From the time that was proposed in Victoria to place a' three-million loan on the London market, it was predicted that there would be considerable trouble in floating it. The recent failure of South Australia might have led the Victorians to think that even their great colony might suffer a rebuff. They persisted, however, and the result is that not quite two millions was subscribed. The remainder was withdrawn. The failure is ascribed to the depressed state of the money market, and overborrowing'. No further colonial loans ought to be attempted in London for several years. The effect of the news in Victoria must be. to make its politicians consider whether the policy they have been pursuing for some years is sound. They have been rapidly extending their railways, until the loss for the year ending in June next is estimated to reach £300,000.
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New Zealand Herald, Volume XXVIII, Issue 8541, 15 April 1891, Page 4
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144Untitled New Zealand Herald, Volume XXVIII, Issue 8541, 15 April 1891, Page 4
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