The Bridgeport times and evening farmer., 1919-12-06
NEUTRALS WILL RAPIDLY REGAIN
 PLACE IN TRADE E
All European Neutrals Are Financially Better Off
 Than Tn 1914.
BANKS GENERALLY
 IN SOUND CONDITION
Holland, Sweden, Norway, Switzerland and Den
 mark Will Forge Ahead.

That the neutral countries of Eu- rope, affected in varying degree by the war, will rapidly regain their for mer positions in world trade and d- nance, and attain prosperity without undergoing a preliminary period of economic depression, is forecast in the booklet The Effect of the War on European Neutrals" just issued by the Guaranty Trust Company of New York. The booklet treats individually the outstanding conditions, as brought about by the war, in Holland, Nor way, Sweden, Denmark, Switzerland, and Spain.
 The effects of the war upon the Flu ropean countries that took no direct part in the war were diverse, depend- ing upon circumstances peculiar to each nation. Nations suffered various " because of their location with ref erence to the belligerents, because Of unavoidable trade restrictions, in ability to become in any degree self supporting during the emergency and because of military expenditures ne CeSsa ry in the preservation of neu- trality. so that it was quite possible for a nation not engaged in the war to be subjected to heavier economic losses than those borne by belIiger- ents comparable in population and in dustriaI strength.
 In part, the booklet says:
 Holland.
 s"The fruits of the earlier prosperity for Dutch industry and trade have left Holland in a strong position. The Bank of the Netherlands al the open ing of the war, held approximately S6S.O0O, 900 in gold; at present it holds four times this amount Fur thermore, it was the only central bank among the European neutrals, save that of Spain, whose ratio of hOldings of gold and silver to note and deposit liabilities increased during the war; the increase was from 54 per cent to more than so per cent. The other banks have similarly improved their position.
 The exigencias of war cased cer- . tain new industries to come into ex- istence in HolIand notably the mak- ing of chemicals, and others, such as the manufacture of clothing and and other articles of consumption, grew considerably.
 "The virtual doubling of the na- tional debt since 1914 and consequent higher taxation could hardly be un duly burdensome to a people with the wealth, thrift and industry of the Dutch This history of this little nation is the history of a people ready to utilize every opportunity to strengthen their position in the world of commerce and industry The strategic position of the Dutch on tha Continent of Europe and in colonial and international trade is such as to promise a full measure of futtS9 prosperity to Holland.
 Norway.
 Depending largely upon it's fisher ies forests, and ocean-carrying, Nor way was in a prosperous condition at the outbreak of the war.
 "On June 30, 1918, the funded debt at the par exchange was $1S3,Oo0,- GOO, representing an increase of 39 per cent. since 1914. The proportions of internal and external debt in 1918 were quite different from those ob- tatning in 1914. In 1918 only 68 per cent, as compared with 94 per cent. in 1914 was cIasSed as external debt. The per capita funded debt in 1918 was $52
 Tn addition to the funded debt there was on June 30, 1918, an un- funded debt amounting to $64,460, ,OO0. Altogether then the debt, funded and unfunded, was equivalent to $751; 46O,OOO.
 '.The principal asset of the state which may be regarded as an offset to the funded debt consists of the state-owned. railways, which, in 1916, represented a. capital investment of 82,318,O7S. This value, combined with non-material assets of the state, represent a total investment of ap- proximately $161, 100000, which is 5000, 900 in exaess of the total funded debt in 1918.
 Through the utilization of its enormous water-pOwer in transport1- tion and ufacturing-thus over coming the handicap of a shortage of domestic coal-NOrway, 1t is believed will show marked industrial progress in the future. Norway's large mer- chant marine and its geographical position are particularly favorable for the expansion and manufacturing.
 Sweden.
 "Sweden, the largest, wealthiest and most pOpuIous of the SCandina- vian countries, is In a particularly ad- vantageous position for the expansion of it's industries during the recon struction period. 4 good beginning has been made in the development ot its abundant water-power resources During the war great strides were made in building new works, making the nation less dependent upon out side sources for power. The cleo trification of the railways has begun and power is being transferred by cable to Denmark
 
 reference to the principal markets o1 Europe, and the possession of a large merchant fleet, but little reduced dur ing the war, will stimulate the deveI oprnent of Swedish commerce and in dustry.
 Denmark.
 "The economic position of Denmari is stronger in many ways than befor, the war. The countrys principal ex port commodities are among thOSt now most in demand and likely to re main so for a comparatively Ions while.
 "Financially, the Governments DO sftton remains favorable. Although the gross debt, approximately s1S9, OOO,OOO in December, 1918, was al most doubled during the war, tn net debt may be regarded as negli gible. In fact, the productive prop critics of the state probably exceet in value the gross debt. The invest ments of the state including a Specia