158 AUSTRALIAN BALANCE OF INTERNATIONAL 
payable on private capital, and this appears in the following 
table: 
Tare XXXVI 
Interest on Capital, Privately Invested in Australia 
1901 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1910 
1911 
1912 
[1913 
Year. 
Estimated 
amount! 
£m. 
Estimated 
average 
refurn 
per cent. 
125 
125 
126 
128 
131 
‘34 
36 
37 
140 . 
42 4-9 
145 54 
148 | 52 
150 50 
Total 
Interest 
payable. 
£m. 
5-500 
5-000 
4-410 
5-376 
5-764 
6-298 
6-480 
5-838 
6-720 
6-958 
7-830 
6-696 
7-500 
From the data already accumulated it is now possible to 
compute the total interest payable abroad, which is given in 
the appropriate column in the balance of indebtedness. These 
payments for interest on capital invested privately in Australia 
are not offset to any extent by Australian capital invested 
abroad. Although there is reason to believe that the movement 
in this respect is now considerable, for the period under discus- 
sion it was relatively small. The chief item was constituted 
by the excess of income from overseas over expenditure in 
obtaining it by the life assurance societies. The credit on this 
account rose from about a quarter of a million pounds in the 
early part of the period; to about half a million in the later years. 
This was taken to be at least half of the total payments credited 
to Australia from overseas. 
IV. Non-Commercial Items. 
There are certain other movements of goods and capital into 
! The Private Debt of Australia in 1915 was estimated by the Commonwealth 
Statistician (Mr. C. H. Wickens) to be £150 millions, and this would appear to be 
en vative. See the preface to the Report on the War Census of the Common.