Melbourne
17 January 1888
My dear Chris
I wrote you last advising that I had transmitted ₤320 by Bank NSW for temporary investment. I almost regret having sent it now. I could have turned it over three or four times in Broken Hill South and Central – there has been such a rage of speculation and it promises to go on for another week.
Excepting gold mining shares all other investments have been rushed. A crash will come soon no doubt. Meantime the brokers have been getting a good haul. Several have really made by brokerage alone large sums of money. I hope this will be your case one day soon but you are too far from a centre, and slow communication makes it unlikely that much speculation will arise for some time to come.
You ought to peg out for yourself one or two choice pieces of land and have the thing in your own hands. The money I have sent you is all the ready cash I have here. I don’t want you to invest it for investment, but simply turn it over and send back to me in the same way as I sent it. I ought to have told you to use your own discretion in applying it.
As this will not reach you very long before we sail if you have not remitted it on receipt of this, send it off. I hope you will realize something by it. If things go on well with you I may run out with some money and see if we can turn over to some advantage.
Do you think Archie would be likely to find some suitable work? The sea is a poor lookout now.
Do you know that Captain Hector was suspended by the Company because the pilot put the ship on spit of sand in the Thames? He has been reinstated, but this shows on how slender a thread a man’s position hangs after a life time’s service.
Archie shall pass as master, but I am in doubt about advising him to join any steam service.
I met a man named Gutteridge a few days ago who had just returned from Croydon. He leaves here to return tomorrow. I intend seeing him this afternoon. He gave me a good deal of interesting information. He had gone round in the same steamer from Townsville with Alec.
I hope your partner is a nice sort of man and will assist you as you want. I should get Alec into the way as soon as possible. He would be useful, and in case of sickness a great comfort to you – that is when he knew all about your business.
Have you seen anything of Harry(?) Douglass? His father told me he was in your neighbourhood.
I think there cannot be a doubt about a great war taking place on the continent in the spring, and if so England is sure to be dragged into it. In this case a great reaction would set in here. The value of all property as well as mining ditto would fall to a low ebb. In view of this take steps to secure yourself by putting aside some money that you can spare, deposit it in England so as to have something to fall back upon in case of the collapse of your business. I have no doubt you can see and judge for yourself how things may go in case of a sudden panic by war breaking out.
In haste – ever your loving Father
Jas A Elmslie
We are making good progress with out lading and will sail on 15 or 16 February, calling at the Cape.