A HISTORY OF THE DEVELOPMENT OF THE AUSTRALIAN FINANCIAL SYSTEM FROM 1890 TO 1945. Free Essay, Term Paper and Book Report
A HISTORY OF THE DEVELOPMENT OF THE AUSTRALIAN FINANCIAL SYSTEM FROM 1890 TO 1945.
The Economic Crisis of 1890 through to Federation
The period commencing with the crisis of 1890 represents. something of a watershed in Australias financial history2. .Although warnings of the impending problems had been apparent since the mid 1880's, by 1890 oversupply of property (especially in the Melbourne housing market) prompted a severe slide in property prices. The consequent financial crisis developed in two phases, firstly the decline in property prices initially effected those financial institutions dependant on a stable property market i.e. the building societies, land investment companies and land banks. Secondly in 1893 many of the commercial banks failed, mainly as a result of the failure of the finance companies and land investment companies indebted to the banks. By the end of 1893, 54 of the 64 banks had failed. By May 1893 this included 13 of the 22 institutions which issued notes - raising doubts about the negotiability of over half the notes on issue and resulting i......
Word Count: 1687
Page Count: 6.7 (250 words a page / double spaced)
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