128 AUSTRALIA’S FLUCTUATING ADVANTAGE IN 
classical burst of borrowing after 1880; but the ‘cross-over’ to 
an excess of exports in 1892 is so sharp and abrupt, and is main- 
tained so unwaveringly until 1914, that the Australian experi- 
ment is even more satisfactory than the American. It is this 
period, after the great change in the balance in commodity trade 
occurs, that more intimately concerns us at the moment. The 
figures for capital loans, and annual interest payable in respect 
Tapre XXI 
New Loans and Percentage of Exports over Imports 
Year. 
1890 
1891 
1892 
1893 
1894 
1895 
1896 
897 
1898 
i899 
1900 
1901 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1910 
1911 
1912 
1012 
New loans! 
£m. 
6-720 
9-230 
8-147 
8-321 
1-179 
2-184 
5-386 
3-696 
3-956 
5-371 
3-823 
5-2 
6-7 
50 
1-7 
0-7 
2:0 
 & 
Percentage of 
exports over 
imports? 
83-4 
95-6 
110-8 
139-8 
146-7 
145-0 
111-1 
118-2 
127-6 
141-6 
111-0 
117-1 
108-0 
127-6 
1565-3 
148-2 
1565-9 
140-6 
120-1 
127-6 
124-1 
118-7 
101-2 
98.5 
of these by Australia, are given above; and the feature to be 
smphasized concerning the volume of the flow is the fluctuation 
trom mere trickle to great flood as between one year and another. 
Still more informative and even more definite for the purpose 
of correlation is the comparison of the percentage of total 
exports over imports with the volume of new loans. It is not 
1 From figures prepared by Commonwealth Bureau of Census and Statistics. 
1 rom Commonwealth Year Book, No. 8.