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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part V. Australia during and after the great war

Collection:: Economics Books

170 BANKING AND BORROWING POLICIES IN leads to the conclusion that the transition from the ascension to the declension stage of the latest of our borrowing cycles was taking place after 1922; and that to the persistent pressure of the interest burden, as much as to the general world depression in trade, was due the lack of resilience in Australian business conditions. Further, it is clearly evident that, in relation to Te fm 60 50 40 30 2. i 0 INVERSE 4 a Fre Sm ri: 1915 1017 foig_ 1921 1923 1925 1927 1929 Fra. XV. NEW LOANS AND ANNUAL INTEREST Smoothed 5-year moving-average shown heavy. ' loans, the discrepancy between ‘receipts’ and ‘expenditure’, i.e. the difference between the amount of new loans and the interest on the existing debt, has been steadily growing ever since, thus increasing both the necessity for economy and the incentive for national effort to bridge the discrepancy. That the unhealthy condition of indebtedness has merely been exacerbated by the operation of other factors, such as static productivity and the adoption of ambitious social and building schemes that could not be justified on the score of either urgency or reproductive sapacity, cannot reasonably be open to doubt. A thorough and comprehensive examination of the national debt in all its aspects still awaits the patient attention of the economist, notwithstanding the very valuable work that has

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