The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-05
The TRUTH ABOUT
NORWAY'S LOANS
Finance Minister Knudsen Tells
What the Country Has Bor-
Esj, rowed and Spent.
By w. 3. CHAMBERLAIN,

managing Eoitor OF l ne journal.
Copyright, 1906, by The Minneapolis Journal.
Christiania, Norway, July 21.-Gun-
mar Knudsen, minister Of finance, gave
me today the true story of Norway's
ssn 2ans p p6fnt Mhf he t9eS ahs
press. I had been told by a member
of the Swedish riksdag that Norway
had borrowed 100000 kronor thru
the Credit Lyonnaise of Paris and had
spent 100000 Of the amount on from
tier Notifications and other warlike
he said, was still in the hands of the
Paris bankers and would not be paid
over until there was a responsible gov
eminent in Christiania to receipt for
it. He added that it was believed in
Stockholm that Banker Wallenberg had
gian government to float the loan
Mr.. Knudsen denied the more i'm
portant points Of this story.
eve have borrowed, in the past two
years. said he, "a total sum of 80,
100000 kronor: Of this amount, half
She loans were foated thru the agency
Of the Credit Lyonnaise and also the
Paris house that acts as our fiscal
agent. Bonds were issued and readily
sold in Paris, London, Berlin, Copen-
hagen and here at home. We have re-
ceived the entire amount of the two
loans and have spent of the whole but
railroad building. The balance of TO-
100000 kronor is partly in our. treas
ury and partly invested in foreign Sc
curities on deposit in the financial cen,
tiers and easily convertible into cash. -
"How about the frontier fortihca-
"They were built and paid for be-
fore these loans were foated.'
"And Banker Wallenberg's aid9'
"His Stockholm house has connec-
lions with the Paris house thru whom
we negotiated the loan. But we did not
to be known in Stockholm, and we ex-
pressly stipulated from the first that
Mr.. Wallenberg was to know nothing
of them and was not to be consulted
or invited to share in the profits of the
loan. So, as matter of fact, ne knew
nothing about the matter until it be-
came public property
"What is the total public debt OF
q About 286,000,OOO kronor.''
"And is Norway s financial condition
as precarious as has been asserted II
some quarters?" n.
course it must be admitted that a Sc
ries Of bad crop years and poor fishery
catches has brought about hard times
in Norway. But the business outlook
is now much brighter and the prospect
of fine crops this year, together with
fairly good catch in the fisheries anc
the expansion of our industries, which
has bee going on rapidly, will mate
rally help in that direction. Naturally
there has been some hesitation. on thf
part Of our investors about going int
new enterprises until our relations Will
Sweden are more settled. The possibil
ity of trouble is the only cloud on tn
business horizon, and that seems NOR
remote with every day that goes by
I look for a. period of great prosperit
for Norway when the crisis is settle
and the new tariff legislation is dis
posed Of
Figures on National Debts.
Following are some figures on tn
national debts of the Scandinavia
countries as compared with. Great Brit
ain, France and the United States, i
the year 1923. Norway has since IL
creased her debt by over $4,000 ,OO'
bringing the per capita up to $4O.3
The figures: