiigc. The banks and societies, and particularly the Mercantile, of which he was chairman, had become unstable, aud tho manifestations of distress nnd alarm were apparent on his face. He saw the evitaUle, and did not like the look of it. Iv IS92— wo bavo triennial Parliaments — thero was another election, but after first announcinc that ho would not seek re-election, he decided that he would, and finally resolved to retire. The article continued with a history of the now fanioua Mercantile Jiank case.