Omaha daily bee., 1916-11-03
WAYE OF PROSPERITY
Scandinavian Countries Are
Fairly Rolling in Wealth
Due to the War.
PAY OFF STATE DEBTS

ANoShSu ITO SiSst, III tuS SaoS VI S"S
den, with the greatest crops the coun-
try has ever known, these northern
peoples are forgetting some of the
vicissitudes of the small neutral in the
midst of the European conflagration,
even the rigors of the blockade itself
So great has been the prosperity
of the last two years that it is report
ed the governments of Denmark, Nor
way and Sweden already have paid
off, or have sufficient funds in the
state Golfers to pay off, all outstand-
ing foreign indebtedness. So in a
brief space of time the three small
neutrals lying here in the very lap
of war, but not of the war, have
been transformed from the borrowing
to the lending class.
The process of paying off foreign
obligations has been materially facil-
itated by loss in value of foreign
exchange. The German mark has led
the international moneys downward
with the loss of more than 80 per
cent. The English pound, the Ameri-
can dollar, the Russian ruble, the con-
tinental franc all have been quoted on
the Scandinavian bourses at loss
of 10 per cent and upward, so that
the foreign buying power of the
Scandinavian crowns, when buying
has been permitted, has greatly ad-
vanced. sSweden had borrowed much
money from Germany. Wartime
trade with the blockaded Germans
has brought enormous profits. This
fact, combined with the cheapness of
the German mark, has enabled the
Swedish debtors to wipe out many
million crowns of Teutonic obliga-
tions.
Golden Horn For AL.
When prosperity first came to
Scandinavia it was distinctly pros
perity of the moneyed classes, People
with money were quick to take ad
vantage of the war opportunities and
not few of them have made fortunes
by merely dealing in foreign money
There were stock booms that made
the manipulators of American war
brides appear as amateurs. But
gradually the inflow of money af-
fected all industries. Unemployment
became unknown and the skilled la
borers received high wages. The
farmers participated in the prosperity
from the beginning, and their share
has been steadily increasing until this
year they will divide a crop yield
estimated at more than $400,000,000
against the normal of less than half
that amount. This remarkable yield
is due both to the bountiful crops
and the increased values of foodstuffs-
The middle classes of the cities, the
salaried employees, have as usual been
caught between the millstones of high
prices and big profits, the salaries
having in no case kept pace with the
increased cost of living.
Savings banks and commercial
banks show deposits far in excess
of any expectation. Luxuries are in
great demand and of course fabulous
prices. The summer resorts report a
record season. People with home
products to sell are naturally not
worried By the British blockade for
they have discovered it has served the
double purpose of lowering the value
of foreign exchange and increasing
the value of materials and foodstuffs
now in the Scandinavian countries.
There are plenty of complaints nat
urally among the importers who ap-
preciate the wonderful opportunities
of prosperity, but are not able to
bring in foreign goods in sufficient
quantities to get what they claim is
their due share of the good times.
Crops Benefit Germany.
The bountifuf Swedish crops mean
much to the Germans, for they will
get their share of the much-needed
foodstuffs in compensation for the
German coal, chemicals and other ex-
ports sent to this country. Coal al
ways has been the chief import of
Sweden and great stores of German
coal are being piled up here in Stock
holm and at other depots throughout
the country. There is long winter
coming and English coal has so in
creased in cost as to be almost prohib-
tive. Part of the Compensation"
for German coal has been paid i'll
Swedish horses, the export of 10000 |
having been approved by the govern
ment this year. But the only horses
to go to Germany are those
unfit for Swedish military
service. For these somewhat aged |
the price has averaged over
$400, thus giving the HORSEPOWER a
share of the prevailing prosperity.
Swedish manufacturers have shown
a wonderful increase since the war
began. Russia has become a great
purchaser of manufactured goods, es-
pecially since Russian factories have
been turned to making. The
Swedish manufacturers have COM
planned the most bitterly against the
British blockade regulations, not hav-
ing been able to get all the raw ma
terials they needed
The governments of the three
Scandinavian countries were quick to
see the trend of the times and by
special taxes and heavy income levies
have filled the national treasures to
One American concern
doing business here in Stockholm
paid last year a tax of 28 per cent
on its net profits. The stamp taxes
on tobacco and liquors have steadily
On cigarette packages,
selling ordinarily at rs cents for fifty.
cigarettes a 30-cent stamp has been
placed. Part of their enormously in
creased national revenue has been de-
voted to the maintenance of armed
neutrality, the naval and military ex-
oenses having been very heavy ever
since the war began.
Shippers Reap Harvest.
The Norwegians, with their wealth
of shipping and their extensive fish
cries, have reaped such golden har-
yest that the term Norwegian mil