Received 18-7-92
Answered 8-8-92
Lancing
2 June 1892
My dear Chris
Your letter of 28 March, which came ???? days ago is the last news I have from you.
You write sanguine hopes of business improving at Croydon before long. I trust it may be so and that you may have a chance of turning a share of the promised prosperity.
In this ???? business of all kinds is stagnant, the exports particularly shipping affairs have never been known so bad and is???? carried on at a loss, freights low and cargo scarce.
You could not have been aware of the usual ???? charge that banks charge for drafts, it has ???? been so. This is what the banks make their large profits from. You might as well have made your ???? at sight or on demand and saved 1½%, without you ???? a considerable open account at the bank drawn ???? they will insist upon payment before posting ???? the documents. I asked Balchin to explain to you how he transacts his business with his Sydney house and the large sums he has to pay for exchange so that drafts at 90 days are no advantage ???? the invoice. You cannot expect me to go on taking up your drafts without you send ???? for the reasons I have previously given you. ???? am dependent for part of my income on interest obtained for the money, that I told you I had not invested, but standing at interest ???? my bankers and at Devitt & Moore’s and, although interest allowed is very low, still the money is safe and at call. I do not choose to risk its investment otherwise at present.
Good investments cannot be got and the general run are unsafe or too risky for me. With you I have no security but your word and good intentions – which I do not doubt, but for all I know you may be doing a risky business and may come to grief and as a few thousands are of importance to me you cannot blame me for acting prudently.
Balchin will not take any risk and would not ship for you at all without my guarantee. In fact I don’t see what he gets by doing it at all, his buying commission is not much and he has given you all the rebates. I look upon it as an act of ???? on his part. I have instructed him to carry out the order you recently sent to him, to go by the Tara (next steamer) and I will pay. I may mention that all his purchases for you have been paid prompt, the receipts being ???? to me before the shipments leave the dock. After the Tara shipment I will not pay or be responsible for more without remittances.
Your statement about your being about Tyson to send ships to the Gulf
is incorrect – he has no such intention. The next trade is so much ????, it cannot be made to pay and his hands are full with New Zealand business at present, He has dropped Rockhampton ???? ???? he has not steam vessels of his own. He charters ???? ???? ???? on it, but I don’t see how you could do that the expense of transit to the steamer in addition to the freight would block it, to say nothing about the transit and charges on of course you are desirous of seeing your district and town, and sanguine of its rapid development but I doubt if you ???? get grey waiting, even if you hit off one or two rich ???? of gold and get a sort of boom, for a time, it is only the ???? who have the ???? to take advantage of the occasion ???? put what money they can make in their pockets and ???? don’t believe for a moment in the steady and continuous advance of Croydon district. It is bound to be like ???? new country – have many upset sources, turn you ???? to good account and clearly I am afraid you have induced to lend money on local properties some suggestions you made to me some timeago. If so, depend upon it you have made a mistake. ???? get out of such unwise risks as soon as possible.
I often wonder if Alec shows mechanical genius in ???? Such may as he used to at Bedford ???? ???? you may try to encourage his perseverance in whatever shape ???? tastes may tend. He must have a good deal of spare time now he has finished his house, and I hope he has???? ambition to strike out for himself is some way – when he sees a chance of making ???? a mark.
I have not heard a second time from Captain Short – nor from Humphreys at all, they probably write to you, but if you can do with a partner I would not think of taking
I know that Tasman has got an office in Gracechurch Street but nothing further. He was out when I was last at his office in St. Helens Place a few days ago. You would be wise not to refer to this business in such a way as to involve you, in case of its non-success.
Mr. Stormont was formerly a member of the Stock Exchange but failed. He told me this himself. He seems a smart man.
I hope they will keep me ???? terms with ???? and that you will do some profitable business through the two firms.
Things at home are much he same as usual. All are well, so also are Edie and Mary – you will have heard from them and] from Archie at Sydney. The weather has been very fine of late and crops look favourable. I hope you have had some late rain to keep your mills going.
I suppose this will catch the Torres Straits mail.
Affectionate regards from all at home to Alec and yourself.
Your affectionate Father
Jas. A. Elmslie
Did I tell you that Rawson is going to try and put his land at Mackay in the market as a limited company? It wont go off at present, but if the sugar industry revives it may come????. They want too much money for it, as is the