150 AUSTRALIAN BALANCE OF INTERNATIONAL
necessary to construct a freight index covering the whole period;
and, by making allowance for the variations in the price level,
to estimate the freight bill for each year of the period. The proportion
 of exports for which freight was paid by Australians
has been estimated at 25 per cent. of recorded value.
(0) Insurance. Although there are differences in the rates
quoted by brokers for the different kinds of commodities consigned
 to Australian ports, the great bulk of cargoes falls within

Tasre XXX
Insurance on Imports, and Freight on Exports

1901
1902
1903
1904
1905
1906
1907
1908
1909
i910
11
1912 .
1913

Year.

Imports at
Insured
Value,
£m.

44-362
12-524
39-529
38:699
10-090
16-673
58:400
52-062
33-498
62-739
70-012
31-696
33208

Insurance
Charge.
£m.

0-166
0-159
0-148
0-145
0-150
0.175
0-219
0-195
0-201
0-235
0-262
0-306
0-312

Exports,
25 per cent.
of Declared
Value.
£m.

L resghi
Index
per cent,
of Cargo
Value.

124 46
11-0 4.3
12-1 38
144 3:3
42 3-9
74 4-1
'82 D0]
16-1 42
16°3 4.3
18:6 4.3
19-9 , 4-6
198 | 48
19-6 5+)

Freight
Charge.
£m.

0570
0-469
0-460
0-475
0-550
0-713
0-786
0-676
0-701
0-800
0-915
0-950
0-980

a fairly narrow range of quotation. The two methods of estimating
 the average rate of freight upon the sample cargo mentioned
 in the last section, and of collecting the impressions of a
number of brokers constantly handling Australian cargoes at
Lloyd’s were employed. The estimate of average insurance upon
which the figures in the accompanying table are based was fixed
in this way at three-eighths of 1 per cent. The method followed
at Lloyd’s in computing the value of cargoes for insurance is to
add 10 per cent. to the invoice value, add the freight which is
payable in advance, and to quote the rate upon that total.
(¢) Tourist Expenditures. The calculation of expenditure by
tourists moving to and from Australia is necessarily very inexact.
 The records of shipping companies engaged in carrying