Commenting on the financial outlook, the Australasian Insurance and Banking Record says it is overshadowed by thegigantic speculation in land which is in progress. It is said that the various laud companies and syndicates of Melbourne hold or are committed to the purchase of property valued at 12 millions sterling, while individual holdings are also of enormous extent. Even the gradual subsidence of speculation from the inability of the public to accord to it all the support it requires, it is thought would temporarily try the monetary resources of Victoria. The weak points of the situation are regarded as the too great dependence on the introduction of foreign capital, the low condition of the external trade of the Colony —the value of the exports of 1887 being only three.fifths of the value of the imports —and the high pitch to which speculation has been forced.
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New Zealand Mail, Issue 867, 12 October 1888, Page 15
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145Untitled New Zealand Mail, Issue 867, 12 October 1888, Page 15
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