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242

(1900) [MARC]
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The early public loans were chiefly connected with the
settlement of the debt inherited from the union with Denmark, while
the public loans raised during the last fifty years have been
almost entirely applied to productive objects, especially to the
construction of railways. The first of these loans, amounting to
kr. 6,000,000, was raised during the year 1848 in order to assist
those tradesmen who had come to grief during the crisis in the
same year. Thereafter a loan of kr. 4,800,000 was raised in 1851
in order to be applied, partly to the formation of a working
capital for the Norwegian Mortgage Bank, which was just then
established, and partly as a subsidy to the construction of the
first Norwegian railway, which was otherwise constructed with
private capital.

In the year 1858 a loan of kr. 14,400,000 was raised to be
chiefly applied partly to the construction of railways, and partly
to increase the working capital of the Mortgage Bank. For
railway purposes a new loan waa raised in 1863 to the amount of
kr 6,000,000. An internal loan of kr. 1,000,000 having been
raised in the year 1875 for defensive purpose, four loans were
negotiated in the course of the seventies applicable to the further
construction of railways. These were an amount of kr. 6,000,000
in 1872, in 1874 kr. 20,000,000, in 1876 kr. 23,971,200 and in
1878 kr. 30,872,000. Thereafter a loan was negotiated in 1880 to
the amount of kr. 20,992,960, which was applied partly to the
construction of railways, partly to increase the working capital of
the Mortgage Bank, but chiefly to the conversion of the remaining
rests of the public loans of 1858 and 1863, to the strengthening
of the cash reserve of the Treasury, and to the covering of the
deficits of the revenue during the latter part of the seventies. By
this loan the aggregate amount of the national debt at the end
of the year 1882 (for a part of the loan had only been called in
during that year) had risen to kr. 108,332,000, implying an annual
expenditure for interest, re-imbursment and commission of about
kr. 5,975,000.

The next three public loans were all raised for the chief
purpose of converting previous loans. The first of these was
raised in 1884 and amounted to kr. 24,987,733 at 4 % interest.
It was applied to the redemption of the 4 ½ % loans of
1872 and 1874, and a minor part of it served the purpose of
a loan on the part of the Treasury to the state railways, and to

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