Australia GDP: "GDP data from 1861-1900 are from N. G. Butlin (1962, T. 1," "col. 2, p. 6), market prices, calendar years, millions of" pounds. GDP data from 1900 to 1944 are from M. W. Butlin "(1977, T. IV.1, col. 11, pp. 78-79), current prices, millions" of (Australian) dollars. Data are for financial years (July 1 "to June 30), 1900/01 to 1944/45. " Capital Formation: Capital formation data for 1861-1900 are from N. G. Butlin "(1962, T. 4, p. 16), total public and private gross domestic" "capital formation, market prices, calendar years, thousands of" pounds. Capital formation data include changes in stocks. Changes in stocks data for 1861-1900 are from N. G. Butlin "(1962, T. 7, p. 22), livestock accumulation, market prices, " "calendar years, thousands of pounds. Butlin (1962, p. 21)" argues that “Livestock assets form a large part of the total "private Australian assets, and changes in livestock assets" are very large in relation to total private gross capital formation.” Butlin proposed a measure of domestic capital accumulation equal to capital formation plus changes in livestock. This procedure is used for Australian data prior to 1901 This inclusion of livestock accumulation estimates in "capital formation data is controversial, however. As Boehm (1965, p.211) argues “The alternative sequence warrants" close attention in income and growth analyses because the general effects on output and expenditure of changes in livestock are not necessarily comparable with the effects of "changes in fixed assets.” For Australia, increases in" livestock average around 1.07 percent of GDP from 1861 to "1900, and then 0.94 percent from 1900/01 to 1944/45. " "From the perspective of national accounts classification," the System of National Accounts advocates the classification of livestock accumulation into estimates of changes in stocks. " According to the UN Statistical Office (1952, p. 80), the" value of the increase in stocks should be classified in the same way as fixed capital formation in the national accounts. The System of National Accounts was adopted by many countries in our dataset and applied retrospectively to historical data. "Thus, for the purposes of this chapter, we will follow this" procedure and include livestock accumulation in estimates of changes in stocks. Capital formation data from 1900 to 1944 are from M. W. "Butlin (1977, T. IV.1, pp. 78-79), private plus public fixed" "capital formation, current prices, millions of dollars. Data" "are for financial years (July 1 to June 30), 1900/01 to 1944/45. Capital formation data include changes in stocks." Data for changes in stocks from 1900 to 1944 are from M. W. "Butlin (1977, T. IV.1, pp. 78-79), current prices, millions of" "dollars. Data are for financial years (July 1 to June 30)," 1900/01 to 1944/45. Current account: Current account data for 1861-1900 are from N. G. Butlin "(1962, T. 265, p. 444) for current account balance, in" millions of pounds. (The number in Butlin’s table is defined "as an excess of debits, so that number with its sign reversed" "is used for the current account balance -- that is, a positive" number implies surplus). Current account data for 1900-1944 "are from M. W. Butlin (1977, T. IV.17, pp. 108-109) for data" "on exports, imports, and net property income paid overseas" "(cols. 1, 2, and 4 respectively). Data are in current prices," millions of dollars. Data are for financial years (July 1 to "June 30), 1900/01 to 1944/45. The value of exports less" imports less net property income paid overseas gives the current account balance. For the current account data prior "to 1901, N. G. Butlin excluded net exports of gold and" "included gold production, “treating gold production as the" proper current account credit of a gold producing country” "(Butlin 1962, p. 435). M. Butlin also followed this procedure" for data from 1900/01 to 1944/45. To arrive at figures for the "current account excluding all gold flows, we subtracted gold" production from the Butlin current account figures. Gold: Data on the gross value of gold production from 1861 to 1900 "are from N. G. Butlin (1962, T. 55, p. 115). Data on gold" "production from 1900 to 1945 are from McLean (1968), pp." "83-86, row 2, gold production, millions of pounds. Data from" "1901 to 1913 are for calendar years, data from 1914 are for" financial years (July to June). Data on net exports of gold coin and bullion from 1861 to 1900 are from N. G. Butlin "(1962), data on current account credits for gold and specie" "exports from T. 247, pp. 410-411, line 12, and gold and" "specie imports are from T. 248, pp. 413-414, line 11. Data on" net exports of gold coin and bullion from 1901 to 1945 are "from the Commonwealth Yearbook (various years), exports of" gold bullion and specie less imports of gold bullion and specie. The Yearbook data from 1901 to 1913 are for calendar "years, data from 1914 are for financial years. Data from 1901" to 1914 are converted to financial years by averaging with the data from the previous year. The monetary gold stock "includes coin and bullion held by the Treasury, mints, banks," "and the public. According the the Statistical Register of New South Wales, 1876, p. 255 and 1890, p. 255, data on gold" coin and bullion held by the New South Wales Treasury and mint for 1867-1876 and 1881-1890 suggest that mint holdings of coin are negligible (maximum value of £804). Bullion held at the "mint reaches a maximum of £136,904 in 1874. Treasury holdings" of bullion and coin are listed as being negligible. Data on bullion in the hands of the public (outside of banks) are not available. The bullion component of the monetary gold stock held by the public and official agencies is therefore ignored in these calculations. "For data on the monetary gold stock of Australia, the" "flows of gold reported by the three mints (Sydney, Melbourne," and Perth) can be added to provide an estimate of changes in "the total coin stock of the country. For New South Wales," data on gold coin in banks of issue and private hands from "1855 to 1890 are taken from the Colony of New South Wales," "Statistical Register (1890, p. 234). Data for 1891 to 1899 are" "taken from United Kingdom, Annual Report of the Deputy Master" "of the Mint, various issues. Data for 1900 and 1901 are" estimated by adding gold coin issued by the mint less gold "coin withdrawn, plus coin imported less coin exported by the" "colony of New South Wales, using data from the Annual Report" "of the Deputy Master of the Mint (1901, p. 138). " "For Victoria, there is little data available on the stock" "of gold coin in banks and private hands. However, the Annual" "Report of the Deputy Master of the Mint (1893, p. 123; 1899," "p. 123; 1901, p. 138) gives data on gold coin flows for the" colony of Victoria from the opening of the Melbourne mint in 1872. The sum of the data on gold coin issued less coin "withdrawn, plus gold coin imported less coin exported from the" colony of Victoria gives the change in gold coin in the colony. "For Western Australia, the Annual Report of the Deputy" "Master of the Mint (1901, p. 138) gives data on gold coin" flows for the colony of Western Australia from the opening of the Perth mint in 1899. The sum of the data on gold coin "issued less coin withdrawn, plus gold coin imported less coin" exported from the colony gives the change in gold coin in Western Australia. Data on the stock of gold bullion held by the banks is "taken from S. J. Butlin et al. (1971), Australian Banking and" "Monetary Statistics 1817-1945, T. 1, p. 113, average of weekly" "figures for December quarter until 1900, then average of" weekly figures for June quarter. The data are for total "bullion, but according to the notes on p. 77, bank bullion" holdings are mainly gold bullion. "For the years 1861-1900, changes in the monetary gold" stock for Australia are then estimated as the sum of changes in the stock of gold coin in banks of issue and private hands "in New South Wales, plus the sum of changes in the gold coin" "stock in the colonies of Victoria and Western Australia, plus" the change in bullion held by Australian Trading Banks. Data from 1861 to 1900 are for calendar years. Data on the monetary gold stock for 1901 to 1944 are taken from Australian "Banking and Monetary Statistics 1817-1945, T. 42, pp. " "453-457, total gold coin held by banks and the public, and" "bullion held by Australian Trading banks, T. 1, pp.115, end" of financial year (June quarter averages). An estimate of the gold stock for the financial year 1899 was calculated as the average of the gold stock in 1899 and 1900. The estimated gold stock at the end of 1899 and 1900 was calculated by taking the cumulative sum of net additions to coin in the colonies of Victoria and Western Australia from 1872 to 1899 and 1900 (ie "the sum of gold coin issued less coin withdrawn, plus gold" "coin imported less coin exported), plus the stock of gold coin" in banks of issue and private hands in New South Wales in 1899 "and 1900, plus the gold bullion holdings of Australian Trading" Banks. Data on changes in the monetary gold stock from 1900/1901 onwards are calculated as the first difference of the sum of coin stock held by banks and the public plus "bullion held by trading banks, listed in Australian Banking" and Monetary Statistics 1817-1945. The main drawback with estimating the monetary gold stock using this method is that it tends to overstate the actual "gold stock. As S. J. Butlin et al. (1971, p.92) caution:" “Because of inadequacies in the gold production figures and the freedom until 1914 with which coins in circulation in Australia were imported and exported and the probable statistical significance thereafter of unrecorded imports and "exports of coins, it is not possible to produce satisfactory" "estimates of coinage in use in the nineteenth century, or to" "be more exact, it would not be possible to do so without" conducting much more detailed research.” Another relevant comment on the accuracy of the statistics is made in the "Annual Report of the Deputy Master of the Mint, 1902, p. 138:" “The above return shows that only 13.73 percent of the gold "coined at the Melbourne, Sydney, and Perth Mints during the" last 29 years has been retained in the States coining it. The "amount actually retained is probably much less than this, for" considerable quantities are taken away by passengers for "Europe which do not appear in the Customs House Returns, and" which probably are not counterbalanced by sums brought in by incoming passengers....” Since reliable data are not "available on funds taken overseas and inbound by passengers," there is little that can be done to the estimated figures for the monetary gold stock to adjust for this source of error. Refs: "Butlin, M. W. (1977), ""A Preliminary Annual Database 1900/01 to 1973/74""," "Research Discussion Paper 7701, May 1977, Reserve Bank of Australia, Sydney." "Butlin, N. G. (1962), Australian Domestic Product," "Investment and Foreign Borrowing 1861-1938/39, Cambridge University Press." "Butlin, S. J.; Hall, A. R.; and White, R. C. (1971)," "Australian Banking and Monetary Statistics 1817-1945," "Reserve Bank of Australia Occasional Paper No. 4A, Sydney." "Colony of New South Wales [Australia], Statistical Register, various years, " "compiled from official returns in the Registar General's Office, " "presented to both Houses of Parliament, by Command, Government Printer, Sydney." "Colony of Victoria [Australia] (1898), Statistical Register, " compiled from official records in the Department of Trade and Customs "and Office of the Government Statist, presented to both Houses of Parliament by " "His Excellency's Command, Government Printer, Melbourne." "Commonwealth Bureau of Census and Statistics [Australia], Official Yearbook " "of the Commonwealth of Australia, various issues, Commonwealth Government Printer, Canberra." "Deputy Master of the Mint, Annual Report, various years, " "presented to both Houses of Parliament by Command of Her Majesty, " " Her Majesty's Stationery Office, London." "McLean, I. W. (1968), ""The Australian Balance of Payments on Current" "Account 1901 to 1964-65"", Australian Economic Papers, vol. 7, no. 10," "June, pp. 77-90."