The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-03-21
NATIONAL CREDIT.
Tho Katimate In which the Securities or Va
rious Nations Arc Held.

The Eatimate In which the Securities or Va
rf0us Nations Arc Held.
Among the nations of the world which are in
tho market as borrowers OF money upon bonds,
England stands first, paying an average of about
GIG per cent. on it's funded securities. Tho
reason for this high credit Is two-fold: There Is
a larger amount Of idle and uninvested money
I'm England than in any other country of the
world. and additional security for tho debt of
Great Britain Is furnished in tho enormous
colonial possessions and commercial rights &C
quired by the British crown. The prevailing
rate of interest on all loans Is less in England
than elsewhere, and the effects OF this plethora
Of money are shown In the low rate Of interest
at which the English Government is able to bor-
row money. The total debt of Great Britain Is
about %, 800. 900, 900, or at tho rate of about
SSS per capita In tho three kingdoms OF England,
Ireland, and Scotland.
Second on the list of countries In respect to
the low ratio OF interest at which government
loans are made are the United States. which,
with an outstanding ntercst-bearing debt Of
2a per cent, The debt por capita OF the United
States Is about $15, an amount materially
f%HiiHr thu than ro the svsrasS on Of The he d FsSs Of G asitt
cations, the several States, counties. and mu-
inequalities having debts OF their own to much
The financial credit of the kingdom OF Holland
is very nearly as good as that of the United
States, though the debt per capita OF the Dutch
kingdom In nearly 800. France follows fourth
on the list, a position due TO tho enormous
amount OF national debt. which ia nearly ", 500.
600, 900, at the rate OF about Rl20 per capita.
Money brings In commercial investment n higher
rate OF interest In France than In England. and
the French loans are made subject to this condl-
ton. The 3 per cent. French Government bonds
sell at about 10l, which is equivalent TO nearly
$ per cent. on an investment. Those of the
kingdom of Sweden and OF the kingdom of Bel
GUM are quoted nearly as high, though the
governmental debt OF Sweden Is $l3 per capita.
and that of Belgium Ia $83. The Government
obligations OF the kingdom OF Norway, u country
which has but " debt per capita, pay somewhat
more than 3 per cent, and next follow, In the
estimation of Investors, tho Government loans
al per cent. Each OF the German States has It's
own bonds, and there are German Government
bonds in addition. The Prussian bonds pay a
fraction more than those issued by the German
Government. and then follow In order those of
Austria. Russia, and Hungary.
This may he said TO exhaust the list of nations
which are regarded as thoroughly solvent by dis.
Interested investors. The B per cent. bonds OF
Italy sell al ~ cents oil the dollar. Tho 4i2 per
cent. bonds OF Chilli sell at 30. Tho Turkish 9
per cent. bonds, protected by the lien OF Gus
toms receipts, sell at 80. Mexican u per cent.
bonds sell at 90 and Spanish 4 per cent. bonds
at so. The bonded debt of Portugal Is not held
in high estimation. Its 3 per cent. bonds being
sold Tor about 20 cents on the dollar, while the
4 por cent. bonds Of Greece soil nohiRher. China's
o per cent. bonds bring par, and the bulgarian
y per cents sell at 20