208 THE BALANCE OF INDEBTEDNESS, 1918-28 
profit made by Australian businesses during the years in question. 
Working on the dividends paid by twenty representative con- 
cerns, the average dividend rate which appears in the following 
table was reckoned. It is, therefore, now possible to set out the 
situation in this respect as far as the known facts will take us. 
Year. 
1920 
1921 
1922 
1923 
1924 
1926 
1926 | 
1927 
1928 
TasLe XLVIII 
Interest Payable Abroad on Government, M: unicipal 
and Business Loans, 1920-8 
(In Millions Sterling) 
MUNICIPAL.? 
GOVERNMERT.! | 
Amount. | Interest. 
Amount. | Interest. 
Amount. 
Rate. + Interest. 
419-1 
£30-5 
172-6 
176-5 
524-6 
524-7 
562-2 
574-1 
628-3 
17-263 
18-233 
20-490 
20-792 
23-205 
23-748 
25-551 
26-827 
28-088 
1-0 
2:0 
2-9 
3-4 
7-5 
38 
8-9 
11-0 
15:9 
0-065 
0-107 
0-160 
0-186 
0-411 
0-485 
0-491 
0-606 
0:878 
36-6 
381 
40-4 
42-5 
45-7 
47-2 
51-5 
58-6 
61-3 
8-2 
4-4 
3-6 
4-8 
33 
55 
7-0 
6-7 
53 
2:201 
1.676 
1-456 
2-083 
2-427 
2-597 
3-605 
3-926 
2.940 
Total. 
Interest. 
19-519 
20-016 
22-106 
23-061 
26-043 
26-830 
29-647 
31-359 
39.215 
Tt is not possible to compute accurately the amount of capital 
introduced through private channels since 1915, although it is 
certain that this movement went on at an accelerated rate. 
Expansion of business financed from overseas in connexion with 
motor vehicles, moving pictures, electrical and wireless equip- 
ment, textile manufacture, &c., was particularly active. Tariff 
amendments after 1921 were responsible for similar develop- 
ments, especially in textile and motor industries. The utmost 
that could be attempted, therefore, was to continue the pro- 
gressive movement of capital already computed for the 1900-14 
period ; and this was estimated pro rata with the importation of 
capital by public ‘business’ loans. The impression obtained 
was that the estimate made by Wickens,* considering that his 
estimate includes private capital here called business loans, is 
! Finance Bulletins of Bureau of Census and Statistics. 
2 and * Estimate by the Economist published by Cooke and Davenport, Imperial 
Finance. 
4 Mr. C. H. Wickens, Commonwealth Statistician, arrived at an estimate of 
£200,000,000 for the year 1925. See paper, Australia’s National Balance Sheet, 1926.