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Black Monday (1894)
The Newfoundland Bank Crash of 1894, known as Black Monday, was one of the turning points in Colony of Newfoundland, Newfoundland's pre-Confederation history. The financial woes of the former British colony were worsened when two of the colony's commercial banks, the Union Bank of Newfoundland (established in 1854) and the Commercial Bank of Newfoundland (established in 1858), both located in St. John's, Newfoundland and Labrador, St. John's, Newfoundland and Labrador, Newfoundland, Canada, closed their doors to the public on December 10, 1894. Fish merchants sat on the boards of directors of both banks and had approved large and risky loans to themselves, which left the banks with dangerously-low cash reserves leading into the crash. London banks suspended credit to the Commercial Bank of Newfoundland and requested payment on some of its loans. It was unable to meet these demands and was forced to close two days later. A bank run ensued on both the Union and the Savings Banks. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colony Of Newfoundland
Newfoundland was an English overseas possessions, English, and later British, colony established in 1610 on the Newfoundland (island), island of Newfoundland. That followed decades of sporadic English settlement on the island, which was at first only seasonal. Newfoundland was made a Crown colony in 1824 and a Dominion of Newfoundland, dominion in 1907. Its economy collapsed during the Great Depression. On 16 February 1934, the Newfoundland legislature agreed to the creation of a six-member Commission of Government to govern the country. In 1949, the country voted to join Canada as the province of Newfoundland and Labrador, Newfoundland. History First Nations in Canada, Indigenous people like the Beothuk (known as the in Greenlandic Norse), and Innu were the first inhabitants of Newfoundland and Labrador. During the late 15th century, European explorers like João Fernandes Lavrador, Gaspar Corte-Real, John Cabot, Jacques Cartier and others began visiting the area. From around ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1894 In North America
Events January * January 4 – A military alliance is established between the French Third Republic and the Russian Empire. * January 7 – William Kennedy Dickson receives a patent for motion picture film in the United States. * January 9 – New England Telephone and Telegraph installs the first battery-operated telephone switchboard, in Lexington, Massachusetts. February * February 12 – French anarchist Émile Henry sets off a bomb in a Paris café, killing one person and wounding twenty. * February 15 ** In Korea, peasant unrest erupts in the Donghak Peasant Revolution, a massive revolt of followers of the Donghak movement. Both China and Japan send military forces, claiming to come to the ruling Joseon dynasty government's aid. ** French anarchist Martial Bourdin dies of an accidental detonation of his own bomb, next to the Royal Observatory, Greenwich, in London, England. March * March 1 – The Local Government Act (coming into effect Dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
