The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1896-06-12
BANKING In NORWAY.
It Is Conducted in a Safe and
Unique Manner
Deposition Are Charged for Leaving
Their Money in the Rank Some
OF the Queer Rules of the
Institution.

Probably the most independent amu
aristocratie bank in the world Is the
Norges. or National bank oENorNay. n
seems TO be- wholly Indifferent to doing
business of any kind. and what II does
do il insists upon doing in its deliberate
way.
Socially. the bank is of considerable
Importance. The directors meet tyNiC,.
Z. week, and these friendly gatherings
are said to be most enjoyable affairs
Loans and discounts form the chief sub
jects of conversation No loan or dIS
count can be made without the appro-al
of three of the directors. Suppose the
directors are to hold n meeting Ola
Wednesday and you want to borrow lss
Arone on Monday You apply TO the
Norges bank. and are told that he mat
Ser will be taken under consideration At
the directors meeting on Nednesdar.
and you may look for an answer to your
application by Thursday. 1t does not
matter in the least that you want the
100 krone Monday. and not Thursday;
you simply have to wait. After all
there is not so much absurdity or in
convenience to the borrower in this ar
rangement as seems at first glance.
I1t WHO IfdN hdnI Il lOAll OIAA alAAAfl-
pates his reeds and prepares for it u feN:
days in advance. instead of waiting un-
til the hour before he wants IL. And tho
bank is always able to make sure that
its loans are safe ones
The origin of this institution was as
peculiar as its management is unusual
Soon afte- the nominal union of Norway
and Sweden, in 1914, the latter country
began to feel the need of greater money
facilities to meet the demands Of the
rapidly-increasing commerce. The SIT
uation was not unlike that in the Unite.l
States at the formation of the first
United States bank.
The problem of securing the necessary
capital for a great national institution
was a very simple one for the Ncrwcgii.I,
government. 1t raised stock holders for
the bank just as IL raised soldiers for its
armies. Every well-to-do citizen was
compelled to take so much stock He
was always at liberty to take more If hr
chose. but always in amounts divisible
by five Bookkeeping was made easy OF,
new principle. in accordance with
which sums ending in other figures
than five and zero were to be excluded
from the books.
This national bank is also n national
Pawnshop. 1t is authorized by law to
lend money on any non-perishahle
goods. provided they can be deposited
in the bank and kept under lock and
key For his service it charges rather
less than the usual pawnbroker's inter
est, which may, perhaps. account fo-
the rarity cf private pawnshopS in Nor
way. In the regular loan department
the curious rule is enforced that loans
may not be made for less than one
month nor for more than six. and
only for sums of at least 400 krone
(S12O).
American bank managers would look
askance - the rule which subjects All
deposits to a charge of one-tenth per
cent for taking them in Vengeance *
also taken with a liberal hand on the
unlucky wight who happens to over
draw his account. He is fined one per
cent of the excess amount which fine *
Immediately charged against him. ana
payment of the draft is totally refused.
II 10y accident or for any reason an oGi
et=i honors such an overdraft. he is per
sonally responsible. The Norses ban.
unguestionable does a safe business
Detroit Free Press.