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:
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“... no one who has not been an integral part of a slaveholding community, can have any idea of its abominations.... even were slavery no curse to its victims, the exercise of arbitrary power works such fearful ruin upon the hearts of slaveholders, that I should feel impelled to labor and pray for its overthrow with my last energies and latest breath.”
—Angelina Grimké (1805–1879)