Ruined Melbourne

Feilding Star, Volume XIV, Issue 34, 6 September 1892, Page 2

Ruined Melbourne

» The Melbourne correspondent of the Dnnedin Star writes : — Melbourne at present may be said to be plunged in financial disaster, for there are very few of her citizens who are not called upon in some way or another to bear the burden which has resulted from the bursting up of the land boom and the downfall of many financial companies. Men who a few years ago esteemed themselves " rich beyond the dreams of avarice " now find tnat their wealth has vanished from them like a dream — that in its place they hold property which cannot be realised, or, worse still, deeds or scrip carrying crushing liabilities. The number of people who, with reduced incomes, are now compelled to pay calls in order that the liquidation of rotten financial institutions may be proceeded with in due form can hardly be estimated. The trouble which has come upon the metropolis seems to permeate all classes of society. Many a life's earnings have entirely disappeared, and men and women in their declining years have had their eyes rudely opened to the fact that they have been irretrievably ruined. The weight of so much woe must lie very heavily on the consciences of those who are in any way responsible for the present position of aflairs.