INDEBTEDNESS FROM 1900 TO 1913 155 
taxation, moreover, during a period of increasing government 
attention to private wealth has here to be given full weight. 
Again, the influence of the strengthened protective system in 
inducing, nay compelling, foreign business to establish itself 
within the tariff wall, in order to preserve its Australian con- 
nexions, is also beyond computation. British and American 
capital investment for the period runs in many channels. 
Manufacturing of many kinds, but especially textile industries, 
the expansion of British shipping interests in the coastwise 
trade, direct capital contribution to banking, industrial and 
trading establishments, enlarged foreign interests of many kinds 
in the export and import trade, and the influence of American 
capital in the amusement business must all be mentioned. The 
data for reckoning the volume of such investment is so effectively 
hidden in company records that no attempt to calculate a great 
proportion can even be made. The following table, however, 
Tape XXXIV 
British Loans to Australia, 1900-131 
(In Millions of Pounds Sterling) 
Year. 
1901 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1910 
1911 
1912 
1913 
TOTAL 
Government. 
9-736 
5-338 
0-720 
3.941 
0-970 
2-667 
9-518 
4-760 
1-950 
8-898 
11-613 
0.517 
Municipal. 
0-157 
1-005 
0-251 
1-413 
Business. 
1-511 
0-671 
0-656 
0-449 
0-472 
2-380 
0-684 
0-759 
1-143 
2-165 
1-208 
1-508 
3:118 
16-714 
Total. 
7-633" 
6-009 
1.736 
0-449 
3-813 
2-380 
1-654 
3-583 
10-661 
6-915 
3-158 
11-411 
14-982 
"7 ".638 
Per cent. 
All tasues. ' Australia. 
4:54 
3-89 
1-27 
0-004 
2.29 
2.02 
1-36 
1-86 
5:84 
259 
1-64 
541 
7.62 
2180-6 | 3.04 
165-5 
153-8 
108-5 
123-0 
166-2 
116-0 
121-6 
192-2 
182-4 
2677 
191-8 
210-8 
196-5 
based on the figures of the Economist by 8. R. Cooke and 
E. H. Davenport, will give some indication of the growth of the 
purely ‘business’ type of loan, and of the increasing percentage 
of the annual investment of British capital which was coming to 
Australia at the end of the period. 
! From Imperial Finance, by S. R. Cooke and E. H. Davenport, 1929.