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The Cyclopedia of New Zealand [Auckland Provincial District]

Mr. Michael Flurscheim

Mr. Michael Flurscheim, the Promoter of an improved currency system, better known as the Commercial Exchange, has devoted considerable time, and a large sum of money, to the furtherance of the project, which will prove of great advantage among the trading and commercial section of the community. Both in England and on the Continent, Mr. Flurscheim has gained a wide experience of institutions of a somewhat similar character, and in the former country he was the propagator of a means of mutual exchange, which, in its development, is sure to afford the commercial facilities its pioneer had in view. As indicated by his name, Mr. Flurscheim is a native of Germany, and was born in 1844, at Frankfort-on-the-Maine. In literary circles he page 357 has won wide renown and frank respect by the publication of several interesting and instructive works, all dealing in the main with his favourite subject—social reform. Leaving school at the age of sixteen, Mr. Flurscheim entered the well-known banking and exchange houso of his uncle, known as L. A. Hahn. There he remained for four years, and removed in 1864 to Berlin, where he was engaged in a similar capacity till the latter end of the same year, when he accepted a position in a stock-broking and exchange firm in Paris. Here he extended his experience of banking and exchange, and in 1867 embarked for America. In New York he ultimately became familiar with the business of a wholesale manufacturer and importer. In 1872 Mr. Flurscheim returned to his native city, and took a prominent part in the editing and publishing of the “American News,” issued for the benefit of Americans in Germany. In 1873 he purchased the now famous Gaggenau Iron Works, then carried on in a small establishment, employing only forty men, and from that lowly stage he developed the business till it became one of the largest and most renowned hardware manufactories in the Grand Duchy of Baden, employing over 1000 hands. After disposing of this large and valuable business, Mr. Flurscheim travelled through England and France, and finally, on account of his wife's health, settled in Switzerland, where he still possesses a beautiful estate on the banks of the world-renowned Lake of Lugano. Leaving Switzerland in 1896, Mr. Flurscheim visited England, with a view to inducing the inhabitants to form an exchange currency of their own, and thus form the nucleus of a money reform in England. Having successfully planted the germ of the scheme he advocated, Mr. Flurscheim left for New Zealand, and arrived on the 19th of February, 1898, at Wellington, where he immediately commenced his labours in connection with the Land Nationalisation and Currency Reforms. In the latter part of 1900 he removed to Auckland, where he temporarily resides, in an enviable spot in Arney Road, in the very respectable and highly favoured district of Remuera. As an addition to the many books which he has written, both in the English and German languages, the author of the well-known “Rent, Interest, and Wages,” and “Money Island, is now engaged in completing a work which he entitles “Clue to the Economic Labyrinth.”