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Full resolution (JPEG) - On this page / på denna sida - Banking, by J. J. Woxen

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in 1897 moved to Kristiania. The bank has, besides, twelve
branch offices in the most important towns in the country.

At the end of 1898 the bank had:

Coin reserve ..............	kr.	44,324,424
Notes and «vexelobligationer» ........	»	37,641,170
Loans on mortgage ............	»	4,915,933
Drafts on foreign countries .........	»	2,922,205
Interest-bearing securities ..........	»	2,653,075
Other assets ..............	»	464,441
Total	kr.	92,921,248

The Mortgage Bank of the Kingdom of Norway is a state
institution which was established in the year 1851, and serves the
purpose of granting loans on real estate. It has a capital which
amounted to kr. 15,000,000 at the end of 1898; of this amount
kr. 13,010,000 have been furnished by the state, which receives
4 % interest on this advance. The bank has, besides, a reserve
fund which at the same time amounted to kr. 1,000,000.
Otherwise the bank procures the means of which it disposes, by selling
interest-bearing bonds payable to the bearer, the total amount
whereof must not exceed eight times the amount of the capital.
These bonds are issued in annual series and are reimbursable in
the course of 30 years by means of increasing instalments. The
interest of the series now current (i.e. those issued since 1885) is
4 % for the two series 1893—1894, and for the others 3 ½ %.
At the end of 1898 the total amount of the outstanding bonds
was kr. 119,493,200, of which a little more than 70 % are placed
in foreign countries.

One fourth of the capital of the bank may be invested in
Norwegian state bonds, while such an amount of the assets of the
bank as it is considered necessary to keep ready at disposal may be
used for discounting purposes. The rest of the means at the disposal
of the bank is loaned against mortgage on real estate. The
mortgage loans are repaid in the course of forty years in increasing
instalments. The interest charged by the bank on these loans
amounted in 1898 to 4 %. The total amount of the mortgage loans
of the bank at the end of 1898 was kr. 122,824,300, of which
kr. 24,523,700 have been granted as loans on town property, and
kr. 98,300,600 on country property.

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