James Munro

James Munro (7 January 1832 – 25 February 1908) was a Scottish born Australian businessman and colonial politician, and the 15th Premier of Victoria. He is best known as one of the leading figures in the land boom of the 1880s and especially the subsequent crash of the early 1890s, where his Christian morals were seen to clash with his business activities. He was a member of the Victoria Orange Institution.

Early life James Munro was born in Armadale, Sutherland, Scotland, to Donald Munro and his wife, Georgina. James Munro's grandparents were Alexander Munro and Barbara Mackay, who according to Australian Representative Men, 2nd edition (1887), and Burke's Colonial Gentry (1891), were a cadet of the Munro of Foulis family, Ross-shire, and a relative of the chief of Clan Mackay respectively. After a primary education at a village school in Armadale, Sutherland, Munro left home for Edinburgh and joined a firm of publishers.

Political career Munro was elected to the Victorian Legislative Assembly as one of two members for North Melbourne in 1874. In 1877 he was elected for the new seat of Carlton, then for North Melbourne again in 1881, where he was defeated in 1883. In 1886, he was elected as one of the three members for Geelong, retaining his seat until he resigned in 1892.

Initially a liberal, Munro was Minister of Public Instruction in the first government of the radical leader Graham Berry, but became increasingly conservative in the 1880s and did not hold office in Berry's later governments. He was also preoccupied with business in these years, since his companies, the Federal Bank and the Federal Building Society, were leading players in the speculative Land Boom that gripped the colony. Unlike many of the Land Boomers, he had a reputation for stern Scots integrity, and as the Boom faded in 1890 he emerged as leader of the opposition to the government of Duncan Gillies. In November he moved a successful no-confidence motion in the Gillies government and became Premier — he was the third Scottish-born Premier in succession. with the Federal Bank closing the doors on 30 January 1893.

Financial ruin

In February 1892 Munro, who was deeply in debt, asked his Cabinet to appoint him Victorian Agent-General in London. He then resigned as Premier and immediately took ship from Port Melbourne. When the news broke there was a storm of protest, led by the many investors whose savings had been wiped out in Munro's companies. Eventually Munro's successor, William Shiels, agreed to recall him from London. To his credit, he returned voluntarily to Victoria, where he was declared bankrupt in February 1893, with personal debts of £97,000. His companies left debts of over £600,000 – a staggering amount at that time. A few weeks later he was attacked and beaten unconscious in a Melbourne street by a man who had been ruined in the crash.

Legacy Munro has gone down in history as the most notorious of the corrupt Victorian politicians of the Land Boom period. The fact that he was an evangelical Christian who loudly criticised the morals of others has seen him branded a hypocrite as well. In fact it was never proved that he was personally guilty of corruption – unlike the four members of Parliament who eventually went to jail, or the Speaker of the Legislative Assembly, Sir Matthew Davies, who fled the colony in disgrace and narrowly escaped jail. His business practices were dubious, but usually within the very loose legal framework of business regulation of the time. After being discharged from bankruptcy he finished his days as an estate agent in Armadale.