By John H. Adler (eds.)
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If, as a result of current co-operative efforts by OECD, the IMF and the IBRD, it should become possible to reconcile the various sets of figures and minimize the discrepancies, it would help policy formulation in this most difficult but crucial field of development finance. Statistical refinement and reconciliation can only proceed on the basis of conceptual clarity. It is, therefore, most appropriate that the international institutions engaged in this work seek the advice of individual scholars and research institutions.
J This was the starting-point of my Migration and Economic Growth: A Study of Great Britain and the Atlantic Economy (Cambridge University Press, 1954). 18 Thomas- International Capital Movements to 1913 between the long swings in capital formation in the United Kingdom and in countries of new settlement overseas. A wave of home construction in the United Kingdom drew the rural surplus into urban employment at home ; a wave of foreign investment drew the rural surplus into urban employment abroad.
162. 12 Thomas- International Capital Movements to 1913 TABLE 3 BRITISH OVERSEA INVESTMENTS IN PUBLICLY-ISSUED SECURITIES, DECEMBER 1913, BY COUNTRY £Mn. Canada and Newfoundland Australia and New Zealand South Africa West Africa India and Ceylon Straits Settlements British North Borneo Hong Kong Other British Colonies British Empire United States Argentina Brazil Mexico Chile Uruguay Peru Cuba Other Latin American States Latin America Russia Spain Italy Portugal France Germany Austria Denmark Balkan States Rest of Europe Europe Egypt Turkey China Japan Other countries % All foreign countries 514·9 416·4 370·2 37·3 378·8 27·3 5·8 3·1 26·2 1,780·0 754·6 319·6 148·0 99·0 61·0 36·1 34·2 33·2 25·5 756·6 110·0 19·0 12·5 8·1 8·0 6·4 8·0 11·0 17·0 18·6 218·6 44·9 24·0 43·9 62·8 77·9 1,983·3 13·7 11-1 9·8 1·0 10·0 0·7 0·2 0·1 0·7 47·3 20·0 8·5 3·9 2·6 1·6 1·0 0·9 0·9 0·7 20·1 2·9 0·5 0·3 0·2 0·2 0·2 0·2 0·3 0·5 0·5 5·8 1·2 0·6 1·2 1·7 2·1 52·7 GRAND TOTAL 3,763·3 100·0 Source: Feis, op.