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STATE FINANCES.
241
127 kr.: Norway (1914), 145 kr.; tlie Netherlands (1914). 275 kr.; Great
Britain and Ireland (1914), 276 kr.; Prussia (1913) — including that
part of the debt of the German Empire for which Prussia is liable —
291 kr.; Belgium (1913), 356 kr.; France (1912), 591 kr.
Still more important perhaps is the circumstance that the National
Debt of Sweden — still in striking contrast to most other countries —
has been entirely incurred for productive purposes, chiefly for the
construction and equipment of raihrafjs. The contraction of debt for military
purposes — which is a dominant feature in the Budgets of most countries
— is conspicuous by its entire absence; and it is worthy of remark thet even
the great reconstruction of National Defence agreed upon in 1914 was
based altogether on an exceptional 1ax of 75 mill. kr. and not upon borrowed
monies. The State loans taken up during the years 1882—1910 were
applied as follows:
For the construction or purchase of railways and steam-ferry.......189’5 mill. kr.
loans to private railways..........................................46’8 > j
» the electric power station at Trollhättan etc..........................33"2 » »
loans to the Telegraph Service....................................238 » »
5 the purchase of the Svappavara iron-ore fields......................5 0 » »
> loans in aid of agriculture, small holdings (principally agricultural),
Norrland land reclaiming, and fisheries............................257 » >
> other loan funds and loans........................................20’5 > »
» various cash balances and advances................................30’0 » »
Total 374’5 mill. kr.
Over and above these very considerable loan-funds more than 200
mill. kr. of public funds (surplus funds) have also been employed during
this period to increase the capital funds of the State in various ways
(in addition to what has been applied to the amortization of the Debt):
thus Table 40 shows how for 1915 upwards 13 mill. kr. out of the
outlaw-on capital account were to be covered from sources other than loans (not
counting the great amounts credited to more or less temporary funds).
As a result of this policy the capital invested at the end of 1913 in the
business-undertakings of the State (1 019-4 mill, kr.) exceeds by two thirds
the total funded debt of the State (622-6 mill, kr.); and as the capital
yields 4-47 % (43-8 mill. kr. on a capital of 980-8 mill, kr.), while the
State’s funded debt has hitherto borne an interest of about 4 %, we have
here the best possible evidence of the financial stability of the Swedish
State. Perhaps the exceptionally favourable financial position of Sweden
will stand out even more clearly through a comparison of the amount
of interest upon State loans with the net yield of State undertakings and
property. In 1913 this yield was 57 mill, kr., as against an interest
charge of 22-7 mill, kr., leaving a net balance of 34-8 mill. kr. over and
above interest on a 11 State loans.1 The assets of the State at the end of
the same year are set down at upwards 2 milliards (1 927 mill, kr.), or
1 300 mill. kr. more than the entire amount of the liabilities — and this
1 Actual results, whereas the figure for Interest on National Debt (1913) in Tabic 41 is
a Budget Estimate.
16—133179. Sweden. 1.
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