160 AUSTRALIAN BALANCE OF INTERNATIONAL 
tion, and to the certainty that even assisted immigrants do not 
disclose the total capital being transferred, it is estimated that 
£20 per head would be a fair average. For the reason that 
emigration is mostly of adults, often with considerable capital 
in their possession, a like sum has been computed in the case 
of emigration. 
Remittances from abroad to persons resident in Australia, 
and from Australians to persons living abroad, also set up minor 
capital movements. These, however, are negligible in their effect 
upon the balance of indebtedness, as indicated "by the foreign 
money-orders transmitted through the post offices during these 
vears, since the income almost exactly balanced the outgo. 
V. The Balance of Indebtedness. 
We are now in a position to set out our (largely hypothetical) 
balance sheet, by bringing together the information presented 
in the foregoing tables. Attention may be directed to certain 
features of the situation as revealed in the final column of the 
table, which must now be regarded as adequate explanation of 
the vicissitudes of the period. In the first place, approximate 
agreement between the total of capital imported, and the 
long-period excess of debits over credits in the balance of in- 
debtedness, is obtained. The principal facts of the situation 
are here presented in summary form: 
CAPITAL IMPORTS. 
DIFFERENCE OF INTERNATIONAL 
Drsrrs Axp CREDITS. 
£m. 
Government . 
Municipal . 
Business » 
Private . 
+ 
oy 
Total of Debits 
Total of Credits 
. : . 867 
. . 808 
“59 
This discrepancy of £16 millions represents little more than 20 per 
cent. of error; but it is to be supposed that the agreement would 
be even closer were all the facts obtainable. Unexpended loan 
balances in London at the end of 1913 were not taken into 
account, and this sum together with the ‘lag’ of imports behind 
capital outlay would doubtless cover some of the difference. 
A more complete case as far as the main effects of overseas 
borrowing are concerned can scarcely be expected: and it