Statistics of Australian Public Debt and Capital Raised in London, 1842-1914

UKDA study number:5435

Principal Investigator

Attard, B.
University of Leicester. School of Historical Studies

Sponsor

Economic and Social Research Council

Distributed by

UK Data Archive, University of Essex, Colchester.

November 2006

Bibliographic Citation

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Attard, B., Statistics of Australian Public Debt and Capital Raised in London, 1842-1914 [computer file]. Colchester, Essex: UK Data Archive [distributor], November 2006. SN: 5435, http://dx.doi.org/10.5255/UKDA-SN-5435-1.

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Copyright:
B. Attard, University of Leicester

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5435 . Statistics of Australian Public Debt and Capital Raised in London, 1842-1914

Depositor:

Attard, B. , University of Leicester. School of Historical Studies

Principal Investigator:

Attard, B. , University of Leicester. School of Historical Studies

Sponsor:

Economic and Social Research Council
Grant Number: R000223775

Abstract:

This is one dataset arising from a project whose main aims are:
1. To contribute to knowledge by engaging in a study of the relationship between Australia, New Zealand and international capital markets 1850-1950 which would focus on three key themes:
i. The history of Australia and New Zealand as borrowers and debtors.
ii. The rise and consolidation of the British 'colonial' market in the London capital market from the mid-nineteenth century to the late 1920s.
iii. The interaction between the market disciplines to which all borrowers were subject, and the opportunities and constraints created by membership of the British Empire.
The study would also evaluate recent arguments (Cain and Hopkins, 1993) about the role of the City of London in the dynamics of British imperial expansion and control with respect to two British settler societies, Australia and New Zealand.
2. To extend and revise the statistics of Australasian public debt in the period 1850-1950.
3. To create a database of Australasian overseas public loans during that period.

The projects specific objectives were to complete three stages of research:
1. The consultation of archival and printed official sources in the United Kingdom and Australia relating to Australasian borrowing activity and relations with overseas creditors during nineteenth century. These either had not been available to, or were not consulted by, earlier historians.
2. The collection of quantitative data for revised statistics of Australian and New Zealand public debt between 1850 and 1950.
3. The collection of data for a database of Australasian overseas public loans during that period.

Main Topics:

This dataset publishes new statistics of Australian colonial and state debt, and of capital raised by all Australian public borrowers (including corporation) in London, until 1914. Current historical statistics do not distinguish between stocks of debt held locally or abroad. Moreover, the time series of new capital subscribed or received in London prepared by Butlin, Simon, Hall, and others often aggregate all colonial public borrowing, have different terminal dates, and are inconsistent with each other. The new statistics remedy these deficiencies. Three types of table are presented. The first disaggregates, and where necessary corrects, the official annual statistics of stocks of outstanding debt of each Australian colony, distinguishing between the place of original sale, long and short-term securities, and gross new issues (i.e. the nominal value of all securities sold) and repayments. The second shows the stocks of long and short term debt held in Australia and the United Kingdom. These are taken principally from Statistical Registers, and include debt (e.g. stock issued by Savings Banks) omitted from the official statistics in the early years. The final type of table summarises the principal annual flows in London of capital created (including as a result of conversions and exchanges), subscribed, received, and amortized for each colonial government and for public corporations as a single group. It excludes flows arising from remittance of securities originally sold in the colonies, but includes transfers from London to colonial registers and purchases from sinking funds where they are known. The data is presented in 18 spreadsheets and are of seven separate borrowers: New South Wales (3 spreadsheets), Victoria (3), Queensland (3), South Australia (3), Tasmania (2), Western Australia (2), and public corporations (1).

Please note: this study does not include information on named individuals and would therefore not be useful for personal family history research.

Coverage:

Time Period Covered: 1842 - 1914
Dates of Fieldwork: October 2005 - April 2006
Dates computer files created
Country: Australia; England
Geography: City of London; New South Wales; Queensland; South Australia; Tasmania; Victoria; Western Australia
Spatial Units: No information recorded
Observation Units: Institutions/organisations
Kind of Data: Numeric data

Universe Sampled:

Location of Units of Observation: National
Population: Statistics of Australian colonial and state debt

Methodology:

Time Dimensions: Cross-sectional (one-time) study
Sampling Procedures: No sampling (total universe)
Method of Data Collection: Transcription of existing materials
Data Sources: Account sales of debentures, inscribed stock and treasury bills, RSI252, Queensland State Archives.
Attard, B., Database of Australasian Government Loans Offered by Public Sale in London, 1857-1914 [computer file]. Colchester, Essex: UK Data Archive [distributor], October 2005. SN: 5222.
Crown Agents, 'Western Australia; 4% stock 1934 etc.', The National Archives, CAOG 9/21,.
Finance Memoranda, 1876-1920. CGS 34, 5/2731-32, State Records of New South Wales.
Investors Monthly Manual, 1864-1914.
New South Wales, Abstracts of Receipts and Appropriations (and subsequent changes), Votes and Proceedings of the Legislative Council with the various Documents connected therewith, 1843-1855.
New South Wales, Abstracts of Receipts and Disbursements (Public Accounts from 1857), Votes and Proceedings of the Legislative Assembly with the various Documents connected therewith, 1856/57-1900.
New South Wales, Statistical Register, 1892-1913.
Queensland, Report of the Auditor-General (and subsequent changes), Votes and Proceedings of the Legislative Assembly with the various Documents connected therewith, 1870-1915/16.
Queensland, Statistical Register (and subsequent changes), 1864-1914.
South Australia, 'Appendices Relating to the Treasurers Financial Speech, 1914', Proceedings of the Parliament with copies of the Documents ordered to be Printed, 1914, no. 18.
South Australia, Sale and Proceeds of South Australian Bonds, Proceedings of the Parliament with copies of the Documents ordered to be Printed, 1860, no. 79.
South Australia, South Australian Bonds Sold, Proceedings of the Parliament with copies of the Documents ordered to be Printed, 1870-71, no. 173.
South Australia, South Australian Revenue Securities, Proceedings of the Parliament with copies of the Documents ordered to be Printed, 1872, no. 122 and 1875, no. 113.
South Australia, Report of the Auditor-General/Commissioner of Audit, Proceedings of the Parliament with copies of the Documents ordered to be Printed, 1870-1914.
South Australia, Statistical Register (Statistics of South Australia before 1869), 1859-1914.
Stock Exchange year book, London, 1875, 1879, 1890, 1900, 1914
Tasmania, Finance Papers, Journals of the House of Assembly (with Appendices), 1896-1903.
Tasmania, Loans of the Government, Journals of the House of Assembly (with Appendices), 1875-95.
Tasmania, Return of Debentures and Treasury Bills sold in the Colony, Journals of the House of Assembly (with Appendices), 1889-94.
Tasmania, Statistics, 1866-1914
The Times, 1859-1914
Victoria, Statistics of the Colony/Statistical Register, 1855-1914.
Victoria, Treasurers Finance Statement, Votes and Proceedings of the Legislative Assembly with the various documents ordered to be printed, 1877/78-1915.
Vouchers to Receipts, CGS 375, 2/1964-1965, State Records of New South Wales.
Western Australia, Public Accounts, Votes and Proceedings of the Legislative Council with Papers presented to the Council, 1881-1888.
Western Australia, Public Accounts, Votes and Proceedings of the Parliament with Papers presented to both Houses, 1889-1913/14.
Western Australia, Report by the Auditor-General, Votes and Proceedings of the Legislative Council with Papers presented to the Council, 1881-1885.
Western Australia, Statistical Register, 1905.
Western Australia, Yearbook, 1902-04.

Weighting: No weighting used

Language(s) of Written Materials:

Study Description: English
Study Documentation: English

Access:

Access Conditions: The depositor has specified that registration is required. Available to all registered users. The depositor may be informed about usage.
Availability: History Data Service, UK Data Archive
Contact: Help desk: hds@essex.ac.uk

Date of First Release:

1 November 2006

Copyright:

B. Attard, University of Leicester

File last updated:

31 October 2011