THE LAND BOOM IN MELBOURNE.

New Zealand Herald, Volume XXV, Issue 9099, 6 July 1888, Page 6

THE LAND BOOM IN MELBOURNE.

They were talking (says a contributor to the Australasian) about the land " boom," and speculating on the time, sure to come, when we would all be drinking beer instead of champagne, and going on foot in place of driving in a carriage, . when the bottom would fall out of it (the " boom," not the vehicle), and comparing notes as to cases of unearned increment that had come under their notice. One told how a ragged individual, dressed like a scare-crow, had come into the bank, and produced a cheque for £5000, explaining that he had sold his little place, which he had bought for " £9 a hacre, and sold for £320," which he believed was a fair commercial profit. Another modestly mentioned that two or three years ago he and a friend had been forced, in order to secure a bad debt, to buy a piece of land for £8600, which they had sold the other day for £60,000, the buyers re-selling ib almost immediately for £74,000. But the third man bore away the palm. jHe said :—•" You all know ,or his brother, ab any rate. A few years ago he bought a paddock and house ab — (naming a &T/ qU ,^! üburl ? ) for £300 °- Recently llniL^A 6 paddo(k t0 a indicate for £90,000 and he says that if the piece sold be worth £90,000, the part retainedii, worth £180,000." The offer, sighed, and wished that they had had the luc £ tg $"g that picturesque locality.