238 THE ECONOMIC EFFECTS OF 
(iv) The ratio of the total debt to the whole national dividend 
rose from 7-7 to 10-1 per cent., or an increase in liability 
compared with the total available for all purposes of 
31 per cent. 
TasrLe LV1 
National Production, National Dividend, and External Interest 
(In Millions Sterling) 
be ear. 
1920 
1921 
1922 
1923 
1924 
1925 
[926 
} 097 
Production 
of all com- 
modities. 
344 
391 
344 
379 
400 
454 
432 
447 
11. 
Production 
of foreign- 
rade com- 
modities. 
242 
278 
211 
245 
256 
304 
275 
281 
II7. 
National 
dividend. 
167 
537 
84 
532 
562 
636 
595 
B01 
Ia 
External 
interest. 
xd 
18 
20 
20 
22 
24 
26 
27 
Total 
snterest. 
B 
ra 
‘9 
52 
56 
59 
I. 
Productive 
activity. 
95 
301 
961 
933 
014 
998 
9562 
1,008 
Percentage of: 
Year. 
(920 
1921 
(922 | 
.923 
1924 
1925 | 
1926 
1997 
V of I. 
10-8 
10-5 
13-2 
12:3 
12-4 
11-6 
12-9 
18-3 
Vof III. © IV of II. 
71 
7-6 
9-3 
3-7 
8-7 
3-2 
32 
0.5 
{7-0 
65 
754 ap 
81 
186 
7.9 
31 
. 9-8 
8.2 
IVofI | IVoflIIl 
4.9 
4.5 
58 
52 
57 
Fed 
5-8 
8-0 
3-6 
3-2 
8-1 
3-8 
4-0 
3-8 
41 
4.5 
Interpreting these results in terms of the marginal pro- 
ductivity of the debt, it is clear (i) that indebtedness as a whole 
is claiming an increasing share of the national income and of 
that part of the national income available for paying overseas 
indebtedness; (ii) that the same relative increase is observable 
in both foreign and domestic loans; (iii) that the Commonwealth 
has entered a period of diminishing returns as regards the 
} Columns I, IV, V, and VI from 1928 Year Book; II, estimate by present writer; 
ITI from Sutcliffe, The National Dividend.