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 IV. The commonwealth, 1900-14

Collection:: Economics Books

138 TRADE BETWEEN 1900 AND 1913 given above records the main variations with a precision sufficient for our purpose. The correlation of all these factors into a complete statistical picture will now be possible for our period. The comparison of export and import prices, the relation known as net barter terms, gives a comparison that measures approximately the changing margin of advantage in prices received by Australia or Great Britain from year to year. The smoothed moving-average curve shows during the earlier years a gradual rise of the net terms in favour of Australia which has to be compared with the curve for export prices in Fig. XII. Very little advantage is indicated as between the beginning and the close of the period, that is to say that the price-levels have been automatically adjusted over the whole period as the theory of prices would lead us to suppose. A net increase in the return to labour, at least for those occupa- tions for which the wage statistics are collected, is indicated by the curve for wages which tends slowly but steadily upwards right through the piece. But the consideration of the physical volume of goods figuring in overseas trade, taken in conjunction with the import. and export price indices, i.e. the gross barter berms, reveals a very different state of affairs. There is clearly a gain as shown by this curve of approximately 30 per cent. for Australia during the early years of the period followed by a steep decline of over 40 per cent. by the end of the period. Here, then, is the key to the growing financial tension of 1913; and the crises of 1903, 1907-8, and 1912 fall into place as mere phases in the steadily increasing disadvantage in trade which was the chief result of the growing burden of overseas debt.

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