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.
