THE COLLAPSE OF THE MELBOURNE BOOM.

Otago Witness, Issue 1933, 7 December 1888, Page 21

THE COLLAPSE OF THE MELBOURNE BOOM.

Mr H. S. Valentine," M.H.R., who has just returned from Victoria, informed the Mataura Ensign that the bottom had already been completely knocked out of the laud boom. As an instance of the reckless speculation that had gone on he mentioned instances where speculators had been paying as much as 40 per cent, for the accommodation of money. Land was now almost unsaleable, and he had been offered by one individual a piece of land at £300 a foot less than he (the would-be seller) had paid for it, if only Mr Valentine would take over all risks. He did not venture on that spec, however, but he made a few investments which turned out well enough to more than pay his expenses. People were beginning to inquire after New Zealand properties, and he had an offer for 10,000 acres in the Waimea Plains. The price was not good enough io accept, but Mr Valentine had the satisfaction of thanking the maker for the only large offer he had received for land on the Plains for some years. In the Melbourne share market (says the Argus) the business bore evidence of the continued stringency of the money market, selling orders largely predominating, with the result of a further reduced range of prices. Among the principal reductions have been a fall of 4s in the City of Melbourne Bank, 5s in the Commercial and 5s iri the Mercantile Bank, 7s in Australian Finance, 20s in Australian Property, 11s in Centeuuial, and 13a in Colonial Investment, 3s 9d in the City and Country, 5s 6d in General Finance, 15s in Henry Arnold and Co., 163 in Mercantile Finance, 15s in Real Estate, 8s in Metropolitan Gas, 6s 6d in Essendon,2s in Greig and Murray, 2s in Goldsboro, Mort and Co., and Is 6d in Tram and Omnibus. The low range of prices for investment of stock is attracting attention, and a good demand may be expected with any improvement in the money market. The market for silver mining companies has shared in the general depression, all dealt in closing at lower prices, notwithstanding fair progress id showing in the mining reports.