150 AUSTRALIAN BALANCE OF INTERNATIONAL 
necessary to construct a freight index covering the whole period; 
and, by making allowance for the variations in the price level, 
to estimate the freight bill for each year of the period. The pro- 
portion of exports for which freight was paid by Australians 
has been estimated at 25 per cent. of recorded value. 
(0) Insurance. Although there are differences in the rates 
quoted by brokers for the different kinds of commodities con- 
signed to Australian ports, the great bulk of cargoes falls within 
Tasre XXX 
Insurance on Imports, and Freight on Exports 
1901 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
i910 
11 
1912 . 
1913 
Year. 
Imports at 
Insured 
Value, 
£m. 
44-362 
12-524 
39-529 
38:699 
10-090 
16-673 
58:400 
52-062 
33-498 
62-739 
70-012 
31-696 
33208 
Insurance 
Charge. 
£m. 
0-166 
0-159 
0-148 
0-145 
0-150 
0.175 
0-219 
0-195 
0-201 
0-235 
0-262 
0-306 
0-312 
Exports, 
25 per cent. 
of Declared 
Value. 
£m. 
L resghi 
Index 
per cent, 
of Cargo 
Value. 
124 46 
11-0 4.3 
12-1 38 
144 3:3 
42 3-9 
74 4-1 
'82 D0] 
16-1 42 
16°3 4.3 
18:6 4.3 
19-9 , 4-6 
198 | 48 
19-6 5+) 
Freight 
Charge. 
£m. 
0570 
0-469 
0-460 
0-475 
0-550 
0-713 
0-786 
0-676 
0-701 
0-800 
0-915 
0-950 
0-980 
a fairly narrow range of quotation. The two methods of esti- 
mating the average rate of freight upon the sample cargo men- 
tioned in the last section, and of collecting the impressions of a 
number of brokers constantly handling Australian cargoes at 
Lloyd’s were employed. The estimate of average insurance upon 
which the figures in the accompanying table are based was fixed 
in this way at three-eighths of 1 per cent. The method followed 
at Lloyd’s in computing the value of cargoes for insurance is to 
add 10 per cent. to the invoice value, add the freight which is 
payable in advance, and to quote the rate upon that total. 
(¢) Tourist Expenditures. The calculation of expenditure by 
tourists moving to and from Australia is necessarily very in- 
exact. The records of shipping companies engaged in carrying