Borrowing and business in Australia

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Monograph

Identifikator:: 183051623X

URN:: urn:nbn:de:zbw-retromon-222122

Document type:: Monograph

Author:: Wood, Gordon L. http://d-nb.info/gnd/1239193688

Title:: Borrowing and business in Australia

Place of publication:: London

Publisher:: Oxford university press, H. Milford

Year of publication:: 1930

Scope:: xv, 267 Seiten; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. The boom of 1890 and its economic consequences

Collection:: Economics Books

OVERSEAS TRADE AFTER 1890 93 borrowing, and from an abrupt disturbance in the rhythm of trade, are to be clearly traced in the period now being reviewed. Up to the year 1880 the overseas trade of Australia exhibited all those features that the economic history of young and un- developed countries would lead us to expect. After that year 8 natural and inevitable transition towards maturity as a borrower was forced on by the stupendous volume of capital imported. By 1885 it was becoming apparent that the stage was arriving in-which the interest on old loans was becoming larger than the amount of new loans contracted each year. Australia was rapidly—far too rapidly as events proved— becoming a mature borrowing country. Owing to the sudden cessation of the influx of capital in 1893, through a complexity of causes, external as well as internal, the interest on old loans became immediately and unexpectedly more than five times the amount of the new loans that it was found expedient to raise. This catastrophic pinching of the financial shoe, in addition to the other factors still to be examined, was sufficient to ex- plain the limping industrial and commercial gait of the country for the succeeding decade. This situation is summarized in the following table: TaBLE XV Australian Public Loans and Annual Interest! {In Millions Sterling) 1883 1884 1885 1886 L887 1888 1889 1890 1891 892 1893 1894 L895 ear. New loan. 14-629 12755 12-356 7-529 6-375 5-230 11-874 7720 8230 8-147 8-321 1-179 2.184 Annual interest and charges. 2:904 4-370 4-462 4-601 4-865 5-112 5-367 5-617 5-871 8-117 6-859 7-066 7.008 Compiled by Commonwealth Bureau of Census and Statistics.

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