Evening star., 1925-12-25
Robs Christmas of JOY.


brationS have been robbed of much
of their Joy, while in Stockholm grea'
stores are so crowded that it is diff
cult to enter or leave them. The
writer finds oslo stores comparatively
quiet. Oslo unemployed are reported
double the number of last year, ana
the number is rising.
Registered unemployed Throughout
the country is now $1,000. Probably
half as many more are unregistered.
\ large number of factories through
out Norway are closed or working
part time.
The shipping industry alone, which
receives 81 per cent of its income from
foreign exchange, reckons the reduc-
tion in its income rate at 100000
crowns. Banks generally have lost
heavily. One insurance company is
bankrupt.
Most textile factories and engineer
ing shops are closed or working part
time. The timber industry has linn
tied its output to the lowest possible
amount. This. however. is largely
due to the low price of timber Sew
crat shipbuilding works have closed
TromSo reports all factories closed
and shipyards working half time. At
Loofoten fishermen have suffered
heavy loss. At Brevik the steel WORKS
have dismissed all hands except a few
who carry on. There are similar re-
ports from many other places.
Good Farm Harvests.
Against this there are almost record
agricultural and deep sea fishing har'
vests. The trade unions generally
hesitate to modify collective wage
agreements which still have months
to run, but groups of workmen, faced
with the alternative of lower wages or
closing factories, voluntarily have
agreed to make concessions, Such as
working six days for five days pay.
Generally the people have shown
much courage and good will in meet
ing the situation. The government
Valuta commission is TO report soon
but the government already has re
solved to attempt to stabilize the cur
rencv at it's present value.
The premier at first was unwilling
10 make any statement upon the mat
ter. suggesting that the writer go
rather to the finance ministry or
state bank, but upon the writer urg-
ing that this matter was OF more than
departmental concern he said:
at is common knowledge that the
rise in the crown this year was more
The main cause of this is believed to
be foreign speculation. 1t has caused
serious trouble, dislocating trade.
closing factories, increasing unemploy-
ment and injuring the export bust
ness.
To-day we can confidently assert
that spectators have been checked
and the Bank of Norway is master Of
the situation. The crown has been
kept stable for some months, and the
bank is now in a position to control
its future movements. Foreign specu-
lators would do we'll to beware
Stability Is Essential
The premier pointed out that schol-
erlv theories concerning foreign ex-
change do not always work. In prac-
tice it is affected by many seemingly
incalculahle factors.
lone essential thing is stability" he
said. Some argue that the present
value of our crown is too high. But
more harm would be done in an NJ
tempt to defiate than to maintain It.
Our policy IS to fix the value for a
long time to come at between % and
n to the pound sterling. The re
sources of the country and the re-
serves of the Bank of Norway are
sufficient to do this.
Our national life must work up to
the new level. This means pro
Ionged period of readjustment and
improvement, careful development Or
our manufactures and industries, re-
arranging of wage scales and revision
of the prices Of commodities.
Replying to the writer's remark
that organized labor would OPPOSE an
reduction in wages, the premier re
= piled:
Labor objects to a reduction in
buying power, not to a reduction in
nominal wages. The worker fears
any reduction in the price Of commo-
dities might be tenip>aury. Since spec
ulators might force the Mfte of the
crown down again, while a reduction
of his money wage would be perma-
nent. He must be convinced that tb|
new scale of values is permanent and
that the whole strength of the coun-
try will be pledged to maintain it
Then he will adapt himself to it
The premier found it difficult tc
talk calmly about the great increas
in Unemployment. He made no secret
that the efforts of the government to
meet it by grants to local authorities
had been a real strain on the re.
sources Of the state.
"Yet we've surmounted the worst.
he declared. Barring some great ma.
tional calamity of a kind that would
upset all calculations, we believe that
stability has been secured and that
win now proceed steadily"
One prominent Norwegian said:
Norway will cease buying luxu
RIGS and work hardaPb