210 THE BALANCE OF INDEBTEDNESS, 1918-28
that the unassisted incomers bring in a relatively high amount
of capital, despite the high proportion in some years of southern
Europeans. It is considered probable, therefore, that the actual
volume of incoming capital from both sources is at least three
times as great as that recorded in the statistics of assisted
migration.
The cost of immigration in post-war years has been shared in
varying proportions by the Imperial, Federal, and State Governments,
 and the actual cost per annum is somewhat difficult to
trace in budget statements. The total cost of assisted immigra-Tape

 L

Capital Movements Connected with M igration!
{In Millions Sterling)

Year.

1920
1921 |
922
923 |
1924
1925
1926
1927
19928

Net
migration.
000

15-1
16-7
38:0
37-6
43-8
37-4
42-2
48-9
27:2

Assisted
passages.
000

91
14-7
24-3
26-6
250
24-8
31-3
30-1
96.7

Declared
capital.
£m.

*0-095
*0-191
0-254
0-320
0-384
0-483
0-334
0-287
0-209

Total
estimated
capital.
£m.

*0-190
*0.382
0-762
0-960
1-162
1-449
1-002
0-861
0-627

Cost of
nssistance.

£m.

*¥0-084
*0-140
0-224
0-252
0-224
0-224
0-280
0-280
0-300

Balance
nel capital
imported.
£m.

*0-106
*0-242
0-538
0-708
0-928
1-225
0-722
0-681
0-327

* Wetimated.

tion schemes since 1921 has, however, been computed by the
Development and Migration Commission ; and these published
statistics have been accepted as accurate for the purposes of
this investigation. This total cost has been apportioned for
sach year on the basis of the number of assisted passages
involved.
The difference between the amount of capital introduced by
immigrants, and the total payments made to shipping companies
and immigration agents abroad in respect to those passages,
enables an estimate to be made of the net movement of capital
connected with immigration. No other non-commercial item
! The amounts transferred through official channels by migrants, in thousands,
are: 1022, £253-7; 1923, £320-1; 1024, £383.7; 1925, £4828; 1926, £3340; 1927
£986-8: 1928, £200-1.