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The economic boom of the Victorian gold rush peaked during the 1880s, by which time Melbourne had become the richest city in the world, and the largest after London in the British Empire. Melbourne hosted two international exhibitions at the large purpose-built Exhibition Building between 1880 and 1890, spurring the construction of several prestigious hotels including the Menzies, Federal and the Grand (Windsor).
In 1855 the Melbourne Cricket Club secured possession of its now famous ground, the MCG. Australian Football commenced in earnest about 1858, and Yarra rowing clubs and "regattas" became popular about the same time. In 1861 the Melbourne Cup was first run. In 1864 Melbourne acquired its first public monument�the Burke and Wills statue.
In 1880 a telephone exchange was established and in the same year the foundations of St. Paul's Cathedral were laid; in 1881 electric light was installed in the Eastern Market building, and in the following year a generating station capable of supplying 2,000 incandescent lamps was in operation.
In 1885 the first cable tram in Melbourne was built. Cable tramways were in general use until the 1920s, when they were superseded by electric motors. Electric trams were introduced into the suburbs in 1906.
During a visit in 1885 English journalist George Augustus Henry Sala coined the phrase "Marvellous Melbourne", which stuck long into the twentieth century and is still used today by Melburnians. Growing building activity culminated in a "land boom" which, in 1888, reached a peak of speculative development fuelled by consumer confidence and escalating land value. As a result of the boom, large commercial buildings, coffee palaces, terrace housing and palatial mansions proliferated in the city. The establishment of a hydraulic facility in 1887 allowed for the local manufacture of elevators, resulting in the first construction of high-rise buildings; most notably 1889's APA (The Australian)
