THE BALANCE OF INDEBTEDNESS, 1918-28 207
the diminished surplus of British capital it is possible to tabulate
with a high degree of accuracy the Australian borrowings, year
by year, and to calculate with some certainty the amount of
TasrLe XLVI
Numbers and Expenditure of Tourists in Australia

Vear.

1920
1921
1922
1923
1924
1925 |
1926
1927
1998

FIRST CLASS.
Number. | Amount. + Number.
£m.

OTEBER CLASSES.

Amount.
£m

13,000
10,000
9,000
9,000
9,000
10,000
10,000
10,000
10.000

1-950
{-500
1-350
1-350
-350
-500
-500
+500
500

14,300
1,000
10,500
:0,000
1,000
1,000
12,000
13,000
4.000

1-144
0-880
0-840
0-840
0-880
0-880
0-960
1-040
1-120

Total.
£m.

3-094
2-380
2-190
2-190
2-230
2-380
2-460
2-540
2.620

TasrLe XLVII
Numbers and Expenditure of Australians Abroad

Vear.

1920
1921
1922
1923
1924
1925
1926
1927
[928

FIRST CLASS. |

| Number. | Amount.
£m.

14,000
11,000
9,000
9,000
10,000
10,000
11,000
12,000
13.000

£-200
3-300
2-700
2-700
3-000
3-000
3-300
3-600
2.900

OTHER CLASSES.

Lumber. | Amount.
£m

40,000
33,000
27,000
27,000
30,000
32,000
33,000
34,000 -
25 600

6-000
4-950
4-050
4-050
4-500
4-800
4-950
5-100
5-340

Total.
£m.
10-200
8-250
6-750
8-750
7-500
7-800
8-250
8-700
3.240

interest and dividend payments for which the Commonwealth
is liable overseas.
The amount of interest payable on the public debt is calculable
 almost to the proverbial penny, that on municipal loans
somewhat less exactly, and only in the case of the ‘business’
loans are hypothetical estimates at all necessary. For the
calculation of the interest payable on this latter class of loans
resort had to be made to estimates of the approximate average