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Australia: Colonial Investment & Agency Co. Ltd., £4 10s shares, 18[89], #56, black. Registered in Edinburgh by 1889. The company speculated in land during the boom in Australasia. As land prices rose it revalued its holdings and paid the difference in dividends using new cash deposits to do so. When prices fell it carried on this practice but when they continued to fall the company mortgaged all of its holdings but its position became untenable and it collapsed in 1893. GVF
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