1933 was caught in the midst of the Great Depression (1929-1935). Reading the Fairfield Club Minutes of the day, it is clear that there were significant financial  pressures on the Club with falling membership, and many of those members being non-financial. The Club was at significant risk of folding as the club went bankrupt. There was a suggestion to turn the club into flats but fortunately this was avoided. 

At the same time, local civic leaders were exploring opportunities to involve citizens in sporting pursuits with rowing being the latest popular sport. It is reported that “A move is on foot to form a new rowing club to serve the Heidelberg and Northcote Districts.  Arrangements may be made with the Fairfield Canoe Club which already has a clubhouse on this reach, to use obtain the use of those buildings. A loan of £5,000 was received allowing the club to purchase rowing boats and make the most of this sport, which was very popular. For a time canoeing took second place at the club..

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