Borrowing and business in Australia

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

INDEBTEDNESS FROM 1900 TO 1913 153 III. Capital Investments and Interest Payments. After 1850 the practice of floating Australian loans in London almost eliminated domestic loans. But the stoppage of the flow of capital from Great Britain after 1893 and the increasing surplus of domestic capital led, during the period after 1900, to the placing of many redemption and other loans entirely within Australia. This is, indeed, the outstanding financial feature of Tape XXXII Government Loans raised and Interest Payable Abroad 1 Year. 1901 1902 1903 . 1904 . 19056 1906 1907 1908 1909 1910 . 1911 . 1912 . : 1913 Loans raised. £m. 5-2 6-7 5-0 1-7 0-7 2-0 | 5-1 2-@ 6-8 L 4 Total held in London. £m. 174-8 181-5 186-5 188-2 188-9 190-9 185-6 183-3 189-4 192-0 183-2 190-0 204-4. Average rate on debt per cent. 3-68 3-64 3-78 3-62 3-63 3-63 3-60 3-60 3-58 3.57 3-57 | 3:67 9.60 Interest payable abroad. £m. 6-433 6-608 6-775 6-805 6-847 6-911 6-687 6-591 8-771 6-855 8-544 6-775 7.951 the first decade of the Commonwealth ; and there is little doubt that the rapid increase in domestic holdings of Australian govern- ment securities has done much to increase confidence overseas in these loans. Between 1900 and 1913 the portion of the public debt raised in London increased from £174-8 millions to £204-4 millions, while the portion raised in Australia rose from £288 to £90-1 millions. In other words the proportion of the public debt raised at home rose from 14-1 to 30-5 per cent., in itself some indication that the capital previously borrowed was largely reproductive. By comparison with Lehfeldt’s estimate of the return on large colonial investments (Table XXXV) it will be seen that Australia had borrowed very advantageously, despite the fact that interest rates were relatively high until 1890. By 1900 the 1 Pinance Bulletins, Commonwealth Bureau of Census and Statistics. 3710

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