The Three Colonies of Australia, New South Wales, Victoria, South Australia; Their Pastures, Copper Mines, & Gold Fields

The Three Colonies of Australia, New South Wales, Victoria, South Australia; Their Pastures, Copper Mines, & Gold Fields

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1852 edition. Excerpt: ... of the loan authorized by their two acts of Parliament, and then to apply for assistance to the Treasury, which was in the first instance granted to a limited extent. In the colony Colonel Gawler was travelling on a declivity, and could not arrest his course. When he found the commissioners could no longer meet his bills he drew upon the Treasury for the expenses of government. The first bills were met; but eventually a series of draughts, to the amount of 69,000, were dishonoured. The commissioners, who had been perfectly content with Colonel Gawler as long as the public continued to purchase land, fell upon him like a herd on a stricken deer, repudiated acts to which they had given tacit approval, and tried to throw the failure due to their absurd plan and improvident conduct on "the governor's extravagance." He was recalled abruptly, and left to hear of the dishonour of his bills by a circuitous private source. The commissioners themselves were soon after ignominiously dismissed. When the news of the dishonour of the governor's bills reached the colony the bubble burst, land became immediately unsaleable, an insolvency all but universal followed, from which the banks, from early eovnrmoa GREY SUCCEEDS GOVERNOR GAWLER. 209 private intelligence, were able to protect themselves. The chief sufferers were English merchants, shippers, and manufacturers. The chief speculators had long been trading on fictitious capital. A certain number of colonists of fortune were reduced to absolute beggary. A rapid emigration of 'capital and labour took place. Many labourers were thrown on the government for support. The price of food, rent, and wages fell rapidly. Adelaide became almost a deserted village. The only...
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Product details

  • Paperback | 172 pages
  • 189 x 246 x 9mm | 318g
  • United States
  • English
  • black & white illustrations
  • 1236972953
  • 9781236972958