was maintained until September 1931, when it was again suspended by reason of the fact that the Pound had gone off its gold basis. The factor which has in exceptional measure had a depressing effect on national finances is public debt, which, as far as the State is concerned, is primarily a consequence of Budget deficits in post-war years. Norwegian local government authorities, too, are encumbered with heavy debts, which mainly comprise loans for the construction of electricity works. National Debt. 1914 Kr. 357,395,000 1918 =» 455,504,000 1920 =» = 1,129,605,000 1925 » 1,731,626,000 1930 =» = 1,565,037,000 1933 =» ~=1,476,420,000 Municipal Debt. 1926 Kr. 1,507,134,000 1929 » 1,461,305,000 1931 » 1,438,193,000 1933. » = 1,404,932,000 National Expenditure. (Surplus + and Deficiency — in parentheses) 1913/14 Kr. 123,430,000 (— 10,985,000) 1916/17 » 232,726,000 (+ 29,701,000) 1918/19 » 619,318,000 (— 62,056,000)