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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APPENDIX 257 burden of oversea debt per worker. This is here presented in graphi- cal form, and it is notable that while productive efficiency between 1916 and 1927 has risen from 982 to 1,014, or by approximately 4 per cent., the felt burden has risen from 1,000 to 1,842, or by 84 per cent. PropucTivE ErriciENcY ! AND INTEREST BURDEN PER WORKER Productive Efficiency Index. 18186 = 1.000 Interest on Overseas Debt. £m. Interest on Overseas Debt per Worker. £ Felt ® Bur. den of Interest per Worker. Export Price Index. Index of Felt Burden per Worker. 1816 = 1.000 Year. 1916 1917 1918 1919 1920 1921 1922 '923 924 925 1926 1927 A. 1.000 962 935 915 t,029 1,039 1,029 974 1,089 1,042 1,084 1.032 B. 2780 10-792 13-520 14-012 7263 .8:233 20-490 20-792 23-205 23-748 254551 56-897 | O.. 11-2 12-2 15-0 14-9 18-2 187 21-0 20:9 22:8 23:0 24-2 Obed D. 1,591 1,965 2,084 2,033 2,249 2,254 1,721 2,039 2,476 2,803 2,152 2 080 70 62 7.2 7.3 31 83 12:2 10-2 92 8-2 12-2 19.0 1,000 885 1,028 1,043 1,157 1,185 1,742 1,457 1,314 1,071 1,742 1.8492 The long-period trends of productivity and ‘felt’ burden of interest per worker are not quite so grave as the relative changes thus stated would appear to indicate; but at least there remains a discrepancy which points to serious ineffectiveness in the application of borrowed capital. Australian labour and oversea capital, co-operating in Australian industries, bave failed to enlarge production with suffi- sient rapidity to cover the rising burden of debt; and whilst each worker has been able to increase his output by 4 per cent., his liabili- bies even in 1927 represented an increase of over 80 per cent. Further, a sustained decline in export price levels which is far from impossible, or even improbable, in the years immediately ahead, tends to make the felt burden heavier by diminishing the exchange value of the commodities which we are able to apply to the satisfaction of the debt. Tt may be of interest to compute here the actual reduction in 1 Revised estimate of Australian Productive Efficiency as presented in 4.4.4.8. Proceedings, vol. xviii, 1926, by Mr. C. H. Wickens. ? Column E = C+D. 2710 ¥

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