ABSTRACT
Research indicates that out of the 70 gold bubble company proposals for the Australian goldfields, 28 companies raised at least some capital.2 When compared with the corresponding proportion for the Californian ventures of 14 companies out of 48, it represents a roughly 10 per cent increase in the former’s ability to attract capital; but apart from just one venture, no greater success in the field. Collectively the 28 companies raised some £1,006,000 but 17 of them were almost certainly under-capitalised for their proposed operations, raising sums ranging between £500 and £29,000. The remaining 11 companies each raised all or a significant portion of their intended capital but, as was the case in California, this was often squandered for little if any return.3
