The colony of Natal; an official illustrated handbook and railway guide . er speculation in other directions began to be complacency of the banks, and their readiness in makingadvances, came to a speed) conclusion, and they made everyeffort to secure themselves against loss by getting a hold overthe bulk of the property of their debtors. Several firms had made extensive use of accommodationbills, and the customary mode of paying for goods was bymeans of promissory notes which were renewed from time totime, and passed from hand to hand with so little considerationas almost to const
The colony of Natal; an official illustrated handbook and railway guide . er speculation in other directions began to be complacency of the banks, and their readiness in makingadvances, came to a speed) conclusion, and they made everyeffort to secure themselves against loss by getting a hold overthe bulk of the property of their debtors. Several firms had made extensive use of accommodationbills, and the customary mode of paying for goods was bymeans of promissory notes which were renewed from time totime, and passed from hand to hand with so little considerationas almost to constitute a paper currency. The recklessmanner in which persons endorsed bills, and the utt^r absence 180 of care in financial transactions, could have onl\ one large firm, transactini^ business in every part of the Colony,failed with ;^ioo,ooo liabilities, and inflicted many losses,principally on the farmini^ community. This was followed byanother with ^^50,000 liabilities, and, as every one had been soready to oblige his neighbour by endorsing bills, few persons. GENERAL POST OFFICE AND COURT 1 ARITZBURG. knew to what extent they were involved. When the banksbegan to exercise pressure, many sought refuge in the InsolvencyCourt, and the inability of these to meet their liabilities involvedothers in their fall. In the city, the depression was perhaps more felt thanin other parts of the Colony, and the absence of tradecompelled mercantile and other establishments to dischargenumbers of their employes. The Corporation found itimpossible to collect more than a third of its revenue, andw^s obliged to have an- overdraft at the bank of ^10,000—more than two years revenue at that time. The discoveryof the Diamond Fields in 1870 attracted large numbers iSi of Natal colonists to Kimbcrlcy, and for the most partthey were successful in acquiring wealth. On their returnto Natal, man)- cjf them bought back the properties theyhad been forced to abandon in the financial crisis, andinve
Size: 2106px × 1187px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1800, bookdecade1890, bookidcolonyofnata, bookyear1895
