A Relic of the Boom.

Gisborne Standard and Cook County Gazette, Volume II, Issue 259, 12 February 1889, Page 3

A Relic of the Boom.

Ouß Melbourne correspondent writes Almost every day we hear of fresh disclosures In connection with syndicates and financial institutions that are the product of the land boom. In nearly all the cases that have yet come to light there is recorded the old story of reckless speculation on the part of the directors and implicit and blind confidence on that of the shareholders. Of course a great number of the contracts entered into for the purchase and sale of land will never be carried out, and where the prices paid have been of such an absurdly extortionate character the money will have to be returned or the amounts reduced to a fair and proper value. An instance of how things were managed when the craze for purchasing land was on the community, is admirably furnished in connection with certain land near the Van Yean reservoir, known as the Bear Estate. With this property there had only been two dealings, yet within the space of a few months its value was run up to three times its original value. AMr Lyon purchased it for £53 per acre, and immediately sold it to a syndicate for the modest sum of £lOO per acre. The syndicate in its turn expected to dispose of the land at £2OO per acre, but the boom having had its day, this prospect was somewhat rudely and suddenly shattered. The chance of finding a purchaser appeared hopeless when it struck the syndicate that the Government ought to acquire the land in the interests of the Melbourne water supply. They accordingly offered it to the Minister at £l5O per acre—and what’s more expected him to jump at it, especially when they threatened forming as an alternative, a township there. The little game, however, won’t work ; the Government have power to stop the building of houses and construction of streets wherever they may endanger the purity of the water supply, so that unless those very smart gentlemen who compose the syndicate are content to accept the actual value of the land, they will ran a pretty good filk ♦! <*tting iwUdaf at 41b