Australia: Nickel and Dime Boom

Stock fever has swept Australia, . which is going through the wildest wave of investment speculation in its history. In Melbourne's new 26-story exchange building last week, somber-suited businessmen, workmen in overalls and pig-tailed secretaries jostled each other in the gold-carpeted gallery to watch brokers screaming for 100, 200 and 500 shares of mining and oil companies. One day, trading on the Sydney exchange reached a record of nearly 36 million shares.

The boom was set off by a small but promising nickel find in the sand and spinifex of Western Australia....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!