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2700 in 1889. Other estimates of the rate of progress have
been made, but I have quoted this as the one put forward
most prominently in the report, and the most likely to be
fulfilled.
My own opinion is, that this estimated rate of progress
will be exceeded, as I believe that the lines first to be
completed will be found to work so profitably that they
will encourage an accelerated rate of working upon those
remaining unfinished. Railway communication between
Christiania and Stockholm is already completed.
The Norwegian government has no difficulty in raising
the loans required for the construction of these lines.
They are readily obtained at 44 per cent. Norway is
exceptionally solvent, a natural consequence of keeping
the peace with her neighbours, and having a very small
army. The national debt, at the end of last year,
amounted to 2,625,001)?., against which the government
has railway property that cost 2,500,000?., and shares in
the Bank of Norway, and other interest-bearing securities,
representing at present market prices about 1 305,000?.
more. Thus, the interest yielding property of the
government exceeds the national debt by nearly a million ; and
every year the revenue yields a surplus.
The above does not include the recent railway loan of
1,320,000?. at 44 per cent. The subscription price of this
stock was 96?. 10s. per 100?. It is to be redeemed in 39
years by means of an accumulating sinking fund. The
government will then have the unburdened possession
of the railways constructed with this capital, and their
full profits will be available for the reduction of taxation.
Had ordinary prudence and foresight been exercised by
our government; or, in other words, if the managers of the
national property had managed it as they manage their
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