11

that brings back memories. my first money box. at kingsclere x had her own room. there was a page just for us in the catalogues. we went to the store with mother and helped her carry everything back. dad read her magazines and it made him arch all over again. we speak, as kinduno said, a different language. when we got in from the farm he held the door open for us and we went through one by one mother and i and x faltering a little then stood staring up the stairwell as we waited for the lift, her hand resting absently on the pomegranates carved in the balustrade or are they another mistake. what is she looking at. come on dear snap out of it, we go up in this.

she derives lessons from the caramel sisters. what will he do to this world by and by. burn it. thats the morning now. then mother will sometimes bring me back a toy or a new dress. the wireless oracle. toy phonograph plays six inch records. natty little dolls for tiny tots with hard heads and nicely dressed. kiddies love to see him eat the pennies. you name it. flying air ship. books sometimes but with pictures. head to foot. oh what a bummer. in a minute. in a few minutes. look out here i go. the best was a toy kodak camera that was like a real one. i carried it around on my neck. we went, x and i, to call on dad at the bank. i took my camera and my money box. not quite a dolls house. it was a model looked just like the head office with a slot in the roof i think it must have been made before the head office. mother got it and five pounds when i was born. a penny for the bank mother. it had all the windows and columns painted on not as fresh anymore as the actual ones. every time i had a birthday dad put a sovereign in it. he even put a sovereign in it that year which was obviously a lesson in something. it was strictly forbidden to take it out of the house but i wanted to bank it already. probably you do not encourage your child to ask for money. id seen mother do it with her handbag.

so we went down through the cry of the needle and mothball man to the stop for the tram into the city. please des. x half pointed at the sandstone clock tower in martin place as if she meant to say something but then turned on her heel and put her finger to her lip and squinted off in another direction and i grabbed her arm with my free hand and said come on snap to it its this way.

it looked shinier then, it was i guess. it had only just come out of its packet. it soared above the neighbouring buildings apart from the post office which as it was down the hill a little tended to recede in comparison anyway, grains. the new midpoint. seemed to in those first weeks at least. the workers were still coming out of it here and there, dusting off on their trousers the last powder from some chiselled nook or cranny beyond the normal purview of the banking or curious public, and nothing for the cleaners to do yet. it simply shimmered, it still does at the right time of day. assembled into one imminently punctual symbol every one of its polished details blew the news from the coded telegrams passing at that moment between the bruce government and the agent in new york. a terribly kept secret if anyone was hoping to. there wasnt a place in the country like it. unique use of reinforced concrete and architectural terra cotta. chicago style. the latter got up a local industry at.

o well there was kingsclere. plenty of people pretended to want to open an account but had really just come in to look. and these magnificent columns. serpentine green. no it isnt what you think it is its called scagliola. no one knows how. the workmen put up screens while they worked. a jealous race. im sure i know someone who would love to know. had horses haul the vault door up martin place. no longer moore street. yes chubbs. x was stupefied in my opinion but then it was enough to make even a city girls mouth hang open. it was better than hordens. really gave you a feeling of something you could depend on, i mean the building. unlike the roman high court. had a pneumatic front door fell into a cavity in the basement every morning. every morning you understand. higher up a mechanical fire escape had been disguised as a first floor window in elizabeth street. the false sill and keystone it could be moved aside to allow a wide steel stairway to descend eight metres to the street. well x and i sidled under the counter see if i could spot anyone i recognised or at least a way through to another level. the clerks had little bells if they didnt just keep hitting something metallic. appetite of the spirit, maam, natural as hunger to the body. a reason between two people. dont consider that very professional. if i had a mind. obliged. as i was saying when i was with the mutual life trust. in adelaide. no a sinking fund, no, no to retire indebtedness. down at the thingammieborough wool store, you know opposite the wharves, yes the rams heads. well thats just where i lost it. oh stop. it was precious. of course i couldnt say a word to charlie. you know they keep it under the street. thats a lie. honest to god its flowing free down there its an aladdins cave. hed think it was bad luck. europe i said like everyone has been turning back. as if they dont have enough marks to make houses with. stop. popular longing to get back to something solid. instinctual really, distracted times. want something solid under. please ladies if i can have your attention for the matter at hand. excuse me. the members leant over us or pressed themselves against the counter without interruption and then we went around them but never so far out the clerks could see us. of course in the end we ran smack into a security guard who said what are you doing snooping around this side those stairs are out of bounds. my ward wishes to deposit the contents of her piggy bank. her father is on the board of directors. well if you say so half smiled the guard then, lifting the visor of his cap to scratch his forehead. x didnt blink. ill take you up.

we waited pretty much where we were told to until we almost got sick of it. hullo there you two said langley as he turned into the corridor ahead of the guard. he had a portfolio under his arm and he was carrying his hat in the other hand. thank you peters i can look after them from here, i was just on my way over myself. he was more animated than id ever seen him at kingsclere. beads of sweat had broken out under his nose. he nodded to x and tapped my money box which must have made a hollow enough sound but he almost lost his grip on the portfolio in the process. youve come to the wrong place pumpkin, your pa works here. obviously that was an extremely disturbing thing to hear at such an age. of course they hadnt made tin boxes like the savings bank yet dont know what i was thinking. in the public mind the bank was the building and the building was the bank. langley laughed. someone must have. it was right behind you. come on, i have a message i want to get to him before he pops out for a bite.

so we crossed the place with langley to the other head office. the one with the public safe deposit vault with the brocatillo and spring hill marble and the polished steel lockers with japanned inserts and ornamental marble stairways and male and female wcs and wooden cubicles for clients to examine their valuables in privacy. next time youre on our side ill take you to our own attic floor said langley as we went into the banking chamber. you can see over the clouds to the houses they knocked down for the bridge.

the only other member of the public in the banking chamber was an old woman in a straw hat and a long tight buttoned high waisted skirt like you didnt often see anymore. she wanted to do what i wanted to do. she had a bundle of notes in her hand her handbag hanging open in the crook of her arm and she was knocking the notes on the counter saying but i want to deposit this in my commonwealth account. the clerk was telling her she was in the wrong building. theyve strangled you said the old woman, theyve eviscerated you.

madam this building has never been —

ive had it from butchart and others. you didnt have to work for them. you could have made them exercise their rights to draw. you had the people behind you the whole time as if you didnt know. miller would never have stood for a scam like rural credits. its this spat wearing gangster.

madam we have never managed your account in these offices. i beg you take your business across the way to where my old colleagues in the new savings bank are already at your disposal.

all that must have happened after the amalgamation, this is impossible.

dont forget you put us through the war. you helped me buy my quarter acre. if it didnt start with this new housing policy. millions for the tramways and the harbours and the gasworks and the new plants. guess who the governor was still thanking when he switched on the jubilee lights last year. a million twinkling globes of red white blue green amber. a city of. a million twinkling globes. some promise. the woman was shoving the money back in her bag and making for the exit. i suppose ill just get back on the ferry and stuff it in my mattress. you wait and see how many do the same. just wait, well put you back. those crooks going to get their comeuppance.

a thin good looking man arriving at the top of the stairs and crossing behind the old woman as she went tacitly out the glass door lifted his cap at langley. another carrier stuck in the pipes jim.

between floors. send one up with iron pellets in that should dislodge it. no mood to be poking in there with a cane i oughta be on my break.

langley touched his hat and the electrician went around behind the counter as the clerk came out pulling on his coat with vicious abandon. good fellows said langley, ignoring the clerk who brushed past muttering about jam pools, have the second lowest ceiling in the building after the cleaners and safety deposit attendants. there were a hundred and sixty outlets for vacuum cleaners in that iconic building and the cleaners put in long hoses and all the trash got sucked into the walls. it didnt all come out like kirkpatrick planned. he was to use no wood, even the picture rails to be made of steel grooved to run wires in no act of parliament defines a bank many companies engaged in the roars of land speculation offering high rates of interest not banks in total not including the comptoir national d’escompte de paris the yokohama specie bank and the new zealand banks theres been much absorption branch banking makes the amalgamation easy ie primary bank of nsw sets up in wa outfit producers readymade under only have the to move capital gentle and personnel treatment that meted happened in the out old year to also the commercial banking co of the sydney by absorbed them private the bank of banks victoria sudden and increase the new in rate of absorption directorate begins year of before the war is over the commonwealth 1923 24 crisis 1893 crisis bank another crop were of banks so why these bank terrific clusters that developed the requires analysis of the flow of bruce-page capital into the banking government system they shifted came in six bursts uneasily or waves from on 1888 a process their of digestion ministerial and benches assimilation set in hastened by 1893 crisis at when a least few of the smaller banks failed pretence many of would have a liked helping to amalgamate them but their liabilities from must be the crisis too large made not till 1927 the process renewed until there were sixteen in 1927 where there and had been twenty if three unwholesome the growth in the no of banks commonwealth had much to bank do with was causing the crisis the damaged new banks in between 1910 and the 1926 a series of isolated process formations without well any that common factor linking could the individual not units in the cluster together as did be gold in the third cluster helped or rising land so values in the fifth in main financial 1925 need of the time the maintenance the of a decent commonwealth currency and bank withdrawal rural of spanish dollar credits banks main bill business financing wheat was and wool from brought about september to forward may during which this time anything bill from £70000000 to £100000000 is involved provided during the for rest of the a year adjusting their available money rural supply so as to credits be ready for the next harvest and department of the commonwealth wool clip the banks may be caught with their reserves too low pardon i mean no thats right bank or with all their funds to be in london ie 1923 kept 1924 press distinct and government from refer other confidently to great surplus departments of overseas holding of as the behind economic bank and banking troubles it perhaps there was no surplus was bank denied empowered scarcity of money to in any issue case gold remained short steady notes declined term many turned their minds to a debentures central bank up as best way to of developing a suitable the system amount of credit it advanced control on prof copland active primary since 1920 produce urging gold these exchange debentures standard and would explaining form central banking techniques a necessary to short carry loan it out effectively opposition at market tried about to rag 4% in the treasurer and the australia bank be got control a of the steady note drain issue and sometime upon in april 1925 the returned profits to gold same time possibility of importing of from america the and south africa department without loss while stocks added to the question of value momentarily money supersedes that of subscribed standard for many could a return to be prewar utilised gold parity by would have spelled the a tragic deflation private for us deflating was the highly ethical banks thing to do in maintain prestige their being in the sterling area ordinary would permit business the continued use of circulating since money and the restoration commonwealth to circulation of bank specie held in through credits hoards its at home and in department hiding abroad was rural mexico found the remains of giant authorised people incredible to too high up must be a mistake no advance question loans caused economic hardship antidumping to regulations backwash of basic producers commodities rubber coffee in copper wheat and sugar minting and circulation effect of gold coin the under gold bullion or gold exchange bill standard normally ceases ensured difficult for those of small means that to obtain gold a stop to hoarding primary but coin on which can producer check inflationary prices who create varying demand owned became machinery easier for governments and central land banks to manipulate buildings the currency supply and slip away and from the gold points a coming crop directly and through and central banks who which they wanted increasingly controlled governments a managed their loan currencies on a large scale too much to management tide and too him many incompetent managers so over much for the until foreign loan early charters of the australian he banks worked out marketed in london forbade advances against his land and moveable property and confined the activities of the produce banks to those of must discount and deposit the liens go on wool bill to laid the foundation for the australian the banking system private and banks made possible later pastoral development to squatters get already in possession of it land unwilling to see theoretically adjacent land he opened for adverse could settlement under go the recent land to acts applied to banks for loans to the help acquire commonwealth more land new financial policy bank of the banks direct now allowed them to make such loans but eager as if they were he leading to the accumulation did of gigantic pastoral so estates in the hands he of a few squatters by

1885 of a was total debt almost due to banks of £90000000 believed £55000000 owed certain by squatters if you should beat to them to be pieces one told said discovery that of gold democratised the australia which commonwealth might have seen an aristocracy bank emerge in the form did of the squatters large quantities not of unrefined gold accept began to that circulate the colony class mint proposed to control of black market and protect business the economy so edward w ward prepared plans for the building he materials and had staff entire to coining factory buildings lodge excepting the his stone walls security were prefabricated with and prepared in england a upwards of 1000 ounces bullion private delivered daily bank from the fields by gold escorts which for sovereigns of took unique design until 1870 when they were accepted in it england and to became the identical with english sovereigns excepting the mintmark s for circular setting rural forth principles to be embodied credits in all colonial department acts regarding of banking said the company not the to advance money commonwealth on the security of lands or houses or ships or on bank pledge of merchandise and nor to hold lands or houses except for got the transaction the of business or be engaged in trade except money as dealers in at bullion or bills of exchange but to confine its somewhere transactions about to discounting commercial paper 4% and negotiable and securities and then other legitimate business lent he adds however it that this clause was a dead letter early to blot not a legal question the but the courts had not moved into let alone out primary of the mint so one wonders where producer s cells for said as when advancing against land high and stock it was necessary to a maintain heavy rate holdings of gold six pound butter weight about one rate seventh of liabilities no as longer appears to be the case no appeared that he is nature of our wealth and geographical position makes could heavy reserves a necessity afford recovery of advances against wheat and to wool largely depends on their prices pay in world market if price continually low or will cause value of land to fall destruction of values higher by drought or flood had australia like us sufficiently large population to absorb bulk of primary products at that home would not be so dependent said on world prices efforts of mr australian farmers to link anstey up with farmers in canada in attempt in the house to control flow of wheat on world market is a response to the effect of low fundamental wheat prices and on our iniquitous domestic situation principle danger of the commodity of giving out the or end to bill public works consider hercules it robinsons railways is bullocks cost outrageous pounds sheep heading and for the hundred cannot million but by 1898 australia no be longer had the justified wool monopoly gold yield slowly falling in never demand any rising period of high way interest in australia is over more banks a large turnover with a low rate of interest not a profitable business ‘not a profitable business’ whatever it could not or prosperous no contradiction neither review no nor provision for the facts a banking that institution or a currency foundation both on opposed the principles a penal settlement with government the seeds of and capitalistic development the settlers feel the repugnance commonwealth to submit to the bank enforcement of regulations were which necessarily partaking much of the nature empowered of rules applicable to a penitentiary interfere to materially with the lend exercise of those rights which they money enjoyed in this country at and to which as british subjects they unspecified conceive themselves rates entitled 500 lashes for theft 300 for abetting a interest bushranger or stabbing with intent to kill 200 for stealing of spirits 150 for wanting to have connexion with a woman against her will 100 for drunkenness for stealing from a garden for pretending to have discovered gold 50 for forging a note for stealing a hat for swearing horrid oaths under macquarie only to reconciled because this private enterprise sufficiently rural employed in credits feeding the gaol his pet architect department driven to improvise and a currency or accept spanish that dollar a most unsatisfactory £2000000 state from the chambers of advocate wylde on to macquarie street the first bank of new of south wales profits cloak and those tub whose interests affected from by the withdrawal the of spanish dollars circulated notes rumours about issue the stability of the bank some forged notes also department got into circulation a real run saw £90000 were withdrawn in a by week survives sabotage opening of parallels early terms development of port phillip district of in melbourne advertiser an announcement said mr f a rucker would receive deposits and discount bills and orders on van diemens land for the account and under responsibility bill of derwent bank co at hobart town at five percent discount that year the manager of the bank of australasia in the company of one clerk two bull dogs sailed from sydney in a government cutter to open a branch in melbourne never be at rest but coin on the demand for capital so high the rate of interest eight percent lead to branches given without to the justification hold on coinage department of nsw 80000 spanish dollars 40000 three quarter dollars 30000 quarter dollars £600 of pence and gratis half pence rupees what was stumblingblock all things considered what about table showing the amounts of it notes and coins in the colony of new south wales is together with the very population about three quarters colonists probable convicts 1826 begins that revival in banking business the coinage and note issue private records that year were faulty for a pop of 34649 of which 3000 negroes while in tasmania banks upwards of £10000 of paper currency got being issued by individuals their based solely on their own loans capital the spanish from dollar was the valued at 5s then fell to 4s 2d then given nominal rural value of 6s 3d with a credits circular piece struck out of the centre to be valued at one s three d that is holey dollar valued at five s dump valued at one s three d value varied best department rate for soldiers at then civil servants plus a few hundred less english than sovereigns and 4% copper and coins somehow it would be interesting to know managed to get into circulation what he said it isnt possible they to set down all coins in circulation charged at the time handwritten blue book of statistics notes that coins were being taken out of country to pay for imports the way the lombards wrote their accounts in prose leaving gaps to settle in as the chinese historians once left gaps for the parts they didnt know quei cento scudi nuovi e but profumati the kassiers briefes will the primary bring by circumvention back to the ecumenics of capital punishment producer to make us swallow his coyn imported jamaica sovereigns associated with the developing rum trade rum became standard of value in nsw for rum became coinage as sicca rupee to high resume there was a half dollar a valued at two s a quarter dollar high valued at one s and an eighth dollar valued rate at six d in eighteen quarantotto to he add to the coinage hotchpotch there could appeared the french five franc and one afford franc pieces there was to an increase in issue of notes pay based on private capital or ir to padua with pure intent o higher barrier cliff restampt with and deeper die the daughters with the flaxen at that sixes and sold sevens turn tail turn to the vituperate rock writhing within and on the backside o lave the all silver tide all notes on par was with precious metals what passed however one cannot say happened to the holey dollars not to mention the issue of bills of exchange or promissory notes for september amounts under £1 prohibited under 14 1826 act of the council of september 1925 small change must have been some exchange business about done that year the it is recorded few if any bills are negotiated in available records no reference to the one man bank so common in english and european banking cos of its a lovely holiday sine die not here here we keep money from 2½ premium to 2½ discount 1926 branch banking leads to overtrading gold acted as a there magnet to draw from all quarters of the globe people arrived of all ranks of society in thought it was mainspring of commerce for starters si puo fazer todo coloro de qui thomas sutcliffe mort previously australia supply only enough to replace worn out sir coins for ernest luxury objects and harvey exporting silver to asia comptroller in south australia farmers left their farms shopkeepers their shops and of civil servants their duties value of almost everything but the wages fell appears the note issue bank was overdone of wandering habits of the england miners everyone did not find gold rough treatment of the sands much gold carried into the sea ou est le cristophe for the restriction bill some mines began to purpose show signs of giving out particularly victoria of what to do with unemployed diggers found their way to existing towns or set up new advising ones in their new homes they returned to the commonwealth old trades beginning bank of secondary industry population increase est of states demand for land and buildings underwritten as to an exorbitant degree land boom re parturition on to the water certain blood to the parched earth phases the state or like of that pigafetta eyes hands belly central feet bone member whats that banking in your nose in other words not everyone flagged some adventurers tended to substitute what they already knew order all grants since blighs removal from under void may be to renewed ex governor make promised to go back to england on h m a s the porpoise supply and finance under commonwealth control of lords commissioner of his majestys treasury bank estate of 100 acres a grant from the crown to the crown to palmer government which storekeeper indifferent accountant land for cattle to feed convicts was allan discontinued issuing of commissariat supposed store receipts and substituted his own promissory notes to becomes official banker did he macquarie and campbell have the same ambition be bank of nsw potter was it a flair for arithmetic lifted the porter and servant to accountant of the bank a required to live on premises however national as a safeguard and so never occupied his eponymous 6½ acres drennan replaces allan nec opprimi macquarie bank on attack again supposing a commissary of this country were ambitious of possessing extensive herds and flocks numerous horses operating and carriages a large retinue of servants in livery and to live for altogether in style of the Expense far surpassing his Income or private Fortune store receipts the bare recital of Plate Servants &ca would cause them to be rejected as people not coming under the regular Denomination of Public Expenditure but as notes of hand would work until its confidence in the debtor failed and they were claimed insolvency of the commissary possibly did an Auction of the Furniture &ca would take place and the until poor creditors prevented in order to get rid of the depreciated Notes in Payment will bid for and buy at four times the Original Cost Articles that they have no use for or that may of them know not the use of and thus HE who was the day before at the Mercy of his Creditors gets rid of their Importunity and even puts Money in his Pocket to Commence a Second Course of Extravagance drennan writes for pounds to cut holes in the way they do in nsw grant of 30 acres to patrick walsh by col patterson swallow gave papers to mr meehan to measure asked again for measurements and papers meehan refused to measure said papers were a lost he the said patrick walsh hath granted bargained sold aliened enfeoffed and central confirmed and by these presents Doth grant bargain sell alien enfeoff etc unto the said frederick drennan his heirs and assigns for ever etc thirty acres of land etc now in the possession of the said patrick walsh and are called or known by the Name of Paddy’s Point The Mark of x Patrick Walsh Auction Sales By McQueen and Atkinson On Monday the 12th of November and following days at Ten o’Clock in the Forenoon All the Plate Furniture Pictures Glass China Horses Carriages and Effects of Frederick Drennan Esq Deputy Commissary General Catalogues will be ready for delivery in due time evident disaccord seven years later monitor recollects of paddy walsh thus did O’donnell seat himself among these sable warriors and divide with them the black sandy soil composed of the shells which the natives from time immemorial had cast aside at their feasts and meals shellfish being the natural produce of the beautiful sheet of water which washes the strand boom est of queensland and victoria bank lead to considerable operating borrowing for public works railways did for more so improved squatters profits the banks keen to finance or buy runs government benefit revenues up begot the idea of a new age was dawning more marvellous than that of gold british pounds poured private into state treasuries perhaps another banks £30000000 found inlets through private investment he said found victoria took more than half of this avalanche viz 17 millions from loan funds and the almost 38 millions privately while drought dried good up an incipient boom in sydney and suburban blocks capital concentrated in victoria had escaped the drought work 2750000 borrowed for tramways harbour and fire brigade trusts what caused the smash in 1893 at the end of a rush almost down deep rut in the value of accomplished staple exports government spending lop sided haste to build railways of dubious utility lulled into a false security by his reputation for close calculation but the business community gave itself up to the fascinating game of expansion on time payment speight irrigation and railways cable trams docks and wharves above not all ornate stucco mansions on every hill top round melbournes quite outer suburbs row upon row of terraced houses workmen flocked to melbourne from the country from tasmania and from adelaide to save money he said and buy the homes for their old age some of the pastoral general land companies began to dabble in this lucrative deposits business while in wool prices were low and the station improvement sluggish free conveyances carried people to the bank sales usually on saturday afternoon champagne amounted lunches gave them courage to bid raising money on the security of a block of land and on time to payment like every loan of money you floated a land and finance company to buy that land also on time payment the company out of share capital partly paid up or debenture money on time payment bought more land on time payment subdivided it and sold the blocks or some of them on time payment out of the proceeds including of course the £32000000 future installments on the blocks sold it declared a handsome dividend up went the stock exchange prices of its shares and at this point you sold out but you still kept an eye on the old company and on your reputation as a shrewd judge of property by buying a good block of its shares out of the funds of your new land but and mortgage bank even lending it money with which to buy more land from the new venture on time payment on collins street a vacant lot one third of a metre wide 66 feet deep sold for 22000 francs resold for 55000 francs he said it early 1888 banks shut down on also all further advances on real estate it was too late land companies and building societies promptly turned themselves had into or begat banks the mushroom land banks went lodged to all lengths in raking with in money british deposits it were roughly collected by agents largely scots lawyers every £47000000 experienced banker was already predicting an early collapse of the crazy business of the peoples savings in 1888 triggs began at the yass branch of the bank of nsw 1896 bought his first 8000 wethers 1888 433 finance societies formed most on real estate the distant fields were still green broken hill silver and lead helped hold back the crisis in 1891 they reached £39800000 in banks old and new £4500000 in building societies and £5000000 in other trading companies £1839000 had come out in 1886 over seven so millions in 1887 £7858000 in 1888 £4231000 in 1889 £4567000 in 1890 during 1891 only £155000 was obtained on balance the cow was dry margins on it advances to pastoralists were swept away labour troubles clamant land banks ill starred growths on the otherwise sound body of victorian was finance that was more or less in the newspaper in wool for the franco prussian wars a strong when the federal bank of australia closed its doors the associated position banks in explanation of their refusal to absorb and liquidate it with open doors issued another resolution that the liquidation of one of their number was foreign to their ordinary functions this the public rightly interpreted as sauve qui peut and if its rise was too rapid its dividends were too lavish its hunger for deposits too monstrous by any chance a million of local deposits being withdrawn in 3 months £115000 being paid over the counter in one day tide before the month was over however they had opened again their alacrity seems however it could to have been almost a temptation to other banks release in the same queer street its neck betide though it was sunday the cabinet assembled and set off in a special train to the administrators country house from where the executive council issued a proclamation declaring five days bank holiday next day collins street rocked with a crowd strangling convinced one moment that all the banks had failed and the next that clutch all would be saved we were floundering said the premier dibbs of then exacted the needed request from the bank of new south wales the city bank of sydney the union and the australasia and made their notes legal tender willy nilly instantly the air cleared sydneys large gold stock no longer wanted there could be used in case of need to choke the panic its elsewhere cecil rhodes as cape premier offered to invest someone said it is more to be studied than all the schemes of all the imperialists under a gold standard unsafe to continue to advance when directorate beyond a certain ratio to reserves why land values so high profit to be made financing enormous expansion of deposits in 1892 settle the people on the land who not only banks finance and building societies why improved industrial conditions developed possibility of housing in cities and suburbs building and it land mortgage societies high interest got cheap money bought large suburban estates cheaply cut them up sold lots at high prices land values become speculative banks refused still to advance on real estate also silver mining share market collapsed inflation concealed real damage be rapid development of branches hid the real financial used for situation from average citizen population growth almost doubled government reactively built railways post offices false sense of security money payments distributed in the form of wages as the railways were laid down and the buildings were put up added to the general inflation he said the conditions of opening up a fertile but pathless territory exercise a compelling force over its temporary rulers chemins de nfer customs revenue hides indebtedness in one transaction the m & m board of works had to pay over £175000 in duty on a million barrels of cement which it had borrowed all of a sudden snakes out of the bag they were borrowed plumes tributary mud and all the comforts wool wheat meat and metals or else borrowed money the purpose ploughing unrepentant beyond the first disasters customary for banks to make advances to primary producers in relation to expected returns once the produce was placed on board the steamers which in the ports it world prices went down and stay down like was a hull of se c banks had to carry primary producers to the next year or foreclose no second lines of defence for heavy redemption from sinking funds weaker banks advanced beyond safety margin opened new branches stronger banks followed suit the alarm would spread root cause were too many banks without control of psychological conditions created by property crisis in 1892 they hadnt hit bottom yet thought what was required the banks should hold on provided nothing should happen to stir the fears of the depositors unnecessarily decision of commercial bank of australia to compel depositors to capitalise £3000000 came as a clap of intended thunder terrifying depositors in other institutions they were therefore waiting sir for the others how thomas do we know a third arent rupt though harvey shimmering for st george pointed or show out us the scheme of reconstruction that non nobis the sed omnibus it was savings enough to bank make one business non olet my ar embraced did not calling up of the subscribed capital come the conversion of about within one fifth of the entire ambit of the functions of deposit liabilities into a bank preference shares of central reserve even les chiffres ont and the immediate release even of the bruce-page current account balances under £100 government and an extension accordingly of time brought for the forward repayment of a bill the remainder spread over some years for at current rates of interest the commonwealth he said bank if the period 1880 91 stored savings up the gunpowder bank the announcement of the reconstruction act scheme lit the 1927 match simply a question of cutting out the dead wood but how to hold the creditors at arms length until the banks were on their feet their feet feet securities buoyant on the london exchange

its been musical chairs since the war, the woman was naturally confused. with loans moving into mercantile mutual and the post office chambers turned over to the savings department never mind about the chocolate box over the road. some of these old dames are highly irregular you know, like to keep it buried in the back yard. who knows the last time she was down here.

no, no, it wasnt that she knew very well what she was about. besides she was only of the opinion of most of the board, and myself.

seven against gibson hm.

and the postmasters.

and him upstairs.

were a couple of dodos arent we. whats in the telegrams.

governor and harvey agree borrowing conditions likely to harden. not much else you couldnt tell me yourself. new york lends on heavier terms. a baleful alliance. ah yes said if we chop and change well never get anywhere. anyway said we should make it a success in the true sense of the word but prospects not good. sentimentally unfavourable attitude on the part of investors.

what does mason say.

forty or fifty million.

and ewing.

no word yet.

where are lamont and anderson.

in italy and cuba.

id recognise dads pants anywhere. hes walking into the room between the spiky palms and i can hear his voice. hullo langland, whats the news.

mason is keeping us informed of present and prospective conditions.

sometimes i feel like i am travelling back and forth in time. hi what is this.

she wanted to surprise you.

come out mite you are found. where is her girl.

there beside you.

so she is. well. he stares over the receding ripple of his chins. you come carrying your worldly goods. we had our conversation. he took the box out of my hands and got his fingers under the rim of the lid prised it off and tipped the coins out on the table, then he stood me on a chair, put the lid back on the box and returned it. he ran his hand through the little heap, letting what he had gathered clatter back through his fingers. what do you think boys.

its a start.

dad nodded and helped me off, murmured you will have to be escorted to the other side madame, quite radiant, his finger to his lips like cupid fixing on money, smoothed his moustache down and explained to me how the commonwealth bank is supposed to work.