the towns and in the country, 180 continuation schools with ab. 10,000 pupils, in which lessons are given during the day-time, and 860 night schools with a total of about 19,000 pupils. Most schools of these two kinds are municipal.

FACILITIES FOR FOREIGN STUDENTS

While it can hardly be expected that foreign students should visit Denmark in order to acquire academic degrees or diplomas, the study of Danish conditions in general and even more so that of special Danish institutions, draws a good many foreigners to Denmark.

For post-graduate study and research Denmark offers great opportunities. Let it suffice to draw attention to a few of the more prominent branches of Danish science and culture:

Physics: Institute of Theoretical Physics. Principal: Professor Niels Bohr (Nobel Prize 1922); thanks to recent endowments from the Rockefeller Institute, larger laboratories have now been built. Physiology: Professor Aug. Krogh (Nobel Prize 1920); this branch of science too has recently been endowed by the Rockefeller Foundation. Bio-Chemistry: Carlsberg Laboratories; Professor S. P. L. Sørensen. Chemistry: University and Engineering College. Heredity: Professor W. Johannsen. - Old Norse, (Icelandic): large collections of medieval manuscripts at University Library. History: Especially in relation to Scandinavia and the Baltic, rich archives. Marine Biology & HydroArchæology: Exceedingly rich collections from Stone Medicine: Finsen Institute, Cancer research, Natural Science: Museums and collecCo-operative farming.

graphy.
and Bronze Age.

Hospital organization.

tions. Animal husbandry.

Physical

For information apply to: Dansk Studieoplysningskontor, University, Studiestræde 6, Copenhagen, or its branch offices: AngloDanish Students Bureau, 50 Russell Square, London, W.C.I.; Bureau franco-danois des renseignements universitaires, 25 Rue Servandoni, Paris VI. In the United States, the American-Scandinavian Foundation, Information Office, 25 West 45th Street, New York.

English, German and French, especially the first two languages, are widely spoken and understood in Denmark, so that foreigners need not hesitate to study in Denmark for fear of not being understood.

PUBLIC FINANCE

Most of the public expenditure is different for the State and the various local governments, forasmuch as only a small amount of the local revenue consists in State grants or grants from other local bodies. As the statistical reviews are worked out mainly on the basis of a net system, the grants in question being deducted from the expenditure items to which they are assigned, one may add together the figures for the State and the local governments, and it will thus be seen that the public expenditure at the present time amounts to about 750 million kroner, of which rather more than half represents the State and barely half the local expenditure.

Since 1914 the expenditure has been almost trebled; apart from the fact that many of the items have risen more than the price level, both the State and the local authorities have occupied themselves with new tasks, a number of which are of a social nature.

The increase in the revenue necessary to meet the bigger expenditure has been secured to some extent by the fact that the rise in the level of prices and income has increased the public revenue, and also through the raising of the rates of taxation and public fees, while new sources of taxation have been opened up. At the present time the Public Debt amounts in all to about 2,200 million kroner, and this is distributed almost equally between the State and the municipalities. Like the public expenditure, the Public Debt has also been trebled since the outbreak of the great war.

1. THE STATE

The expenditure and revenues of the State are voted by the legislative authority. Shortly after the assembling of Parliament (the Rigsdag) in October the Finance Bill is presented to the Folketing (Lower House). After having been dealt with during the subsequent five months or so by the Folketing, the Bill is laid before the Landsting (Upper House) in March, and, after

being passed in both Houses and having received the assent of the Crown, it comes into force for the following financial year, which begins on April 1st, and ends on March 31st. Towards the end of the financial year a Supplementary Budget is passed for the purpose of supplementing the revenue and expenditure covered by the Finance Act. An account is published by the Minister of Finance of the revenue received and the expenditure incurred, this account being divided into an account for the current revenue and expenditure and a Capital Account. As stated above, this Account is built up on the net system, that is to say, for instance, for the Public Undertakings the receipts and expenditure are not shown in the State Account by their whole amount, but simply by the difference between revenue and expenditure. The last account issued by the State refers to the financial year of 1924-25, to which account the following observations apply.

REVENUE AND EXPENDITURE

The current revenue and expenditure in the financial year of 1924-25 balanced at 431.5 million kroner, the revenue exceeding the expenditure by 14.6 million kroner, this sum being entered under >>Revenue« as an increase of cash in hand.

The revenue, in its principal groups, was as follows:

Revenue from Crown Lands, Public Undertak- Kr. ings, and from Holdings, Funds, etc...

of total

15.8

3.7

Thus the income and property taxes yielded about 128 million kroner, or 30 per cent. of all revenue and the Customs and Excise dues 216 millions, or 50 per cent.

A perusal of the various items of revenue on the State account

shows that the revenue from Crown Lands amounted in all to 2.1 millions.

During and after the war the State Railways and the Postal, Telegraph and Telephone Services returned heavy deficits, but in the financial year of 1924-25 they were able to show a surplus of about 6 million kroner.

The main taxes upon real estate are called >>Ejendomsskyld<< and »Grundskyld« and are assessed on the commercial value to the extent of respectively 1.1 per thousand of the building value and 1.5 per thousand of the ground value. It yielded 11.4 million kroner, of which about 6 millions are from the rural districts, this sum including 4 millions from the agricultural estates proper. Of the other taxes the Income Tax, with a yield of 84 million kroner, is the most important. It is divided into a tax upon personal income and a tax upon the profits of companies. The income tax upon persons is assessed according to a scale in accordance with which the first 500 kroner of the assessable income pays 0.4 per cent., the following portions of the income gradually higher percentages, so that the portion which exceeds one million kroner pays 25 per cent. The law gives a deduction free of tax for the tax payer himself twice as high an amount for family providers as for non-providers and for children. The company tax is assessed upon that portion of the profits of the company which exceeds five per cent. of the share capital. The rates rise from 7 per cent. to a little over 15 per cent., according to the size of the profits in proportion to the share capital. This tax represents a double taxation, as dividends and free shares are also taxed on the shareholders.

The Property Tax has a scale which rises from 0.65 per thousand to 16 per thousand. It is only imposed upon persons and foreign companies, and yields a total of 44 million kroner, of which less than 100,000 kroner come from the foreign companies. The legacy duty is imposed exclusively upon the various legacy shares, and the percentage rises with the size of the legacy and the degree of kindred, legacies to children being exempt when the legacy is less than 2,000 kroner, but taxed to the extent of 13 per cent. for any portion of a legacy which exceeds 1,000,000 kroner; for entirely unrelated legatees, the tax rises in a corresponding manner from 12 to 32 per cent. The legacy duty brings in about 13 million kroner.

The stamp duty is levied for the use of stamps and stamped documents, and this tax is imposed upon most documents. The rates are 1/5, 1 and 5 per thousand. It yields about 23 million kroner. A special stamp duty, which yields about 1,000,000 kroner, is connected with the transfer of shares (Exchange Tax).

Of the taxes upon consumption the Customs Duties are the most important. The duties are, as a rule, specific, ad valorem duties being charged in a small number of cases only, and the industries of the country derive on the whole only a small amount of protection from them. The revenue from this source is shown at about 80 million kroner. Then comes the Spirit Tax, with about 36 millions. This tax is high, the rate being kr. 15.60 per litre of 100 per cent. alcohol.

The Beer Tax varies according to the alcoholic strength from Kr. 5.70 to 40 kroner per hectolitre, and yields in all about 29 million kroner.

The Restaurant Tax is a ten per cent. charge upon all sales in restaurants or hotels, although not upon the letting of rooms. It yields about 20 million kroner.

The Entertainment Tax is 10 per cent. of the price of the ticket for concerts, 20 per cent. for theatrical performances proper, and 40 per cent. for other performances. Among the latter cinematograph shows form the principal element. Of the entertainment tax, two-thirds go to the State (about 6,000,000 kroner) whilst the remaining third goes to the local authority within the sphere of which the revenue is collected.

Of the other consumption taxes there are the Beet Sugar tax of about 4,000,000 kroner and the Sales tax upon chocolate and sweets, about 12 millions.

The next big group of revenue includes fees and perquisites, etc., which yield in all about 17 million kroner, 9 millions of which are received from law charges. Of the other State revenues, about 6 millions in all, may be mentioned the income from the State Lottery, Klasselotteriet, which returns a fixed sum of about 21⁄2 million kroner, and fines and penalties, yielding about 1 million annually.

As already stated, the current receipts mentioned give the State a total income of about 432 million kroner.

The current expenditure amounts to 416.9 million kroner. The distribution of the total is shown in the following review: