144 INDEBTEDNESS FROM 1900 TO 1913 
Australian ports for transhipment to overseas ports. These 
imports for re-export have therefore been deducted from the 
gross figures for both imports and exports. A further note is 
necessary with reference to interstate trade. Until 1904 ‘goods 
dispatched from one Australian state for transhipment in 
another state to an overseas country were simply recorded in 
the former as an export to the transhipping state, and thus no 
proper record of the export as ‘‘oversea’ was made. Owing to 
this defect the overseas trade prior to 1904 is understated by an 
amount which it is impossible to estimate accurately, since it 
varies with the development of the shipping facilities of the 
states concerned.” An analogous discrepancy occurs in imports 
for which, however, an official estimate for the years affected 
is included in the table below. 
Ships’ stores represent another item not included in the total 
figures. For the years prior to 1906, however, this item was 
included in the recorded total of imports, and the blanks in the 
relevant column are thus explained. The import or export of 
vessels was not recorded before the year 1905, and the value 
of this item has been obtained from the annual statistics under 
this head recorded by the Board of Trade. As the value is 
quite a considerable item in the balance of indebtedness it has 
been included in the general table. For the items concerned, 
the Commonwealth statistics are as comprehensive and accurate 
as can reasonably be expected, and the pleasure of working 
with such excellent and well-arranged returns must be recorded. 
The recorded value for exports, however, constitutes the least 
satisfactory item in the commodity balance. The method of 
registering the value of exports at current Australian prices, 
even if the returns furnishing the necessary data were accurate, 
leaves considerable room for over-statement. It is believed that 
the figure for exports are somewhat in excess of the true value; 
but any estimate of the error from over-valuation and of the 
deduction necessary to take into account overseas charges paid 
by Australia, presents great difficulty. Such estimates must be 
mainly guesswork, but it is felt that 5 per cent. of recorded 
value represents a conservative allowance. The figures, there- 
fore, have been adjusted in accordance with this view.