THE BALANCE OF INDEBTEDNESS, 1918-28 205
freight percentage would, of course, give the same freight
charge.
Freight rates for the years in question broke away sharply
from the high rates prevailing between 1915 and 1919. An
abrupt fall of more than 60 per cent. took place in 1921, followed
by a further gradual decline of 30 per cent. by 1925. For the
post-war period it is now possible to present the cost of inward
freight with some certainty. (See Table XLIV.)
Insurance. Nothing need be added to what was said in
Chapter XII upon the method of computing the charges for
insurance of inward cargoes. We can therefore proceed to
estimate the cost of insurance in accordance with the method
there indicated.
Tare XLV
Insurance on Australian Imports

Year.

1920
1921
1922
1923
1924
1925
1926
1927
1G98

Imports at
insurance
value.
Lam

110-058
172-647
107-809
137-029
146-665
162-114
158-007
171-635
152.802

Rate of
insurance
per cent.

Cost of
insurance.
em

0-412
0-647
0-405
0-513
0-650
0-609
0-594
0-651
J-576

Tourist Expenditures. In recent years tourist expenditures
have acquired considerable interest, not merely by reason of
bheir effect upon the balance of international indebtedness, but
also because of the comparative estimates which have been made
concerning the amount of travel undertaken by the people of
different nations. The estimates here made indicate that fewer
Australians go abroad now than before the war, despite popular
opinion to the contrary. The average number of passages taken
out by Australians in the nine years previous to 1914 was, in
round figures, 49,000. The corresponding figure for the nine
post-war years is approximately 44,000. Owing, however, to
the decline in the value of the pound in the later period, the
present expenditures make a much larger showing than formerly.