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remaining part there must be security m assets easily cashed ac- cording to special rules. The amount circulating in notes in 1900 was about 100, and just before the war about 150 million kroner. In the middle of 1917 it was 365 million kr., in 1919 541 million kroner. In 1914 the duty of the National Bank to redeem its notes with gold was temporarily suspended and it had not been reimposed in 1921. The other big banks of Denmark are the Danske Landmandsbank, with a stock capital of 100 million kr. and a balance at the end of

1919 of 1,421 million kr. (of which more than one-quarter is put under the ample heading: "Sundry Debtors"); Privatbanken, stock capital 60 million, balance 594 million; Kobenhavns Handels- bank 50 million, balance 672 million; Kobenhavns Diskonto og Revisionsbank, 48 million, balance 452 million kroner. In connex- ion with the farming import and export organizations a cooperative banking institute, the Danske Andelsbank, was established in 1914 with a guarantee fund .of 1 1 million kr. paid in. There are also sev- eral smaller banks, but in recent years many provincial banks have been absorbed by the big banks.

Prices. According to an average calculation wholesale prices if the immediately pre-war index figure is put at 100 rose to 249 by July 1917. The upward tendency continued until the maximum was reached in Nov. 1920 with the figure 430. The general tendency afterwards was downwards, the figure for April 1920 being 270. The advance in the retail prices of necessaries of life is illustrated by figures calculated on the basis of household budgets for families belonging to the working classes. The expenses of such a family just before the war being put at 100, the index figure rose constantly till it reached 265 at the close of 1920. The value of the Danish krone was very unsteady during the war compared to other values. In the post-war years the and $ rates declined the minimum was reached in Nov. 1918, l equalling 13 kr. and $1,2.80 kroner. The exchanges were afterwards reversed, the maximum being reached in Sept. 1920, when i equaled 25.68 kr. and $l, 7.40 kroner. In April 1921 l equalled about 21.50 kr. and $i about 5.50 kroner.

Finance. About 1910 the yearly revenue of the Danish State was estimated on the basis of the assessment for income tax, at about 1,200,000,000 kroner. In the war period this showed a con- stant increase, 1917-8 disclosing a yearly revenue of 2,600 million kr. and 1918-20 of over 3,300 million kroner. Thus since the war the yearly revenue has been multiplied by 2\, i.e. in almost the same ratio as the retail price index. The incidence of incomes is more equal in Denmark than in many other states, though here as else- where the contrast between rich and poor was to some degree sharp- ened during the war. In 1915 about 70% of the adult population (married Women excepted) had incomes of less than 1,000 kr., making together some 30 % of the total income ; about 29 % had in- comes of between 1,000 and 10,000 kr., 48% of the total incomes; and nearly I % had incomes of more than 10,000 kr., about 22 % of the total incomes. While in 1908 three-quarters of the adult popula- tion (again with the exception of married women) had incomes of less than 1,000 kr., in 1918 only half the population were below that amount. The national wealth before the war was estimated at 10 milliards, and in 1921 had probably doubled (the assessed property had risen from 5,000 to 10,000 million kroner). While in 1908 about 92 % of the adults possessed property of less than 10,000 kr., the corresponding figure for 1918 was only 87%.

The value of the shares represented on the stock exchange was in 1912 about 800 million kr., the quotation of the same shares was in 1918 about 3,000 million, in 19 19 2,000 million and in 1921 probably 1 ,000 million. The difference of 2,000 million kr., forwards and again backwards, may represent individual gains and losses, to some extent made and suffered by the same persons. (F. G.-T.)

Labour. In the 'seventies and 'eighties of the igth century, the era of modern industrial development, an impetus was given to the trade-union movement, closely connected with the Social Demo- cratic party. Both employers and employed are very strongly organized, chiefly under the two main organizations, the Combined Trade Unions and Danish Employers' Organization. The trade unions included in 1919 nearly 350,000 members, 277,000 belonging to the Combined Trade Unions. In 1910 Denmark was foremost in the movement, 51 % of the workmen employed in industry, commerce and cbmmunications being organized. Since then the movement has made rapid progress. In most industries nearly all the workmen were in 1921 members of the organizations. There has also been a con- siderable inflow of agricultural labourers. The usual basis of classi- fication of the unions is trades, not industries.

Besides the divisions for the different towns there are factory clubs and shop stewards; in some places a system by which chosen representatives exercise an influence over the general conditions of work has grown up in connexion with these clubs. In the summer of

1920 syndicalistic tendencies manifested themselves rather strongly, but in 1921 the movement largely died away.

The Employers' Organization, dating in its present centralized shape from 1898, exercises considerable authority over its members, by whom about 200,000 workmen are employed. After an extensive lockout in 1899 the two main organizations made the so-called " September agreement," deciding, for instance, that a positive majority is required for the declaration of strikes and lockouts, which must, moreover, be notified according to certain rules, and that all differences on the question of the interpretation of existing

contracts and agreements must be referred to arbitration. After a conflict in 1910, on the proposition of the parties concerned, a law was passed adopting the system of conciliation in disputes and the establishment of a special court to decide questions of law. The average number of days lost in labour conflicts over a series of years was only one day a year for each workman, but in the unsettled state of the labour market in 1919-21 much higher figures were reached, chiefly owing to strikes in the Copenhagen building trades and among sailors and navvies. During the transport strikes of 1920 the activities of " Samfundshjaelpen," a voluntary civic or- ganization for carrying out indispensable work left undone by the strikes, were of considerable importance.

The Employers' Organization attached great importance to the simultaneous expiration of the labour agreements of the different trades. This often resulted in joint negotiations for the renewal of agreements, in most cases accompanied by threats of extensive stoppages of work, which had, however, until 1921 always been averted at the last moment. In later years yearly agreements were made, adopting an automatic regulation of wages according to the price index of the Statistical Department from the middle of the period. A smaller part of the wages of State employees was also calculated according to this price index. Even before the war Danish industry suffered considerably from unemployment, which amounted to 10% in the period 1903-13. After the close of the war, conditions became still more complicated owing to the after-effects of the block- ade and the critical state of affairs generally.

Wages in Denmark were somewhat high compared with other European countries. The average weekly wages for skilled labourers were: in 1897 20 kr. ; 1905 25 kr. ; and 1920 120 kr. ; for unskilled labourers 16, 20 and 100 kroner. During the war wages rose con- tinually, at first slower than prices, later somewhat faster, but in the spring of 1921 a general though not very important reduction of wages took place. Before the war about 20 % or 25 % of the work- men in industry were paid by the job. The wages of agricultural labourers were: in 1910 700 kr. ; 1915 800 kr. ; 1918 1,400 kr. ; and in 1920 partly owing to the increasing organization 1, 800 kroner. The position of Denmark in the matter of working hours has, as was the case in the matter of wages, been something between that of England and the rest of Europe. The average working hours of industry were in 1872 11-4; since then they have gradually decreased. Accordingly, when the eight-hour day was adopted on Jan. I 1920 by voluntary agreement between the chief organizations, this was a step of comparatively small importance. Denmark joined the inter- national agreement about the eight-hour day, but in May 1921 no law concerning this question had been passed.

At the close of the igth century a general interest in social ques- tions was greatly awakened. The year 1873 brought the first factory legislation, and in the beginning of the 'nineties came the general decisive acceptance of insurance relief legislation. The leading principle is voluntary State-aided insurance against illness and unemployment, and for the rest public relief, apart from accident insurance, which, as elsewhere, is paid by the employers. The poor law of 1891 not only regulates pauper administration proper but also lays down certain rules, which have been repeatedly extended, for State or parochial relief, directed through the ordinary pauper administration but without the usual unpleasant consequences to the recipients. Such aid is given in cases of a number of chronic diseases, insanity, epilepsy, tuberculosis, blindness and to deaf-and- dumb persons. Medical and obstetric aid is also given and extended aid to members of benefit clubs. Since 1907 every parish has had, besides the poor-rates, a relief fund Uhjaelpekasse, with a board of its own, intended to administer relief in cases of urgent need. This fund has, however, in many cases become merely a more respectable form of pauper administration. By the Old-Age Pensions Act passed in 1891, Denmark took the lead in the question of providing for the aged. Certain conditions are laid down as to the need and worthiness of the recipients, and it is especially stipulated that per- sons who have for five years previously received parish relief are excluded. The age limit is 60 years. The amount of the pension, which is decided upon the merits of each separate case, should suffice for sustenance of life, and medical aid in case of illness is included. In 1919 the number of recipients was 74,000 and the expenditure amounted to 34 million kr., State and parishes contributing each one- half. Denmark has several voluntary benefit clubs, mostly locally organized, but State-aided and under State control, in accordance with the Benefit Club Act of 1892, amended in 1921. Notwith- standing the voluntary system 70% of the working classes and a large number of others of similar standing are members, the total number amounting to two hundred thousand. As children of the members below the age of 15 years are also entitled to the benefits, the full number makes about three-fifths of the population. The chief benefits are hospital treatment, medical aid and subsistence money not exceeding 6 kr. a day. The State aid is 3 kr. per member and one-quarter of the chief expenditure. A considerable economic advantage to the benefit clubs is the very low charges made by the public hospitals for treatment of the members. The clubs recognized by the State have limited self-government under control of the State inspector of benefit clubs.

By three decrees of 1921 persons suffering from chronic diseases were admitted to the sickness insurances without any extra charges;