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 V. Australia during and after the great war

Collection:: Economics Books

CONTINUOUS BORROWING 235 true. The choice-he offers is contained in the statement that ‘the annual income, and especially that part of it which is disposable, must always be more or less doubtful : and estimates of national wealth, whatever method be employed, have even less chance of approximating the real position’. If this judge- Tasre LIV Public and Private Wealth® compared with Indebtedness (In Millions Sterling) Year. 1915 1921 1923 1925 1998 Public wealth. 517 657 | 725 825 a00 II. Private apealth. 1,620 2,166 2,425 2,835 3.150 111. Total wealth. Iv. Total debt. Raternal debt. VI, Uncovered debt. 2,137 380 261 2,824 828 389 171 3,150 905 435 180 3,660 1,013 500 188 4.050 1.094 600 194 Percentage of : Year. Viol. 17 to 111. Vie III. Vite III. 1915 13-6 17-8 11-7 — 1921 126-0 20-3 18-7 6-1 1923 | 124-8 28-7 13-8 5-7 1926 122-8 | 30-7 15-2 57 10928 121-5 27-0 14-8 4-8 ment is accepted, it would seem that the sounder criterion of a country’s capacity to borrow depends rather upon the known value of the disposable income than upon estimates, still largely conjectural, of the wealth standing as security for the indebtedness. Indeed the issues to be faced must be drawn even more finely than that, since it is desirable to indicate the point at which borrowing becomes excessive. The tests which it is imperative to devise and apply concern not so much the total debt in rela- tion to the total wealth, the ultimate comparison, as the imme- diate annual liability for interest in relation to the disposable portion of the national income, the immediate comparison. In attempting to set a limit beyond which borrowing becomes 1 From the estimate by C. H. Wickens, The Wealth of Australia, paper before Section ‘G’, A.A.A.S. 1923, and Year Book, 1928.

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