Agricultural produce accounted for four-fifths of the export value. In 1925 the exports were, for several of the principal groups, even greater than before the war, even when taking into consideration the extension of the area of the country by the reunion of North Slesvig with Denmark. Regarding the quantities exported of the most important produce of agriculture and some few industrial products, the following summary is of interest: Among the Danish industrial products exported but not mentioned in the above list are beer, purified cryolite, porcelain, machinery and ships. As previously mentioned, apart from this special trade there is a fairly extensive transit trade, with Denmark as an intermediate station. In 1925 the export value of the transit trade carried on for the account of Danish firms was 171 million kroner. Almost all this transit trade goes via Copenhagen, and much of it through the Free Port. As regards the nature of these transit goods, the most important group is soft goods, but as a matter of fact almost all groups are represented. The foreign trade of Denmark is carried on with a large number of different countries, but for the imports: Germany, Great Bri tain and the United States, for exports of Danish goods: Great Britain, and for re-exports: Sweden, are by far the dominating countries. The following summary shows the percentage distribution of the value of the imports and exports of Danish goods and the total foreign trade (imports plus exports and re-exports) on the more important countries for the year 1925: The only country with which Denmark has an export surplus of any importance is Great Britain; in 1925 there was also an export surplus as regards Norway, Sweden and Switzerland. The biggest import surplus comes from Germany and the United States. As regards imports, Germany was in 1925, as in the year before, the country from which the greatest part of the goods (28 per cent. of the value) came, although the proportion is less than it was before the war. Of goods manufactured in Germany the biggest import items were iron and iron goods, textiles, articles of clothing and chemico-technical articles. Furthermore Danish importers purchase considerable quantities of overseas goods in Hamburg and elsewhere in Germany. This especially applies to maize, oil cakes, and manures. Also other commodities as e. g. groceries, cotton, copra, etc., are largely bought through German intermediaries. From Great Britain goods to the value of 15 per cent. of the total import value were imported in 1925, the biggest items being coal, coke, etc., and soft goods. Prac tically every kind of commodity is, however, imported from that country, such as groceries, yarn, oil, iron and iron goods. The United States were represented by 16,7 per cent. of the import value. The heaviest items were grain and feeding stuffs, fuel oil and motor cars, especially in parts for assembling in this country; but apart from these there were considerable imports of groceries, raw materials for the textile industry, and leather. Of the imports from Sweden about one half were timber and wooden articles, whilst the next biggest items were soft goods and cereals. Of the imports from Norway one-half were fertilizers, while four-fifths of the Danish imports from Finland were timber. Breat Britain bought three-fifths of the exports of Danish goods. The principal part of these exports was prepared agricultural produce. On the other hand, Germany's share was 21 per cent. as compared with 25 per cent. before the war. Of the exports to Germany live animals (horses, cattle and pigs) and prepared agricultural produce formed the greatest part. Norway and Sweden together accounted for 8 per cent. of the export value; to Norway went, apart from agricultural produce, ships and machines, as well as a large number of various goods. A considerable part of the exports to Sweden were agricultural goods, whilst of the other big items may be named hides and skins and motor cars. Belgium, France and Switzerland imported prepared agricultural produce. With regard to re-exports, about two-fifths went to Sweden in 1925, a part to Norway and Finland, and about one-sixth to Germany, whilst Germany and Sweden before the war took about one-fourth of the re-exports each. The central organizations of Danish commerce are the Merchants' Guild (Grosserersocietetet) and the Provincial Chamber of Commerce (Provins-Handelskammeret), which represent the merchants of Copenhagen and the provinces respectively. FINANCIAL INSTITUTIONS BANKS Danish banking is characterized by a very great concentration, the greater part of the banking business of the country being in the hands of the four largest banks, all of which have their headquarters in Copenhagen. Thus close upon two-thirds of the totals of all the balance sheets of the banks are represented by these four principal banks. This concentration, which is connected with the general concentration of trade in Copenhagen, has only been effected to a slight degree by means of fusions, and although several of the metropolitan banks have extensive nets of provincial branches, this has not prevented the appearance of independent banks in the provinces. On the contrary, there are all over the country a very large number of independent banks, which are, however, almost exclusively of merely local importance, and in most cases not very large. >>Nationalbanken i København« is the only note-issuing bank in Denmark. It was established in 1813 as a State bank, »Rigsbanken<<, but in 1818 it was formed into a private joint stock bank, on which occasion it received its present name. Its capital is 27 million kroner (reserves in 1925 amounted to 37 million kroner), and it is administered by five directors, two of whom are appointed by the Crown. According to the regulations in force, the Metal Fund, in which is reckoned legal tender at face value, as well as gold in bullion and foreign currencies, must form at least one-third of the amount of notes in circulation, but the gold, coin, and bullion stock of the Fund must not be less than 30 per cent. of the notes issued. Of the annual profits of the National Bank, the State has a priority claim on 750,000 kroner. The remainder is divided in accordance with fixed rules between the State, the Reserve Fund, and the shareholders. When the war broke out in August, 1914, the National Bank was exempted from its obligation to redeem its notes with gold, and this exemption has subsequently been prolonged by Acts of Parliament. The note circulation of this bank was in 1914 a little over 150 million kroner, and is now about 400 million kroner, or 53 and 117 kroner respectively per inhabitant. The gold reserve, which was about 80 million kroner in 1914, amounted to 210 million kroner in 1925. By means of its branches the National Bank is represented in the various parts of the country, and it has, besides, a foreign branch at Flensburg, which dates from the time prior to the cession of Slesvig to Prussia in 1864. The development of the banks which have no right of issue dates from about 1850. The three banks which, besides the National Bank, are looked upon as the principal banks of the country, are >>Privatbanken i København«, established 1857, (capital and reserves at December 31st, 1925, 76 Million kroner), »Den danske Landmandsbank, Hypotek og Vekselbank«, established in 1871 (guaranteed by the State), and >>Københavns Handelsbank«, established in 1873 (80 million kroner). At the end of 1925 there were in all 192 private banks, with a balance sheet total of about 3,450 million kroner, of which 2,090 millions represent the three principal banks. According to their balance sheets, the assets and liabilities of the banks were distributed as follows: Assets Cash in hand.. National Bank Other Banks Credits in Danish banks and savings banks Foreign credits, bills, etc.. Stocks and shares.. Home bills |