Borrowing and business in Australia

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Monograph

Identifikator:: 183051623X

URN:: urn:nbn:de:zbw-retromon-222122

Document type:: Monograph

Author:: Wood, Gordon L. http://d-nb.info/gnd/1239193688

Title:: Borrowing and business in Australia

Place of publication:: London

Publisher:: Oxford university press, H. Milford

Year of publication:: 1930

Scope:: xv, 267 Seiten; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part IV. The commonwealth, 1900-14

Collection:: Economics Books

132 AUSTRALIA'S FLUCTUATING ADVANTAGE IN 1911 and 1912 reflect the strained nature of the banking situa- tion. The piling of effect upon effect tells so forcibly, and rein- forces so closely the reasoning of theory, that here again the completeness of verification is of a very high order indeed Taken in conjunction with the banking figures for the period, the records of gold movement are of unusual and peculiar signi- ficance. With the complete picture of credit conditions between Tasre XXIII Production and Movement of Gold, 1900-13 1001 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911. 1912. 1913 Year. 1 Stocks.t 20-627 21-075 20-021 19-358 21-490 22-681 23-711 24-931 26-297 30-149 33-480 28-685 31-252 Production? ' Net export? 14-006 13-558 14-812 13-152 16-295 17-175 15-897 15716 15-551 9-478 14-632 14-723 13-515 7-375 13-059 11-144 12-605 7-762 11-553 3130 10-552 9-931 9-880 | 10-473 | 0.377 1.707 Retained.t 0-448 0-660 —0-880 (loss) 0-180 6-073 -0-091 (loss) 6-140 1-915 4-843 8-423 0-621 —0-593 (loss) 7.670 1909 and 1913 before us, the ebb and flow of gold between Britain and Australia is seen to be a most sensitive response to the three main controls of domestic gold production, general productivity in Australia, and the volume of capital imports. In this connexion the correlation to be observed between the curves in Figs. VIII and IX, showing the excess of exports over imports, the volume of capital loans, and the amount of gold retained in Australia has a special interest. It accords so fully with logic and experience, however, that little elaboration is needed at this juncture. A word of emphasis may, perhaps, be ventured for the position after 1900. The vacillation in the ‘ Coin and bullion held by banks; from Summary of Australian Financial Statistics, Finance Bulletin, No. 13 ; Commonwealth Bureau of Census and Statistics, 1922. The figures include stocks of silver coin and bullion, but are approximately correct as stated since the gold held outside the banks, the amount of which cannot be ascertained, is not included. ? Annual figures extracted from Commonwealth Year Books. 8 Exports less imports of gold, from Commonwealth Year Books. + Computed from Annual Reports of Royal Mints in Australia.

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