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

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Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

160 AUSTRALIAN BALANCE OF INTERNATIONAL tion, and to the certainty that even assisted immigrants do not disclose the total capital being transferred, it is estimated that £20 per head would be a fair average. For the reason that emigration is mostly of adults, often with considerable capital in their possession, a like sum has been computed in the case of emigration. Remittances from abroad to persons resident in Australia, and from Australians to persons living abroad, also set up minor capital movements. These, however, are negligible in their effect upon the balance of indebtedness, as indicated "by the foreign money-orders transmitted through the post offices during these vears, since the income almost exactly balanced the outgo. V. The Balance of Indebtedness. We are now in a position to set out our (largely hypothetical) balance sheet, by bringing together the information presented in the foregoing tables. Attention may be directed to certain features of the situation as revealed in the final column of the table, which must now be regarded as adequate explanation of the vicissitudes of the period. In the first place, approximate agreement between the total of capital imported, and the long-period excess of debits over credits in the balance of in- debtedness, is obtained. The principal facts of the situation are here presented in summary form: CAPITAL IMPORTS. DIFFERENCE OF INTERNATIONAL Drsrrs Axp CREDITS. £m. Government . Municipal . Business » Private . + oy Total of Debits Total of Credits . : . 867 . . 808 “59 This discrepancy of £16 millions represents little more than 20 per cent. of error; but it is to be supposed that the agreement would be even closer were all the facts obtainable. Unexpended loan balances in London at the end of 1913 were not taken into account, and this sum together with the ‘lag’ of imports behind capital outlay would doubtless cover some of the difference. A more complete case as far as the main effects of overseas borrowing are concerned can scarcely be expected: and it

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