The Stock Exchange of Melbourne and the Victorian Economy 1852-1900

Abstract

The small-scale pastoral ancl commercial community of Victoria in 1850 did not need a stock exchange; by 1900, however, the institution was a well-developed one. How did this change come about? Throughout the greater part of the period 1850-1900 the predominant business of the share market was in mining securities. Gold-mining developments made possible the formation of Melbourne{u2019}s first stock exchange in 1861. Increasing activity in gold-mining shares enabled its successor (1865-84) to establish itself in a more enduring way. Silver at Broken Hill, gold in Western Australia, and copper in Tasmania, were vital to the early history of the Stock Exchange of Melbourne, as it has been known since 1884. The early history of the share market was associated also with railways, banks, insurance companies, gas companies, and government securities. Dr Hall undertook the writing of this book at the request of the Stock Exchange of Melbourne. He has written not only a history of the Exchange to 1900 but a lucid study of the economy that nourished its development. The book will interest economists and historians, and the general reader as well - particularly the investor who is looking for a deeper understanding of the way in which a stock exchange operates.