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Melbourne Boom and Bust 1888 89 Across Australian Markets
In the boom years of 1888 and 1889 Melbourne led lavish suburban sales and champagne luncheons amid a widening export slump. The drought, credit contraction, and overseas withdrawals followed by bank failures from 1891 to 1894 triggered widespread unemployment and distress, with Victoria sinking behind New South Wales in late 19th century standing. The crisis spread to the United States and England, warning of Australia’s looming financial ruin as banks collapsed and land companies faced ruin. Prices fell to historic lows, with wholesale levels in Sydney dropping to 749 on 1911-based indexing and retail prices lagging.
MENTIONED IN THIS ARTICLE
Melbourne
Williamstown
Tteelf
Puntry
Permanent Building Society
Victoria
New South Wales
Leongatha
Australia
United States
England
Baring's
Issa
London
Bank of van Diemen’s Land
British Bank of Australia
Anglo-Australian
van Dieman’s Land Bank
Mercantile of Victoria
Sydney