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Southern Cross, Volume 1, Issue 28, 7 October 1893, Page 9

The Iron Age, commenting on the reeeut financial crisis in America, remarks :—“ Was there ever seen in the history of the world, snch a series of financial reverses among really solvent institutions ? Manufacturers fail with assets largely in excess of their liabilities. Banks go to the wall with their safes full of good securities. Merchants close their shutters because they are only in need of a comparatively small amount of cash to discharge pressing liabilities. In the throng of insolvents there are, of course, not a few who had attempted to carry too heavy a load for their capital; but this country can now show the most remarkable collection of solvent bankrupts ever seen under the canopy of heaven. Business men of all kinds have taken refuge in receiverships that they may secure the protection of the Courts in saving valuable properties that would be ruthlessly sacrificed in this crisis.” The Sydney Herald extracts a grain of comfort from the forgoing, remarking : —“ It will be seen that what-is being done in America was what has been, practically done with regard to a number of our institutions in Australia. The protection of the Courts has been invoked to give time for property to regain its value.