132 AUSTRALIA'S FLUCTUATING ADVANTAGE IN 
1911 and 1912 reflect the strained nature of the banking situa- 
tion. The piling of effect upon effect tells so forcibly, and rein- 
forces so closely the reasoning of theory, that here again the 
completeness of verification is of a very high order indeed 
Taken in conjunction with the banking figures for the period, 
the records of gold movement are of unusual and peculiar signi- 
ficance. With the complete picture of credit conditions between 
Tasre XXIII 
Production and Movement of Gold, 1900-13 
1001 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1910 
1911. 
1912. 
1913 
Year. 1 
Stocks.t 
20-627 
21-075 
20-021 
19-358 
21-490 
22-681 
23-711 
24-931 
26-297 
30-149 
33-480 
28-685 
31-252 
Production? ' Net export? 
14-006 13-558 
14-812 13-152 
16-295 17-175 
15-897 15716 
15-551 9-478 
14-632 14-723 
13-515 7-375 
13-059 11-144 
12-605 7-762 
11-553 3130 
10-552 9-931 
9-880 | 10-473 | 
0.377 1.707 
Retained.t 
0-448 
0-660 
—0-880 (loss) 
0-180 
6-073 
-0-091 (loss) 
6-140 
1-915 
4-843 
8-423 
0-621 
—0-593 (loss) 
7.670 
1909 and 1913 before us, the ebb and flow of gold between 
Britain and Australia is seen to be a most sensitive response to 
the three main controls of domestic gold production, general 
productivity in Australia, and the volume of capital imports. In 
this connexion the correlation to be observed between the 
curves in Figs. VIII and IX, showing the excess of exports over 
imports, the volume of capital loans, and the amount of gold 
retained in Australia has a special interest. It accords so fully 
with logic and experience, however, that little elaboration is 
needed at this juncture. A word of emphasis may, perhaps, be 
ventured for the position after 1900. The vacillation in the 
‘ Coin and bullion held by banks; from Summary of Australian Financial 
Statistics, Finance Bulletin, No. 13 ; Commonwealth Bureau of Census and Statistics, 
1922. The figures include stocks of silver coin and bullion, but are approximately 
correct as stated since the gold held outside the banks, the amount of which cannot 
be ascertained, is not included. 
? Annual figures extracted from Commonwealth Year Books. 
8 Exports less imports of gold, from Commonwealth Year Books. 
+ Computed from Annual Reports of Royal Mints in Australia.