FINANCES In the year 1931 the number of taxpayers in Norway was 747,385. The total assessable real and personal estate was estimated to be Kr. 4,168,325,000. The assessable income was estimated to total Kr. 982,698,000. The following additional figures are given by way of compari- son: In 1913 there were 581,005 taxpayers. Real and personal estate stood at Kr. 2,610,102,000, and the estimated income at 456,979,000. The highest figures were reached in 1920: Real and personal estate Kr. 6,905,769,000; income Kr. 1,745,497,000. From that time estate and income have steadily declined, and the latest assessment (1931) is the lowest since 1913. One of the greatest handicaps with which Norwegian finance had to contend during and after the war was the unstable currency exchange. During the war years Norwegian currency held a very good position. In 1914, after the outbreak of war, note redemption was suspended, but the Krone maintained so strong a position that the Bank of Norway resumed the payment of notes in gold from 1916 to 1920. However, note redemp- 31