208 THE BALANCE OF INDEBTEDNESS, 1918-28
profit made by Australian businesses during the years in question.
Working on the dividends paid by twenty representative con-
cerns, the average dividend rate which appears in the following
table was reckoned. It is, therefore, now possible to set out the
situation in this respect as far as the known facts will take us.
Year.
1920
1921
1922
1923
1924
1926
1926 |
1927
1928
TasLe XLVIII
Interest Payable Abroad on Government, M: unicipal
and Business Loans, 1920-8
(In Millions Sterling)
MUNICIPAL.?
GOVERNMERT.! |
Amount. | Interest.
Amount. | Interest.
Amount.
Rate. + Interest.
419-1
£30-5
172-6
176-5
524-6
524-7
562-2
574-1
628-3
17-263
18-233
20-490
20-792
23-205
23-748
25-551
26-827
28-088
1-0
2:0
2-9
3-4
7-5
38
8-9
11-0
15:9
0-065
0-107
0-160
0-186
0-411
0-485
0-491
0-606
0:878
36-6
381
40-4
42-5
45-7
47-2
51-5
58-6
61-3
8-2
4-4
3-6
4-8
33
55
7-0
6-7
53
2:201
1.676
1-456
2-083
2-427
2-597
3-605
3-926
2.940
Total.
Interest.
19-519
20-016
22-106
23-061
26-043
26-830
29-647
31-359
39.215
Tt is not possible to compute accurately the amount of capital
introduced through private channels since 1915, although it is
certain that this movement went on at an accelerated rate.
Expansion of business financed from overseas in connexion with
motor vehicles, moving pictures, electrical and wireless equip-
ment, textile manufacture, &c., was particularly active. Tariff
amendments after 1921 were responsible for similar develop-
ments, especially in textile and motor industries. The utmost
that could be attempted, therefore, was to continue the pro-
gressive movement of capital already computed for the 1900-14
period ; and this was estimated pro rata with the importation of
capital by public ‘business’ loans. The impression obtained
was that the estimate made by Wickens,* considering that his
estimate includes private capital here called business loans, is
! Finance Bulletins of Bureau of Census and Statistics.
2 and * Estimate by the Economist published by Cooke and Davenport, Imperial
Finance.
4 Mr. C. H. Wickens, Commonwealth Statistician, arrived at an estimate of
£200,000,000 for the year 1925. See paper, Australia’s National Balance Sheet, 1926.