New-York tribune., 1920-09-28
Norway Floats
$2O,OIOO,OOO
Loan i'm NJ
Scandinavian Nation Gets
Big Sunni Here After
Transferring Negotiations
TO u. S. From London
Pays 8 p. C.. for 20 Years
Like Recent French Offer
ing, Securities Are Made
Attractive to Investors

The Kingdom Of Norwaysh has closed
negotis&ions with q strong American
banking syndicate for a $4,000, 900 8
bonds are being offered to the invest
meat public today at par and interest.
Under the original plans Of the Nor
wegian government the loan was to be
placed In London and negotiations to
that end were carried on until recent
ly, when q shift was made to this mar-
ket- The proceeds Of the operation
will in q barge measure go to London
to meet Norwegian obligations in
armistice for shipbuilding.
Like she recent $l00, 100000 French
government loan, the new Norwegian
Offering has been made attractive to
the American investment public by
means Of sinking fund and redemption
provisions. Under the terms Of the
operation, as sinking fund, the
Kingdom Of Norway has agreed to set
aside annually the sum of 100000 in
equal quarterly installments, beginning
January l, 1921. The National City
apply all sums received by It on ac-
count Of the sinking fund prior to
August 1, 1880, toward the purchase
Of bonds in the open market, If OBJ
tainable, at not more than 10 and in
terest; any balance remaining unap-
piled on August j, 1880, to be applied
on October /, 1880, to the redemption
Of bonds by lot at 10. Beginning
April !, 1884, and semi-annually there
s5asss sgR''sd TO redeem bonds by lot at
Redesmable at l1o
Thn Aa~Ie ava ~ndnnvaaL1 o ~
on any interest date at 10 from oe-
tober l, 1925, to October !, 1880, and
at 107h from April /, 1881, to matur-
ity. The coupon bonds OF the new
issue will be in denominations Of
$1,000 and $500, and principal, premium
and interest is payable in New York
at the National City Bank in gold coin
of present standard weight and fine
ness without deductions for any Nor
weg!ap taxes, present or future. 1t is
provided that payments shall be made
in time of war as well as in time, of
peace, whether owners of bonds are
citizens Of friendly or hostile state.
The bonds are dated October i, 1920,
and are due October I, 1910. Interest
is payable April and October /.
The National City Company is act
ing as syndicate manager in the offer
ing, and the other syndicate members
are J. P. Morgan &C.,, the First Ma
tional Bank, the Guaranty Trust Com
pany, Harris, Forbes & Co., Lee Hig-
ginson & Co., and William A. Read e. Co.,
of New York; the Continental and Com
mercial Trust and Savings Bank, the
illinois Trust and Savings Bank, the
First Trust and Savings Bank and Hal
sey, Stuart & Co., of Chicago; Mellon
National Bank and the Union Trust
Company, Of Pittsburgh; the First Ma
tionsl Bank in St. Louis, and the Anglo
and London-Paris National Bank, of
San Francisco.
Facts About Norway
The total debt Of Norway, June 80,
1920, including funded and floating
debt, and credits granted to finance
food and fuel commission, was $685.
98e,21o, or S107 per capita, based on
the present officially estimated popula-
tion Of 2,75o,000. AS an offset to this
debt. the state owns properties, mostly
revenue producing, valued at S2O1,o ,oOO,-
600. exclusive Of the supplies still con-
trolled by the commissions. The prin-
cipal items Of these properties are
1,721 miles of railways out of 2,0I1
miles operated within the kingdom,
telephone and telegraph lines, and
water power stations. The external
debt, June 80, 1920, was s9O,422,S51,
equal TO only $33 per capita. From
1911 to 1919 annual ordinary revenues
exceeded governmental expenditures
both ordinary and extraordinary Tex
eludipg credits to commissions), except
in the one year Of 1915. The principal
revenues are now derived from prop
erty and income taxes, war profits tax,
excise duties, tonnage dues and mod
crate tariff on imports The average an
nual foreign trade of Norway, for three
years ended December, 1919, amounted
TO $711,223,000, or $3.50 per capita,
nearly three times the average per
capita foreign trade of the United
States for the corresponding period.
Trade between the United States and
Norway has increased from $3,S11,22S
in 1903, to s130,35S,304 for the year
arda1 Yr~a On 9oon