“A fire devoureth before them. Behind them a flame burneth. The land is as a Garden of Eden in front of them, and in their wake a wilderness desolate.—Joel, the Prophet.
CHAP. III. DECEMBER 17, 1893.
The eutrailment of credit is still the rule in Sydney. Even the advent of Christmas and the grain harvests does not seem to make any appreciable difference. The markets are flooded with “unredeemed pledges,” in the shape of city lands, pastoral leases and property of all descriptions. The Damoclean sword of bankruptcy hangs threateningly over nearly all the wholesale houses, and as for the mortgage banks, the majority of them are only enabled to keep afloat by means of the confidence trick, and an almost unlimited issue of paper, based upon imaginary assets. The Stock Exchange is infested with broken down, goldmine scrip gamblers, who distrust and hate each other. They are like so many lean and hungry wolves that cannot find a carcass, and are therefore prepared to raven one another. The clergy and the politicians, most of them, are up to the neck in the swindle, and consequently, are thoroughly distracted and discredited. As for the mob, it is in a state of dull speechless apathy, that may any time be broken up and bring about a reign of terror, destruction, and death, for desperate men are blind to all obstacles. The future is black with the darkness that precedes a catastrophe of some sort.
H. Lucy, who writes the “Sydney Morning Herald’s” London Letter, is a shareholder in the Commercial Bank of Australia. Mr. Henry Crossley’s action against the Commercial banking Co. has produced quite a sensation in the financial world of Sydney. Startling revelations are expected regarding the manipulations of Government deposits during heyday of the loan time, also with respect to unprofitable station advances and political overdrafts. The indictment asserts (so we read in Melbourne “Table Talk”) that the returns disclose an alarming state of things. The plaintiff is an expert accountant, who lately obtained £650 from the Commercial Bank of Australia by means of an action in the Supreme Court of Victoria. If this case goes before a jury it will be very interesting. Barrister Ferguson a young lawyer of more than average ability has been retained by the plaintiff.
Go Ahead Klub meets Thursdays.
Two thirds of the Coolgardie gold mining Coy’s now being floated in Sydney and Melbourne are brazen swindles. Further particulars by and by.
The STANDARD BEARER may be obtained at the following places—221½ Castlereagh St, 435 Sussex St, at all Domain meetings, and Public Meetings in the City.
We have received from S. A. Rosa (a prominent Sydney orator of striking natural ability) a copy of his latest literary work “The Coming Terror”. It is a political romance, graphically written. The plot of the story is laid in Sydney and the leading idea is that of a popular Hero who becomes Dictator and uses Law and Order to smash up the Great Robber Rings. The first chapter opens with a dramatic and terrible scene—a raging, blood-drunken mob looting the Great Austral Bank. The crowd fight each other for the gold—the gold that had been made out of their slavery and starvation. The book ought to be read, especially by all interested in bringing about a Social Renaissance. S.A. Rosa is a man whose ability is not appreciated at iis proper value but his time will come.
THIS publication has, up to date, been a distinct success. Each issue sold right out. The price has now been reduced to one penny or 2s per vol of 30 chapter, in advance. This change has been contemplated from the first. We hope therefoae to acquire and retain a larger circulation than ever among the more thoroughgoing and determined “Warriours for the Right’, without losing the respect of business men with ‘thrift’ safely invested in some boomed-up but rotten Company. Political frauds shall be remorslessly exposed as far as space permits. Neither shall the droned perfidy and pulpit drivel of the Church pass unchallenged as Christs Great Gospel. Australian politics’ is an atrocious swindle, Australian “Christianity” a blasphemous Lie, and Australian ’,Finance” and organized brigandage and Australian popular Tribunes—men without valor. “O where!’ might well be asked in the language of Ossian, “are the heros of to—day?”
The new Sydney Clearing House is to be conducted uyon a bullion basis i.e., by means of a pool of gold, each bank putting in its proportion. This fact shows the suspiciou and distrust with which the banks regard each other. They know.
London Chartered Bank’s list, of clergymen shareholders unavoidably squeezed out.
Several of the Sydney banks have issued immense quantities of notes during the last six months. Since the lapsing of the Legal Tender Proclamation city tradesmen are very chary of accepting the notes of two cronk institutions.
Mr. james mason, of Victoria, alleges that Gyles Turner, poet and general manager (white elephant) Commercial Bank dummied 560 shares (liability £12,000) in the bankrupt Freehold Investment Co. Supreme Court Judge Holroyd says that such a serious allegation should not be made except on affidavit.
The STANDARD BEARER may now be obtained at Burns’s 437 Oxford St—at Fuller’s 422 & 548 Geo St —at Fig’s 8 King St & Shott’s 341 Oxford St.
"THE STANDARD BEARER" Edited By *HARD KASH - CHAP. III. December 17, 1893.