INDEBTEDNESS FROM 1900 TO 1913 5
pared with the total estimated importation of gapitel: fomthe
period, in an attempt to establish the exact velar boon
these two facts in the situation. Later, the positidnBspablished
under pre-war conditions will be compared with the Psk-War
situation, and an endeavour made to indicate the "Bwasntial
similarity between them.
>
hod
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I. The Commodity Balance of Trade.
The real significance of the total values of commodity exports
and imports has already been broadly examined in connexion
with the terms of trade. For the purpose of reckoning the
balance of indebtedness over the whole period, however, a more
accurate analysis is now necessary. Happily for our purpose,
the Australian trade statistics are unusually complete and
well arranged, and any elaboration of the data given in official
publications is not called for. Beyond the actual tabulation of
the figures for overseas trade little is required but a brief
explanation of the method of recording exports and imports,
and a short note or two upon the relevant table set out
below.
The recorded value of imported commodities represents the
amount -orr-which ‘duty i§ payable, or would be payable if the
duty were charged ad valorem. ‘The value of goods is taken
to be 10 per cent. in advance of the fair market value in the
principal markets of the country whence the goods were
exported, the increase being roughly intended to represent
the cost plus insurance, freight, and other charges to the
place of landing’! Ten-elevenths of the recorded value has
therefore been taken to represent the invoice value of inward
cargoes. Since Australia is one of the chief producers of gold,
the imports and exports of gold and coin have been included as
ordinary items in the commodity balance.
The recorded value of exports represents the value ‘in the
ordinary commercial acceptance of the term’ in the principal
markets of the Commonwealth. The gross trade figures, how-
ever, are modified by imports from adjacent areas, e.g. the
Pacific Islands and Papua, of commodities which come to
1 Year Book of the Commonwealth, No. 3 (1910), p. 594.
