A Brief Sketch of the Long and Varied Career of Marshall MacDermott, Esq., J.P. of Adelaide, South Australia — John Shaqi
A Brief Sketch of the Long and Varied Career of Marshall MacDermott, Esq., J.P. of Adelaide, South AustraliaMacDermott, Marshall
History
A Brief Sketch of the Long and Varied Career of Marshall MacDermott, Esq., J.P. of Adelaide, South Australia
MacDermott, Marshall
Immigrants -- Australia -- Biography; MacDermott, Marshall, -1877; Soldiers -- Great Britain -- Biography
It is curious to follow the career of an immigrant after that discovery.
He became a labourer for one or two years, when his saving of wages
enabled him to purchase a team of oxen and a dray. He then commenced
carrying copper ore from the Burra Mine to Port Adelaide, taking back
stores and provisions, and in one or two years more was in a position to
purchase an eighty-acre section of land and become a farmer. While his
crops were growing, and at other spare times, he again carried ore from
the mine and was soon able to purchase more land, and became a man of
some consequence in his district. This man was the type of a
considerable class of yeomen, who, having property to protect became
Conservatives, and exercised a material influence on the peace and
prosperity of the country.
The transactions of the Burra Mine were on a great scale at that time,
employing upwards of 1,100 men, who, with their families, numbered over
4,000 souls supported by that mine. At one period the shareholders
divided annually 800 per cent. on their £5 shares. Their Bank account,
however, absorbed a large amount of capital; at one period it was
overdrawn about £72,000, as they calculated on the value of the ore as
soon as it was raised to the surface at the mine, but before it could be
shipped to England and bills drawn against it. The Bank Directors in
London objected strongly to this, and even suggested more than once that
the accounts had better be closed. I, however, feeling how very
prejudicial to the interests of the Bank such a course would be, and
having visited the mine and satisfied myself as to its great value, took
the responsibility of continuing the account—the Burra Directors having
engaged on my representation gradually to diminish the overdraft to a
moderate amount. I felt quite convinced of the correctness of the views
entertained by the London Board, as no single establishment should
absorb so large a proportion of the capital allotted to each branch.
There were also a few mercantile accounts the advances to which the
London Board objected as being too large, and they appeared to think
that I was not sufficiently cautious in conducting their business,
although they had sustained no losses, and their business had been
quadrupled. Some irregularity had also occurred in the office, and I was
offered the option of removing to some other branch or receiving
compensation on resigning, but was requested to remain at the Bank for
some time in order to aid my successor until he became acquainted with
the customers and the nature of their transactions. I remained for some
time, but no other branch becoming vacant, and being also unwilling to
leave South Australia, I accepted compensation and retired.
Public-domain text, read in full here on John Shaqi.
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