The international trade balance in theory and practice . introduction of capital incident to asudden and large increase in the number of immi-grants. It will be recalled that in the study of theCanadian balance of trade the capital carried intothe country by immigrants formed an importantinvisible item. Likewise in the case of Australiathe ebb and flow of the immigration tides cannotfail to exercise a more or less important influence. In attempting to construct a balance sheet of theinternational debits and credits of the Common-wealth, attention will be directed first to the mer-chandise or v
The international trade balance in theory and practice . introduction of capital incident to asudden and large increase in the number of immi-grants. It will be recalled that in the study of theCanadian balance of trade the capital carried intothe country by immigrants formed an importantinvisible item. Likewise in the case of Australiathe ebb and flow of the immigration tides cannotfail to exercise a more or less important influence. In attempting to construct a balance sheet of theinternational debits and credits of the Common-wealth, attention will be directed first to the mer-chandise or visible exports and imports. Theseare tabulated in the statement, on page 193, for thethree years 1911-13. For the three years under consideration, there-fore, the excess of exports had an average annualvalue of £4,000,000, It is natural to expect to finda rouglily cori-csponding excess of invisible debits. Prominent among the invisible items are the AUSTRALIA, NEW ZEALAND, SOUTH AFRICA 193 Oversea Trade of Australia^(Merchandise, bullion, and specie). importation into Australia of foreign capital andthe payment of interest and dividends to the own-ers of such capital. In the statement below hereis presented the total of the public debts of thevarious Australian Governments payable m Lon-don, during a period of years. Public Indebtedness of AustraliaPayable in London^ Year ended June SO PtiUic Debt of the Commonwealth Government £1,000 3,8153,8153,6463,510 Combined Debts of the Several State Governments £1,000 189,067 192,190 204,395 224,061 •Summary of Australian Financial Statistics. 1906-15, pp. 15, 21. It is at once necessary to take account of the factthat whereas the trade figures for exports and im-ports were recorded for calendar years, prior to1914 the financial statistics, such as those above,are ^ven for fiscal years, ending June 30th. As a 194 INTERNATIONAL TRADE BALANCE consequence, allowance must be made for this con-dition. The estimate of public inde
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Keywords: ., bookcentury1900, bookdecade1920, booksubjectbalance, bookyear1922
