SWEDISH ARMY AND NAVY— FINANCE. 167 



nothing beyond a trifling sum to the National Bank ; but since then she has 

 raised several loans, amounting altogether to about £11,800,000, bearing an annual 

 interest of something over £575,000, and all guaranteed by State property. The 

 network of railways alone represented, in 1876, a capital of £9,440,000, besides 

 advances of £3,480,000 made to private companies. The State, moreover, owns 

 some £4,000,000 variously invested, lands let out at good leases, and vast tracts 

 under timber, comprising in 1878 a total area of forest and unreclaimed lands of 

 13,063,000 acres, nominally valued at £1,800,000, yielding a revenue, in 1876, of 

 £27,200, and yearly increasing by fresh purchases. The total valuation of the 

 financial situation shows a sum of £8,054,000 to the good. 



The communal finances are not quite so floiirishing, but although several com- 

 munes are in debt, the amounts are more than covered by their assets. The 

 assessed value of landed estates is given at £101,096,000, which is under their 

 real value, and to this sum must be added £35,000,000 for other real property. 

 Insurances have been effected in exclusively Swedish companies to the extent 

 altogether of over £100,000,000. 



Sweden has no colonies, the island of St. Bartholomew, in the AVest Indies, 

 ceded to her in 1784, having been sold to France in 1878. 



The state is divided into twenty-four provinces {/uii).* 



* Fur population of provinces and principal towns see Api endix. 



