Nos 
a 
— yy 
= BUSINESS 
ral 
A 
A 
-—yre- 
Iorr 
4 
ro 
gL 
r 
mb 
1925 1927 
Fre. XX. SMOOTHED CURVES FOR BUSINESS, SPECULATION, 
CREDIT, AND CAPITAL IMPORTED 
Seale for Capital exaggerated. 
AA. Business based on Sydney and Melbourne Bank Clearings. 
BB. Speculation based on Share Indexes by Alexander Hamilton Institute (Sydney), 
and Mr. E. C. Dyason (Melbourne), 
CC. Bank Credit from Alexander Hamilton Institute Index. 
DD. Import of Capital on estimates by present writer.