1891 Economic Bust
In 1891 the inevitable happened: a spectacular crash brought the boom to an abrupt end. Banks and other businesses failed in large numbers, thousands of shareholders lost their money, tens of thousands of workers were put out of work. Although there are no reliable statistics, there was probably 20 percent unemployment in Melbourne throughout the 1890s.
Melbourne had 490,000 people in 1890, and this figure scarcely changed for the next 15 years as a result of the crash and subsequent long slump. Immigration dried up, emigration to the goldfields of Western Australia and South Africa increased, and the high birthrate of the mid 19th century fell sharply and the city's growth continued, but very slowly.
Read more about this topic: History Of Melbourne
Famous quotes containing the words economic and/or bust:
“Postmodernism is, almost by definition, a transitional cusp of social, cultural, economic and ideological history when modernism’s high-minded principles and preoccupations have ceased to function, but before they have been replaced with a totally new system of values. It represents a moment of suspension before the batteries are recharged for the new millennium, an acknowledgment that preceding the future is a strange and hybrid interregnum that might be called the last gasp of the past.”
—Gilbert Adair, British author, critic. Sunday Times: Books (London, April 21, 1991)
“The grizzly bear whose potent hug
Was feared by all, is now a rug.
Great Caesar’s bust is on the shelf,
And I don’t feel so well myself.”
—Arthur Guiterman (1891–1943)