The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1897-09-25
NAT,or,AL CREDIT.
The Estin,atc In Which the Securities {
Various Nations Arc Held.

Various Nations Arc Held.
Among the nations Of the worll
which are in the market as borrow.
.ers Of money upon bonds England
stands first, paying an aver: Sc ct
about 2 l-2 per cent On it's tu1de'l
securities. The reason for this high
credit is twofold: There is a larger
amount of idle ard uninvested mon.
oy in England than in any other
country Of the world, and addition
al security for the debt of Great
Britain is furnished in the enormous
colonial possessions and commercial
rights acquired by the British
crown. The prevailing rate OF, inter
est on all loans is less in England
than elsewhere, and the effects of
this plethora of money r shown
in the low rate of interest at which
the English government is able to
borrow money. The total debt of
Great Britain is about IS, 800, co.,
600, or at the rate of about $88 per
capita in the three Kingdoms of
England. Ireland and Scotland.
Second ON the list of countries in
respect to the how rate of interest ut
which government loans are made
Is the United States, which, with
an outstanding interest bearing debt
of about $500, 600, COO, pays the equiv
.alent of about 2 "a per cent. The
debt per capita Of the United States
is about SIS. an amount materially
smaller than the average of tho
debt of Great Britain, but represent
ing only the federal obligations,
the several states, counties and mu-
inequalities having debts of their
own to much larger amount collect
lively than the federal debt.
The financial credit of the king
dom of Holland is very nearly as
good as that of the United States,
though the debt per capita of the
Dutch kingdom is nearly s1G0.
France follows fourth on the list, a
position due to the enormous amount
Of national debt, which is nearly
a, COO, 600, 600, at the rate of about
$3.50 per capita. Money brings in
commercial investment a higher
rate of interest in Franco than in
England, and the French loans are
y:made subject to this condition. Tho
per cent French government bonds
sell at about 1O1, which is eGuiva-
lent TO nearly 3 per cert On an in
vestment. Those of the kingdom of
Sweden and of the kingdom of Bel.
GUM are quoted nearly as high,
though the governmental deLt Of
Sweden is $13 per capita, and that
OF BELGIUM is sea. The government
obligations of the kingdom Of Nor
way, a country which has hut -
debt per capita, pay somewhat moro
than 3 per cent, and next follow, in
the estimation of investors, thegov.
ernment loans of Germany-impe-
rial loan-which pay about 3 Ia per
Cent. Each of the German states has
its own bonds, and there are German
government bonds in addition. The
Prussian bonds pay a traction more
than those issued by the German
government, and then follow in or
der those of Austria, Russia and
Hungary.
This may be said to exhaust the
list of nations which are regarded
as thoroughly solvent by disinter-
ested investors. The 6 per cent
bonds of Italy sell at So cents ON the
dollar. The Turkish 6 per cent
bonds, protected by tho lien of Gus
toms receipts, sell at IS. Mexican 8
per cent bonds sell at 90 and Span
ish 4per cent bonds at SO. The bond
ed debt of Portugal is not held in
high estimation, it's 8 per cent bonds
Icing sold for about 20 cents on the
dollar, while the 4 per cent bonds
of Greece sell no higher. China's s
per cent bonds bring par, and the
Bulgarian 6 per cents sell at 90.-.j
New York Sun.