03/06/2026
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The New Zealand economy had been in a protracted depression since the late 1870βs. It was a bit like the global financial crisis of 2007. The City Bank of Glasgow had collapsed on 2nd October 1878, creating a snowball effect that rippled out across the world. As with the GFC, it was attributable to dishonest trading, but whereas, with the instigators of the GFC, golden parachutes were issued, in the case of City Bank itβs directors and shareholders were held accountable. The effects of the depression on Little River were somewhat mitigated by the one major resource the town had: timber. Premier, Julius Vogel, a well-known gambler, newspaper editor and science fiction writer, was the architect of a scheme to borrow Β£10,000,000 (around one and three quarter billion dollars) between 1870 and 1876, with the debt climbing to Β£21,000,000 (a bit over three and a half billion) by 1881. The funds were intended to develop public infrastructure in New Zealand. And development required timber.
The mid 1890βs would see the end to the depression, and the start of a boom cycle. But throughout the tough times, money seemed to be no problem for Samuel Nutt. In April 1893 he shelled out a hundred guineas ($26,000) for a horse at the Middlepark sale, and while Samuel was establishing himself as a stalwart of the community, his wife, Mary was not only prolific in providing Nutt with children, but also diligent in the kitchen, and active in village life. When the Little River Native School had its annual treat and prizegiving day, it was Mary Nutt who was on hand to award prizes to the girls. If that all sounds a little patronising, it may go some way to explaining why a number of local luminaries found themselves with sudden urgent engagements, and unable to attend the event.
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**Image: Coops mill tramline 1872, Little River.Canterbury Museum- Maye Dunn BP & PHs History FB
