FINANCIAL 
399 
FINANCIAL NOTES 
Sweden's Finance Report for 1921 
The general report for the governmental de¬ 
partments of Sweden for 1921 shows that after 
covering all expenses of the Post Office, Telegraph 
Service, State Railways, Waterpower Bureau and 
Public Domains there remains a surplus of nearly 
36,000,000 kronor. 
Bond Values Continue to Rise in the U. S. 
According to the Mid-Month Review, issued by 
the Irving National Bank, the bond index of 
values and yields of forty representative bonds 
for April was $73.69 against $71.85 for March. 
Norwegian Krone Still Moving Upward 
The most recent report of Norges Bank shows 
an easy money market with the krone moving 
gradually upward in the internal market as well 
as abroad. Large quantities of Norwegian bonds 
have been purchased for the purpose of financing 
the Norwegian export trade with America. 
Danish Floating Debt Stated 
While the total Danish Government debt 
amounts to about 1,400,000,000 kroner, the float¬ 
ing debt, according to recent calculations, stands 
at 565,000,000 kroner. The value of Danish Credit 
Association bonds and shares in Danish trading 
concerns is estimated at about 125,000,000 kroner. 
Robinson Crusoe and Foreign Exchange 
In a recent work, “The Golden Horde,” A. O. 
Corbin, of F. J. Lisman & Company shows in a 
unique manner how the problem that Robinson 
Crusoe and his islanders had on their hands ap¬ 
plies with quite similar force to present-day con¬ 
ditions in the world of finance. Mr. Corbin pre¬ 
sents an interesting picture of how the islanders 
came to adopt money; how the war with the can¬ 
nibals resulted in currency inflation, why they 
had to go back to a poorer gold basis, and how 
they did it. The book, which is published by 
D. S. Colyer, of Newark, N. J. is in twelve chap¬ 
ters each of which is replete with fascinating de¬ 
tails. A reading of this book will bring home 
just what were the factors that caused the dis¬ 
location of the world’s exchanges and what is 
the remedy. 
Centrai.banken of Norway Increases Capital 
With the recent increase of 50,000,000 kroner in 
its capitalization, Centralbanken of Norway has 
a total capital and reserve fund amounting to 
119,000,000 kroner. Centralbanken is especially 
concerned with furthering industry, and the lead¬ 
ing Norwegian banks, headed by Norges Bank,, are 
prominent in the capital increase which has met 
with considerable satisfaction in all business 
circles. 
Foreign Investments in Russia 
With compensation for private property for¬ 
merly owned by foreign investors in Russia the 
bone of contention at the Genoa Conference, there 
is timely interest in what the New York Trust 
Company’s index has to state on the subject. 
France, as is well known, is the heaviest loser, with 
Great Britain and Belgium the next in succession 
as creditors in the matter of private investments. 
The nearest estimate of American losses is be¬ 
tween $700,000,000 and $1,000,000,000. 
Readoption of Gold Standard Advocated 
The Financial Committee appointed by the 
Swedish Government has recommended that a re¬ 
adoption of the gold standard would be necessary 
to a solution of the present crisis. The readop¬ 
tion would imply payment of gold in exchange for 
notes by the Riksbank and free export of gold. 
Brown Brothers & Co. Buy Norwegian Bonds 
Brown Brothers & Company, in conjunction 
with Barnhard, Scholle & Co. have purchased and 
resold to investors a block of 5,000,000 kroner, 
Kingdom of Norway, fifty-year six per cent na¬ 
tional loan bonds of 1920, due June 1, 1970. At 
the present rate of exchange the current yield on 
the investment is approximately 5 per cent. The 
bonds are not redeemable prior to June 1, 1930. 
Oldest Danish Financial Institution 
The Loan Bank for House Owners, the oldest 
financial institution of its kind in Denmark, re¬ 
cently celebrated its 125th anniversary. The con¬ 
cern owed its start to a conflagration that laid 
more than one-fourth of the buildings of Copen¬ 
hagen in ashes. It has passed safely every finan¬ 
cial crisis in Denmark and even the Danish State 
difficulties of 1813. Not until the middle of the 
last century did competition arrive, foremost of 
which was the Loan Society of Land Owners in 
the Danish Island Dioceses. 
Foreign Loans and Expenditures 
The National City Bank’s Bulletin for May 
takes exception to the demands of what it terms 
“one of the most influential organizations for the 
promotion of foreign trade” that foreign loans in 
the United States should be accompanied by an 
agreement that the proceeds will be expended in 
this country. Such a regulation, comments the 
Bulletin, would be wholly unnecessary to secure 
the purpose in view, as present exchange rates 
virtually give assurance that any credits created 
in this country will be expended here. It is fur¬ 
ther stated that more is to be gained by allowing 
the parties immediately concerned in such transac¬ 
tions to pursue their own interests than by inter¬ 
fering with them. 
Report of Burmeister & Wain for 1921 
Net earnings of Burmeister & Wain for 1921 
amount to 7,500,000 kroner of which stockholders 
get 12 per cent in dividend. One million kroner 
are set aside for the pension fund, and 250,000 
kroner to the Workers’ Aid fund. Taxes amount 
to 1,500,000 kroner. Although present conditions 
may not warrant expansion in the matter of build¬ 
ing, the company nevertheless believes it advisable 
to be prepared and therefore has set aside 2,000,000 
kroner for new construction purposes. 
Finland's Budget and Public Debt 
The Finnish budget for 1922, with the combined 
original and supplementary budgets for 1921, the 
latter corresponding very closely with the actual 
expenditures of that year, is placed at 2,176,659,000 
Finnish marks. The internal debt of Finland at 
the end of 1921 was 1,242,200,000 marks, equal to 
about $24,850,000; the foreign debt, $70,450,000. 
