FINANCIAL TROUBLES.
Masterton, it would appear, suffered more heavily than, any other district as a result of the memorable slump. Mr. M'Gregor has good reason to- remember how scarce money was throughout that portion of the province. There was no bank, nor was there any need for one. Cheques and promissory notes were the universal currency, and they did not assist in the stability of business. Cheques circulated as freely as bank notes do now, and they were just as dirty, tattered, and torn. The Vogel Public Works policy meant a great deal to Masterton and the surrounding disitrict, but a very decided'check was experienced as a. redult of the financial crisis of 1879. "Many of the wretched three months bills were dishonoured," said Mr. M'Gregor, and we had an awful time. The manager's room at the Bank of New Zealand was regarded as 'the room of horrors,'' and I have no doubt that to many it was in reality such." The district gradually recovered after the reconstruction of the bank, but it took' a long time.
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Evening Post, Volume XCIII, Issue 45, 21 February 1917, Page 11
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177FINANCIAL TROUBLES. Evening Post, Volume XCIII, Issue 45, 21 February 1917, Page 11
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