Financial Ruin
In February 1892 Munro, who was deeply in debt, asked his Cabinet to appoint him Victorian Agent-General in London. He then resigned as Premier and immediately took ship from Port Melbourne. When the news broke there was a storm of protest, led by the many investors whose savings had been wiped out in Munro's companies. Eventually Munro's successor, William Shiels, agreed to recall him from London. To his credit, he returned voluntarily to Victoria, where he was declared bankrupt in February 1893, with personal debts of 97,000 pounds. His companies left debts of over 600,000 pounds – a staggering amount at that time. A few weeks later he was attacked and beaten unconscious in a Melbourne street by a man who had been ruined in the crash.
Read more about this topic: James Munro (Australian Politician)
Famous quotes containing the words financial and/or ruin:
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