THE BALANCE OF INDEBTEDNESS, 1918-28 209 
considerably below the real total. The reckoning of a fair rate of 
interest on the capital involved was again a matter of guesswork ; 
but since probably 50 per cent. of private overseas capital in 
Australia is sunk in mining and pastoral ventures, an index 
based on the value of agricultural, pastoral, and mining pro- 
ductivity seemed to offer the best guide for the changing rate of 
remuneration. The result of the consequent calculation is given 
in the following table: 
Tare XLIX 
Investment of Private Capital in Australia 
Fear. 
1920 
1921 
[922 
1923 
1924 
1925 
1926 
927 ' 
[028 
Progressive 
total. 
£m. 
200 
201 
202 | 
204 
206 
208 
210 
212 
214 
Index of 
production. 
100 
88 
75 
38 
100 
118 
80 
70 
75 
Estimated 
rate of 
return, 
per cent. 
3-9 
49 
38 
31 
3b 
6-3 
5-4 
50 
Estimated 
Interest. 
£m. 
14-800 
11-914 
9-946 
12-028 
12-740 
13-464 
13-130 
11-608 
10-760 
IV. Non-commercial Items. 
With the exception of capital privately invested in Australia 
the least satisfactory item in the estimate of Australian inter- 
national indebtedness is that concerning capital introduced by 
immigrants, and the counterbalancing cost of assisted immigra- 
tion. It is difficult to understand why the facts connected with 
assisted immigration in particular should be so difficult to obtain, 
except that the conditions and restrictions affecting assisted 
passages invite some manipulation on the part of the immigrant 
in respect to the amount of capital which he transfers. 
Considering, first, the capital introduced, the total amount 
declared by migrants to the Immigration Office admittedly 
bears no relation to the total amount transferred; and there is 
no method by which the devious transfers can be traced and 
computed. Again, the number of assisted passages is only about 
60 per cent. of the total immigration; and it is highly probable 
3710 we