FINANCIAL 
4(53 
FINANCIAL NOTES 
Danish Government Loan in the U. S. 
Instructed by the Danish Government to sign 
the bonds issued by Denmark in this country, 
Consul General Georg Bech recently executed this 
task in the National City Bank which took the 
latest loan amounting to $30,000,000. To date, 
Consul General Bech has put his signature to Dan¬ 
ish Government bonds amounting to $100,000,000. 
Genoa Financial Commission 
According to the Index, published by the New 
York Trust Company, the Genoa Financial Com¬ 
mission recommended the adoption by all coun¬ 
tries of a gold standard and an early fixing of the 
gold value of the monetary unit, either at the old 
gold parity or at a new one. The Commission 
also recommended new measures for the main¬ 
tenance of this value and a free exchange market 
to be established and maintained by the govern¬ 
ments concerned at the new gold exchange standard. 
Sweden’s Foreign Exchange Problem 
A bill urging the postponement of the final settle¬ 
ment of Sweden’s foreign exchange problem, re¬ 
cently introduced in the Riksdag, emphasizes that 
America’s benevolent assistance is indispensable 
for the definite restoration of Europe’s foreign 
exchange market as a whole. On the other hand, 
the bill declares, America’s assistance is dependent 
on the general political and economic conditions 
abroad. Professor Gustav Cassel, one of Europe’s 
foremost economists, and financial advisor of the 
League of Nations, urges a discussion between 
those countries whose currencies show a firm gold 
parity. 
Norges Bank Reduces Discount Rate 
The Norges Bank, on May 16, reduced its dis¬ 
count rate from 6 to 5y 2 per cent. The 6 per 
cent rate was fixed on January 25 of the present 
year, being reduced on that date from 6/ 2 per cent. 
In regulating the discount rate it was the intention 
of the management to reduce the outstanding 
bank credits, amounting to about 440,000,000 
kroner. The Norwegian Government has decreed 
that foreign holders of Norwegian shares for the 
year 1922 shall be exempted from personal taxes 
on dividends. 
Profits of the Kymmene Company, Ltd., of Fin¬ 
land 
Declared by the Finnish Central Chamber of 
Commerce, at Helsingfors, to be the largest paper 
manufacturing firm of Europe, the Kymmene Com¬ 
pany, Ltd., shows profits for 1921 amounting to 
19,800,000 marks. Of the total 9,000,000 marks 
were paid to shareholders as dividends, equal to 
15 per cent on the capital stock; 2,500,000 marks 
were transferred to reserves and 2,000,000 marks 
to dividend reserve fund. The remaining 7,300,000 
marks were left in the Profit and Loss Account. 
The company’s assets are valued at 331,000,000 
marks. 
Scandinavian Banking Society’s First Year 
Celebrating the first year of its existence, the 
Scandinavian Banking Society met recently at the 
society’s rooms, 271 Hicks Street, Brooklyn, where 
the members discussed the progress of the work. 
John Lokrantz, of the firm of Aspegren & Com¬ 
pany, spoke on “The Aids of the Modern Business 
Man.” Other speakers were Anthon Aspelund, 
Captain Melander, and Gerhard Walmand. 
Swedish-Danish-Russian Telephone Company 
For the year 1921 the Swedish-Danish-Russian 
Telephone Company reports a loss of 1,500,000 
kroner as compared with a loss of 1,370,000 kroner 
the previous year. The loss balance from 1917 
to 1922 now amounts to 5,610,000 kroner. 
Otto P. Hoff on the Norske Handelsbank 
While on a visit to this country, Otto P. Hoff, 
manager of the Norske Handelsbank, was inter¬ 
viewed by the New York Times with regard to 
Norwegian banking conditions. Speaking especial¬ 
ly of his own institution, Mr. Hoff said: “While 
the other countries of Europe were suffering from 
the ravages of war, Norway made money. The 
surplus of the bank with which I am connected 
increased from $18,000,000 to $245,000,000 in just 
six years, and while the savings deposits in the 
various banks in Norway have increased on an 
average of anywhere from 100 to 500 per cent, 
during the last six years, those in Den Norske 
Handelsbank have increased 1,500 per cent. We 
have a remarkable record in Norway, because since 
1895 there has been but one bank failure.” 
Denmark’s Financial Position During 1921 
The Danish Statistical Department reports that 
at the close of 1921 the net debt of Denmark to 
foreign countries was about 825,000,000 kroner as 
against 800,000,000 kroner at the beginning of the 
year. The figure given as net debt is the differ¬ 
ence between the gross credits, amounting to about 
575,000,000 kroner and the gross debt amounting to 
about 1,400,000,000 kroner. In arriving at the 
gross indebtedness the value of foreign held Danish 
State bonds has been estimated at about 475,- 
000,000 kroner. 
Swedish Joint-Stock Banks 
The Skandinaviska Kreditaktiebolaget, in an 
account covering the first three months of the 
present year, discusses the position of the Swedish 
joint-stock banks as strong factors in the country’s 
commercial development. At the end of 1921 there 
were 38 joint-stock banks in Sweden as against 
77 in 1913. Of these 38 banks, two are inter-local, 
namely, the Skandinaviska Kreditaktiebolaget and 
Aktiebolaget Svenska Handelsbanken; twenty-two 
are regional, that is their sphere of activity com¬ 
prises at least one province but not the whole 
country, and fourteen are local banks, confining 
their activities to only one part of a province. 
One Month’s Bond Sales 
Total transactions in bonds on the New York 
Stock Exchange from April 16 to May 15 were 
$457,000,000 compared with $424,000,000 from 
March 16 to April 15. New bonds and notes 
offered on the New York market from April 16 
to May 15 were $650,000,000 compared with $313,- 
000,000 during the preceding period. An out¬ 
standing feature of the period was the sale by 
the City of New York of $45,000,000 50-year 414 
per cent corporate stock. 
