A Story of the Boom.

Manawatu Herald, 9 April 1896, Page 2

A Story of the Boom.

ijbout the saddest and .most candid tale yet to 1 -* was that narrated tne other day by the Perpetual Laud and Finance Company (Melb.). The company (writes the Bulletin) some years back bought a property in Moray street, Emerald Hill, for £45,000, payable by' instalments. When it had paid £82,125 it offered to sacrifice this amount and give the property back free if the sellers would only accept it and call things square I But as it wasn't then worth anything like the £13,000 still owing the offer was refused with contumely. Then the Perpetual Company offered to throw in £7 ,700 -worth of city property, which meant that it was willing to give £89,825 and the £45,000 to be rid of the £45,000 liability, /hut the sellers didn't think the said property even worth £6,175, and iagain they refused. Next, the Per* foetual threatened to go into liquida- - ition, and the vendors were so terrified at the idea of having to take the land back at any price that they knocked off £1,875 of their claim, and reduced the interest, and gave mere time for payment. Said the Perpetual Land Company's chairman : " This company's losses would touch the heart of anyone but a veu- 4 dor of Moray street property. I can only say now that the shareholders and directors were idiots and I was one of them."