Skip to main content
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 1
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Black, Susan Kirkwood, Joshua Williams, Thomas and Rai, Alan 2013. A History of Australian Corporate Bonds. Australian Economic History Review, Vol. 53, Issue. 3, p. 292.


Financing Growth: New Issues by Australian Firms, 1920–1939

  • David T. Merrett (a1) and Simon Ville (a2)
  • DOI:
  • Published online: 01 April 2011

An expanding economy, new technologies, and changing consumer preferences provided growth opportunities for firms in interwar Australia. This period saw an increase in the number of large-scale firms in mining, manufacturing, and a wide range of service industries. Firms unable to rely solely on retained earnings to fund expansion turned to the domestic stock exchanges. A new data set of capital raisings constructed from reports of prospectuses published in the financial press forms the basis for the conclusion that many firms used substantial injections of equity finance to augment internally generated sources of funds. That they were able to do so indicates a strong increase in the capacity of local stock exchanges and a greater willingness of individuals to hold part of their wealthin transferable securities.

Linked references
Hide All

This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

F. U. McGee , “Australasian Business Finance,” Economic Record 3 (1927)

Noel G. Butlin , Investment in Australian Economic Development, 1861–1900 (Cambridge, U.K., 1964).

Ranald Michie , The Global Securities Market (Oxford, 2006),

Leslie Hannah , “Pioneering Modern Corporate Governance: A View from London, 1900,” Enterprise and Society 8 (2007): 642–86

Mary A. O'Sullivan , “Funding New Industries: A Historical Perspective on the Financing Role of the U.S. Stock Market in the Twentieth Century,” in Financing Innovation in the United States, 1870 to the Present, ed. Naomi R. Lamoreaux and Kenneth L. Sokoloff (Cambridge, Mass., 2007), 163216.

Mary A. O'Sullivan , “Living with the U.S. Financial System: The Experiences of General Electric and Westinghouse Electric in the Last Century,” Business History Review 80 (Winter 2006): 621–55

Grant Fleming , David T. Merrett and Simon Ville , The Big End of Town: Big Business and the Rise of Corporate Leadership in Twentieth-Century Australia (Cambridge, U.K., 2004).

Mira Wilkins , “The Free-Standing Company, 1870–1914: An Important Type of British Direct Foreign Investment,” Economic History Review, 2nd ser., 41 (1988): 259–82.

Don Lamberton , “Some Statistics of Security Prices and Yields in the Sydney Market, 1875–1955,” Economic Record 34 (1958), table 3, 259.

Simon Ville and David T. Merrett , “A Time Series for Business Profitability in Twentieth-Century Australia,” Australian Economic Review 39, no. 3 (2006): 330–39.

Jonathan B. Baskin and Paul J. Miranti Jr., A History of Corporate Finance (Cambridge, U.K., 1997), ch. 5.

Naomi R. Lamoreaux , Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England (Cambridge, U.K., 1994).

Ian McLean , “Australian Economic Growth in Historical Perspective,” Economic Record 80, no. 250 (2004): table 1a

David T. Merrett , “Capital Markets and Capital Formation in Australia, 1890–1945,” Australian Economic History Review 37, no. 3 (1997): 181201

“The Unsatisfied Fringe in Britain, 1930s–80s,” Business History 38, no. 3 (1996): 1126

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

Business History Review
  • ISSN: 0007-6805
  • EISSN: 2044-768X
  • URL: /core/journals/business-history-review
Please enter your name
Please enter a valid email address
Who would you like to send this to? *