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 I. Characteristic features of australian business and an account of the early years

Collection:: Economics Books

18 THE EARLY YEARS AND THE the final disaster became inevitable, as the community became less and less able to face overseas liabilities. Imports and Exports of New South Wales (Including Port Phillip) IMPORTS T i Total. | Per head. I TasLE I Percentage of Exports to Imports. Year. 1833 1834 1835 1836 1837 1838 1839 1840 1841 1842 1843 (£1,000°s) 713-9 991-9 | 1114-8 1237-4 1297-5 1579-3 2236-4 3014-2 2527-9 1455-1 1650-5 £ 11-7 15-0 | 15-1 16-056 15-2 16:13 19-55 23-3 16:6 91 0-38 (£1,000°8) 394.8 587-6 682-2 748-6 760-0 802-7 948-7 1399-7 1023-4 1067-4 1172-3 £ 6-5 8-88 9-55 97 8:9 8:2 8:3 8 5-8 6-7 Te. 66 59 61 60 59 51 “9 46 40 73 75 A careful scrutiny of the figures in this table will provide the key for both the crisis of 1843 and the minor crisis of 1836. The amazing excess of imports continued year after year for such a time could, of course, only be due to the private importa- tion of capital, i.e. borrowing in the broad sense, although the capital was forced on the colony by the eagerness of British investors. It will be noticed how closely all the features of this early period of private borrowing correspond with those later periods of great public loans. Anything like an accurate estimate of the effects of this relatively great influx of capital upon the position of the banks, and, in particular, upon the movement of gold, becomes a matter of the utmost difficulty on account of the paucity and of the unreliable character of the statistics of the day. Still less possible is it to trace the effects upon prices and wages, the two chief indexes of prosperity. An approximate estimate of the extent to which credit had been inflated is, however, to be obtained by a comparison of the figures for bank and treasury reserves and population. This shows very clearly the progressive diminution of reserves that took place because of the speculative tendencies and buoyant confidence of the ,period. In this

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