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 V. Australia during and after the great war

Collection:: Economics Books

186 ANALYSIS OF THE TERMS OF exports after that date, gold is flowing out freely when we should look for its retention. Nothing in the theory of international trade accounts for the anomalies ; and we are forced back upon the double effect of external borrowing and internal inflation, coupled with the embargo upon gold export, for a satisfactory explanation. TasLE XLI Gold Movements and Imports of Capital, 1915-281 Year. 1915 1916 | 1917 1918 1919 1920 1921 922 ! 1923 | (924 1925 1926 1927 | 19928 Gold production. £m. 8-270 7-076 6-185 5-408 3-454 5-494 1.018 3-645 3-161 3-144 2-376 2-214 2-159 1-939 Stocks. £m. 64-134 70-364 87-462 61-904 61-575 84-910 63-816 32-389 51-220 51-1 50-494 71-369 68-8156 58-06 Imports. £m. 0-868 0-780 0-272 1-652 7-071 0-046 0-020 0-043 0-031 0-062 10-5643 0-421 0-589 1-008 Exports. £ am, 2-908 10-758 12-015 7-389 9-180 5-634 5-465 4-877 3-301 3-812 2-043 5-489 12-303 2.740 Retained. £m. 6-230 — 2-902 — 5-558 —0-329 3-335 —1094 —1-427 1-289 —0-119 —-0-606 10-876 — 2-854 —9-5565 —0-793 New loan. £m. 5-1 4-3 18-6 20-9 0-5 10-8 11-3 42-2 39 48-1 0-1 37-5 11-8 54-3 Borrowing and the exigencies of war-time finance between them forced Australian overseas trade during this period into new channels. The inability of Europe, and of Great Britain in particular, to supply in the old way either the capital or consumption goods which Australia required, together with the swelling indebtedness of Great Britain to the United States, were responsible for the development of a trade relation among these three countries that has been widely misunderstood. The raising of great Australian loans in London during the war became possible only through the huge credits placed at the disposal of Britain by the United States. The chain was com- pleted as far as the Commonwealth was concerned by America furnishing a proportion of Australian imports many times * Commonwealth Year Books, Nos. 10-21, and Quarterly Bulletins of Statistics, Nos. 85-115.

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