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increase the working capital of the Mortgage Bank. The next
loan, raised in 1886, for kr. 30,826,667 at 3 ½ % interest, was
exclusively taken up for the purpose of converting previous loans,
and was applied to the redemption of the 4 ½ % public loan of
1876, and almost all the permanent debt (the latter bearing an
interest of 3 ¾ % to 4 ½ %). The third loan, negotiated in 1888
at the rate of 3 %, and amounting to kr. 64,554,667, served the
purpose of redeeming the 4 ½ % public loan of 1878, and the
loan raised in 1884 for purposes of converting. A minor part of
it was applied to the increase of the working capital of the
Mortgage Bank.
In 1890 the Treasury was charged with a loan raised in
1869 for the purpose of constructing two branch lines on one of
the state railways (the Drammen and Randsfjord Line) amounting
originally to kr. 1,600,000, and bearing 5 % interest. The
construction of railways having been resumed on a large scale in the
nineties, a loan of kr. 10,000,000 was raised in 1892 and chiefly applied
to this purpose, but partly also to granting loans to the state
railways. Since that time loans have been raised in 1894, 1895
and 1896, amounting to kr. 39,675,733, kr. 12,072,000 and kr.
25,444,233, respectively. Of the first loan nearly half was
employed in converting the state loan of 1880. Out of the rest of
this loan and the loan of 1896, various minor amounts were employed
in granting new loans to the state railways, in increasing the
working capital of the Mortgage Bank and in increasing some special
funds, while the rest of this loan is, or will be employed partly
in constructing railways, partly in improvements relating to
telegraphs and telephones. The whole of the loan of 1895 was employed
in improving the defences of the country. Finally, in 1897, the
remaining rest of the loan of 1886, kr. 30,136,819, was redeemed
by means of a new loan for the same amount, bearing interest at
3 %. Of the aggregate amount obtained by the before-mentioned
loans, about kr. 130,500,000 have been applied to the construction
of railways, about kr. 11,000,000 to the formation and increase of
the working capital of the Mortgage Bank, about kr. 9,600,000 to
loans granted private individuals and the state railways of
Norway, about kr. 6,000,000 to the laying of telegraph and telephone
lines, and about 13,000,000 for defensive purposes.
The terminable national debt has, with few exceptions (e.g.
the loan of 1895), been incurred by means of foreign loans
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