Even conservative loan institutions accepted valuations based on actual sales. Prices in many cases doubled and quadrupled in a few months without much regard to the income-earning power. Then people were told that Brisbane would by and by, with an immense railway mileage finding its terminus at the wharves, be as big as Sydney or Melbourne; that land in George-street and Collins-street was realising L2,000 per foot frontage, bare; and that therefore choice sites in Queen-street could not be worth less than L1,000 per foot frontage. Thus prices advanced until the second half of 1888, when the demand for real property almost ceased. From that time until 1893 values were as far as possible upheld by the mortgagees, for they believed that the stagnation must be but temporary. Then came the crisis in the world's money markets, and it smote Queensland with prostrating force. The gradual reduction of local authority endowments, followed by their abolition in the year 1902-3, and the consequent increase of rate burdens, had a depressing effect upon property values, so that even to-day, more than sixteen years after the collapse of the boom, city lands do not realise more than one-half the prices demanded and often obtained in 1888. It is easy to blame the leading parliamentarians of the time for their prodigality in expenditure; but, when the most experienced bankers of the time threw prudence to the winds under pressure of a flooded money market, we may at this distance of time judge public men less harshly than they were judged in 1893. Confidence was universal, and the man who raised a warning voice found himself figuratively "sent to coventry." An epidemic of swollen values pervaded the entire continent. Even so late as 1893, two skilled and disinterested Ministers of the Crown, and both possessed of banking experience, who were commissioned by the Government to report confidentially on the securities of the Queensland National Bank soon after its suspension, failed to realise the full extent of the inflation of past years, or the depreciation in land values that had taken place despite the efforts made to maintain them. For they gave such a report of the values of the bank's securities as induced the Legislature to sanction an abortive scheme of reconstruction and the retention of Government moneys. It is, however, to Sir Hugh Nelson's credit that, three years later, he passed through Parliament an amending Act, embodying the scheme which has since restored the bank to the status of a "national" institution.