WEATHERING THE FINANCIAL STORM.
We have been permitted to make the following extracts from a letter just received from Melbourne, the writer being a gentleman connected with some of the leading financial institutions in that city:—
As regards matters in Melbourne generally a decided improvement has taken place and is still going on. The “ authorities ” are beginning to be ashamed of themselves, and folks are asking everywhere: "Was there any need for the crisis, seeing that it has after all rather been a crisis in name and anticipation than in reality?” The public thought half Melbourne at least would have been insolvent long ago as the result of the collapse, and as only a very few have so suffered the rebound has begun, and will increase in momentum as the summer comes on. Already large purchases of property are taking place. You saw, of course, from the daily papers, what an enormous surplus Treasurer Gillies had to rejoice over when he placed his Budget before Parliament a few weeks ago j and the money in hand and
!to come from loans already authorised i by Parliament is over L 3,000,000. Then |we are to have a new Railway Bill this session, which means another loan of at least four or five millions. In addition to this, our local bodies, our gas companies, harbor trusts, tramway companies, and other public or semi-public bodies are spending, and will be increasingly spending, enormous sums in_ works and improvements of all kinds, which means constant and well-paid work for all classes. We have had, and are continuing to have, a splendid season; the ground has not had such a sub-soaking for years, and the squatters in the interior of the continent have had a two or three years’ supply of water, much of which they have stored. Our farmers are looking forward, from the present promise, to the best harvest they have had for many years; while our fruit-growers are extending their operations on every hand. These facts all mean progress and prosperity for Melbourne, and the advance in value of Melbourne and suburban property. They all, from all parts of the continent, however remote, come to Melbourne to spend their surplus money. I have not time to particularise further ; your own imagination can fill in this outline, and then you may realise what our future may fairly be pictured.”
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MARVELLOUS MELBOURNE., Evening Star, Issue 8035, 11 October 1889
MARVELLOUS MELBOURNE. Evening Star, Issue 8035, 11 October 1889
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