Der Wirtschaftskrieg

Borrowing and business in Australia

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Multivolume work

Identifikator:: 1780159447

Document type:: Multivolume work

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Das Kapital

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1926-

Collection:: Economics Books

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Volume

Identifikator:: 1780159595

URN:: urn:nbn:de:zbw-retromon-188277

Document type:: Volume

Author:: Marx, Karl http://d-nb.info/gnd/118578537

Title:: Der Produktionsprozeß des Kapitals

Volume count:: 1.1928

Place of publication:: Berlin

Publisher:: J. H. W. Dietz Nachf., G. m. b. H.

Year of publication:: 1928

Scope:: XLVIII, 768 Seiten

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Erster Abschnitt. Ware und Geld

Collection:: Economics Books

254 THE IMMEDIATE FUTURE direct or indirect, is quite as eager as the industrialist, antici- pating active markets for his manufactures, in the preservation of the steady volumes of loans. Railway commissioners vie with steamship companies in viewing with alarm any falling away in the volume of overseas trade. Thus the whole weight of the community, despite somewhat hypocritical protests to the con- trary, is thrown in the balance against the endeavour to retard capital imports; and in this situation lies the most difficult of the practical aspects of the problem. To the operation of both the external and internal factors in the national situation, therefore, is to be ascribed the inability on the part of the banking authorities in Australia to impose a greater measure of control upon the credit position. It is to be feared that no amount of improvement in the volume and quality of information bearing upon Australian business con- ditions would bring any measure of relief to Australian bankers while vigorous public borrowing continues. Statistics present- ing an accurate measure of prosperity, and better indices of every phase of the domestic situation, would still leave them impotent in the face of a credit situation the chief features of which are determined on the other side of the world. What that situation demands, even before a more cautious borrowing policy, is a more intelligent lending policy ; and the co-operation of the London market with well-balanced economic opinion in Australia is required in an effort to regulate the violent fluctuations in the stream of capital to a even flow which will permit of its more satisfactory application to the needs of Australian industry, and to abolish those distressing and, we believe, avoidable reversals in business which affect the prosperity of both countries. This, however, will not avoid the necessity for a more efficient use of capital by both public and private borrowers. The plain moral of this tale is that, when the possibility of repaying debt out of the increased production made possible by the borrowed capital no longer exists, all sconomic justification for expansive borrowing programmes automatically disappears.

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