Borrowing and business in Australia

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part IV. The commonwealth, 1900-14

Collection:: Economics Books

142 AUSTRALIAN BALANCE OF INTERNATIONAL between debits and credits, i.e. the whole balance sheet ; while the difference between the debits and credits is regarded as the equilibrating factor in the balance, having regard, of course, to the values rather than to the physical quantities involved in the transactions. Similar confusion arises concerning the ‘balance of payments’ which is applied indifferently to both the equilibrium momen- tarily existing between payments due fo and by a country, and to the difference between the immediate debit and credit obliga- tions. In both meanings it is the state of monetary obligation at any moment rather than the long-period situation having regard to all indebtedness that is to be emphasized; but, for the sake of consistency, it is the equilibrium existing, rather than the difference, which is to be here understood. It is con- ceivable that, during a period when the general trend of inter- national indebtedness is against Australia, there will be occasions when the international account is, at the moment, ‘in credit’, i.e. the immediate difference is in Australia’s favour. With these distinctions in mind, it is proposed now to ascertain as nearly as possible the debit difference of international in- debtedness for Australia over the period between 1900 and 1913, i.e. the net amount of Australia’s obligations to other countries which was not offset by the shipment of goods, money, or services during that time. These obligations will be considered under the following heads: I. The Commodity Balance of Trade. IT. The ‘Service’ Balance, i.e. the balance of Freight, Insurance, and Tourist expenditures. ITI. Capital Investments and Interest Payments. IV. Non-Commercial Items, viz. : (a) Migrants’ Capital and (b) Non-commercial Remittances. V. The Total Estimated Balance of Indebtedness. The total debit difference thus ascertained! will then be com- ' “The commodity balance of trade, the balance of service transactions, and the balance of non-commercial transactions, indicate respectively the differences be- tween the amounts of commodity imports and exports, of debit and credit. inter- national service transactions, and of debit and credit international non-commercial transactions, irrespective of whether or not the obligations created thereby are immediate or deferred. The total of these three balances equals the total balance of international indebtedness.” — Viner, op. cit., p. 22.

Access restriction

Copyright

fullscreen: Borrowing and business in Australia

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation