New Zealand's debt quadrupled between 1870 and 1880, benefiting from a commodity export boom. Falling commodity prices in the late 1870s and collapse of a key lender led to a depression. Introduction of refrigeration in the 1890s helped the economy recover. (Tontine Coffee-House, January 2023)

[u/yonkon]

https://tontinecoffeehouse.com/2023/01/23/new-zealands-long-depression/