Blackwood's Edinburgh magazine, Vol. 76, No. 467, September 1854Various
History
Blackwood's Edinburgh magazine, Vol. 76, No. 467, September 1854
Various
England -- Periodicals; Scotland -- Periodicals
held deposits, not bearing interest, to the amount of £1,998,730
sterling; the Bank of Australasia held at the same period £2,358,390;
the Victoria Branch of the Bank of New South Wales held £760,731; the
Bank of Victoria, £988,244; and the London Chartered Bank of Australia
£133,200, making an aggregate of deposits, not bearing interest, of
£6,239,297 sterling. As might have been expected, these establishments
are dividing amongst their shareholders, forty, fifteen, and twenty per
cent respectively. The last mentioned has only been established nine
months, and as yet has made no dividend. A large portion of this money
must be employed either in commerce or in improvements, as the colonists
begin to see their way more clearly. It can never be allowed to lie thus
unproductively; yet from the habits of the diggers, and their want of
opportunities for investment, there must always be a large amount at
their credit in the banks.
The increased employment given by Australia to the shipping of all
nations is not, perhaps, sufficiently estimated by the public, and
certainly goes far to account for the prosperity of the British
shipowner, and for the high rates of freight prevailing throughout the
world. From the 20th of January last to the 23d of March, the number of
vessels cleared out from the port of Melbourne, exclusive of coasters
and colonial traders, were 198, and the number of entries inwards 163,
making 261 ships arriving and departing in the short period of sixty
days. The bulk of these were large ships, of from 500 to 1000 tons, with
some even of more than that tonnage. The arrivals and departures from
Sydney, Geelong, and Adelaide would no doubt be greater in number,
although of a less size than those of Melbourne. It is probably not
unfair to estimate the entire number of arrivals and departures in the
colony at 400 ships; and taking the tonnage at the low average of 400
tons each ship, we have the quantity employed in the two months, 160,000
tons, or 960,000 tons per annum, by this noble colony.
Public-domain text, read in full here on John Shaqi.
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