j No doubt your readers are well aware, not j alone from the tone of my letters of recent dates, but also from the general news which reaches (heni by meaus of the cable and other wise, that there is now no question about the complete collapse of the great Melbourne boom—in land, in silver, in stock exchange business, and to a lesser degree in commerce generally. The Melbourne boom had a dramatic history. No other term can properly de scribe it. In no other portion of the world, probably, did speculation ever attain so sublime a height to fall so heavily and so suddenly. The result that follows the prick of a bladder is alone comparable to the sharp and swift ending of the period of in flation. My letters from time to time ap peariug in your columns for the last two years have given a complete history of the period; and as I detailed each advancing step of our marvellous prosperity, so I have faithfully described the backward movement. The pre sent letter is designed to show the critical state of financial affairs which exists as the result of the reaction which is now in full progress. The "chickens hive come home to roost." The boom has left its legacies. We are met every morning at breakfast with a fresh list of insol vencies in the morning papers, or with some other proof that our position is becoming des perate. Street corner talk is now depressing. We don't hear of the lucky hits of fortunate " land boomers," but of the sorrowful outcome of their wild speculations. A very shrewd com mercial man told me a couple of days ago that our insolvencies would not cease till they had totalled five millions. Another acquaintance told me yesterday: " The council out our way (he lives in the suburbs) is in a queer mess. Two of the councillors have filed their schedules, and the mayor is reported to be missing." I need not add that it was 'a suburb in which the land racket had flourished exceedingly. One noted land speculator—l scarcely like to mention his name, but it is a very famijiar oue in Dimediu—has had his house and ; furniture sold. 