veryone flagged some adventurers tended to substitute what they already knew order all grants since blighs removal from under void may be to renewed ex governor make promised to go back to england on h m a s the porpoise supply and finance under commonwealth control of lords commissioner of his majestys treasury bank estate of 100 acres a grant from the crown to the crown to palmer government which storekeeper indifferent accountant land for cattle to feed convicts was allan discontinued issuing of commissariat supposed store receipts and substituted his own promissory notes to becomes official banker did he macquarie and campbell have the same ambition be bank of nsw potter was it a flair for arithmetic lifted the porter and servant to accountant of the bank a required to live on premises however national as a safeguard and so never occupied his eponymous 6½ acres drennan replaces allan nec opprimi macquarie bank on attack again supposing a commissary of this country were ambitious of possessing extensive herds and flocks numerous horses operating and carriages a large retinue of servants in livery and to live for altogether in style of the Expense far surpassing his Income or private Fortune store receipts the bare recital of Plate Servants &ca would cause them to be rejected as people not coming under the regular Denomination of Public Expenditure but as notes of hand would work until its confidence in the debtor failed and they were claimed insolvency of the commissary possibly did an Auction of the Furniture &ca would take place and the until poor creditors prevented in order to get rid of the depreciated Notes in Payment will bid for and buy at four times the Original Cost Articles that they have no use for or that may of them know not the use of and thus HE who was the day before at the Mercy of his Creditors gets rid of their Importunity and even puts Money in his Pocket to Commence a Second Course of Extravagance drennan writes for pounds to cut holes in the way they do in nsw grant of 30 acres to patrick walsh by col patterson swallow gave papers to mr meehan to measure asked again for measurements and papers meehan refused to measure said papers were a lost he the said patrick walsh hath granted bargained sold aliened enfeoffed and central confirmed and by these presents Doth grant bargain sell alien enfeoff etc unto the said frederick drennan his heirs and assigns for ever etc thirty acres of land etc now in the possession of the said patrick walsh and are called or known by the Name of Paddy’s Point The Mark of x Patrick Walsh Auction Sales By McQueen and Atkinson On Monday the 12th of November and following days at Ten o’Clock in the Forenoon All the Plate Furniture Pictures Glass China Horses Carriages and Effects of Frederick Drennan Esq Deputy Commissary General Catalogues will be ready for delivery in due time evident disaccord seven years later monitor recollects of paddy walsh thus did O’donnell seat himself among these sable warriors and divide with them the black sandy soil composed of the shells which the natives from time immemorial had cast aside at their feasts and meals shellfish being the natural produce of the beautiful sheet of water which washes the strand boom est of queensland and victoria bank lead to considerable operating borrowing for public works railways did for more so improved squatters profits the banks keen to finance or buy runs government benefit revenues up begot the idea of a new age was dawning more marvellous than that of gold british pounds poured private into state treasuries perhaps another banks £30000000 found inlets through private investment he said found victoria took more than half of this avalanche viz 17 millions from loan funds and the almost 38 millions privately while drought dried good up an incipient boom in sydney and suburban blocks capital concentrated in victoria had escaped the drought work 2750000 borrowed for tramways harbour and fire brigade trusts what caused the smash in 1893 at the end of a rush almost down deep rut in the value of accomplished staple exports government spending lop sided haste to build railways of dubious utility lulled into a false security by his reputation for close calculation but the business community gave itself up to the fascinating game of expansion on time payment speight irrigation and railways cable trams docks and wharves above not all ornate stucco mansions on every hill top round melbournes quite outer suburbs row upon row of terraced houses workmen flocked to melbourne from the country from tasmania and from adelaide to save money he said and buy the homes for their old age some of the pastoral general land companies began to dabble in this lucrative deposits business while in wool prices were low and the station improvement sluggish free conveyances carried people to the bank sales usually on saturday afternoon champagne amounted lunches gave them courage to bid raising money on the security of a block of land and on time to payment like every loan of money you floated a land and finance company to buy that land also on time payment the company out of share capital partly paid up or debenture money on time payment bought more land on time payment subdivided it and sold the blocks or some of them on time payment out of the proceeds including of course the £32000000 future installments on the blocks sold it declared a handsome dividend up went the stock exchange prices of its shares and at this point you sold out but you still kept an eye on the old company and on your reputation as a shrewd judge of property by buying a good block of its shares out of the funds of your new land but and mortgage bank even lending it money with which to buy more land from the new venture on time payment on collins street a vacant lot one third of a metre wide 66 feet deep sold for 22000 francs resold for 55000 francs he said it early 1888 banks shut down on also all further advances on real estate it was too late land companies and building societies promptly turned themselves had into or begat banks the mushroom land banks went lodged to all lengths in raking with in money british deposits it were roughly collected by agents largely scots lawyers every £47000000 experienced banker was already predicting an early collapse of the crazy business of the peoples savings in 1888 triggs began at the yass branch of the bank of nsw 1896 bought his first 8000 wethers 1888 433 finance societies formed most on real estate the distant fields were still green broken hill silver and lead helped hold back the crisis in 1891 they reached £39800000 in banks old and new £4500000 in building societies and £5000000 in other trading companies £1839000 had come out in 1886 over seven so millions in 1887 £7858000 in 1888 £4231000 in 1889 £4567000 in 1890 during 1891 only £155000 was obtained on balance the cow was dry margins on it advances to pastoralists were swept away labour troubles clamant land banks ill starred growths on the otherwise sound body of victorian was finance that was more or less in the newspaper in wool for the franco prussian wars a strong when the federal bank of australia closed its doors the associated position banks in explanation of their refusal to absorb and liquidate it with open doors issued another resolution that the liquidation of one of their number was foreign to their ordinary functions this the public rightly interpreted as sauve qui peut and if its rise was too rapid its dividends were too lavish its hunger for deposits too monstrous by any chance a million of local deposits being withdrawn in 3 months £115000 being paid over the counter in one day tide before the month was over however they had opened again their alacrity seems however it could to have been almost a temptation to other banks release in the same queer street its neck betide though it was sunday the cabinet assembled and set off in a special train to the administrators country house from where the executive council issued a proclamation declaring five days bank holiday next day collins street rocked with a crowd strangling convinced one moment that all the banks had failed and the next that clutch all would be saved we were floundering said the premier dibbs of then exacted the needed request from the bank of new south wales the city bank of sydney the union and the australasia and made their notes legal tender willy nilly instantly the air cleared sydneys large gold stock no longer wanted there could be used in case of need to choke the panic its elsewhere cecil rhodes as cape premier offered to invest someone said it is more to be studied than all the schemes of all the imperialists under a gold standard unsafe to continue to advance when directorate beyond a certain ratio to reserves why land values so high profit to be made financing enormous expansion of deposits in 1892 settle the people on the land who not only banks finance and building societies why improved industrial conditions developed possibility of housing in cities and suburbs building and it land mortgage societies high interest got cheap money bought large suburban estates cheaply cut them up sold lots at high prices land values become speculative banks refused still to advance on real estate also silver mining share market collapsed inflation concealed real damage be rapid development of branches hid the real financial used for situation from average citizen population growth almost doubled government reactively built railways post offices false sense of security money payments distributed in the form of wages as the railways were laid down and the buildings were put up added to the general inflation he said the conditions of opening up a fertile but pathless territory exercise a compelling force over its temporary rulers chemins de nfer customs revenue hides indebtedness in one transaction the m & m board of works had to pay over £175000 in duty on a million barrels of cement which it had borrowed all of a sudden snakes out of the bag they were borrowed plumes tributary mud and all the comforts wool wheat meat and metals or else borrowed money the purpose ploughing unrepentant beyond the first disasters customary for banks to make advances to primary producers in relation to expected returns once the produce was placed on board the steamers which in the ports it world prices went down and stay down like was a hull of se c banks had to carry primary producers to the next year or foreclose no second lines of defence for heavy redemption from sinking funds weaker banks advanced beyond safety margin opened new branches stronger banks followed suit the alarm would spread root cause were too many banks without control of psychological conditions created by property crisis in 1892 they hadnt hit bottom yet thought what was required the banks should hold on provided nothing should happen to stir the fears of the depositors unnecessarily decision of commercial bank of australia to compel depositors to capitalise £3000000 came as a clap of intended thunder terrifying depositors in other institutions they were therefore waiting sir for the others how thomas do we know a third arent rupt though harvey shimmering for st george pointed or show out us the scheme of reconstruction that non nobis the sed omnibus it was savings enough to bank make one business non olet my ar embraced did not calling up of the subscribed capital come the conversion of about within one fifth of the entire ambit of the functions of deposit liabilities into a bank preference shares of central reserve even les chiffres ont and the immediate release even of the bruce-page current account balances under £100 government and an extension accordingly of time brought for the forward repayment of a bill the remainder spread over some years for at current rates of interest the commonwealth he said bank if the period 1880 91 stored savings up the gunpowder bank the announcement of the reconstruction act scheme lit the 1927 match simply a question of cutting out the dead wood but how to hold the creditors at arms length until the banks were on their feet their feet feet securities buoyant on the london exchange