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The Great Depression - Coggle Diagram
The Great Depression
Banks also in trouble as they had spent in shares
Banks closed down
People lost their life savings and homes
Could not afford to pay for goods
Factories retrenched workers
Workers could not afford goods
Further retrenchments
Started with Wall Street Crash (24 Oct 1929)
Shares lost their values
Share prices plummeted
Shares became worthless pieces of speculation
How Singapore was affected
Companies in Singapore suffered financial losses
When demand for commodities such as tin & rubber fell, these companies began to lose money
They retrenched workers to keep costs down
many businessmen lost their wealth
Others declared bankruptcy when they could not pay their debts
Massive unemployment & suffering
Difficult to find jobs
Hundreds of men applying for any job vacancy
Government had to cut numbers of workers and reduce the pay of remaining workers
Many depended on the good will of friends and relatives to support them
Some had to return to India and China when they could not get help
Government restricted immigration
From 1928, the government passed laws to restrict and reduce number of migrants coming to Singapore
Quotas imposed on immigrants coming to Singapore
Chinese male immigrants particularly affected
Large number of unemployed Chinese and Indian labourers asked to return to their homeland
Why Singapore was affected
Singapore closely involved in trading of tin and rubber
When demand for these 2 commodities fell, Singapore's trade fell
Many sold their homes/possessions