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 422

SWEDEN.

Expenditure

1869

1870

Riksdaler

Riksdaler

Royal household

1,417,000

1,417,000

Justice .....

2,354,100

2,495,700

Foreign affairs

457,950

607,000

Army .....

9.528,000

9,568,400

Navy

3,963,800

4.223,800

Interior .....

8,086,500

7,716,400

Finance .....

6,359,200

6,631,500

Church and public instruction.

4,714,700

4,741,500

Pensions ....

1,321,379

1,391,050

38.202,629

38,792,350

Extraordinary expenditure for public works 5,496,371 Total / I 43,699,000"

6.176.900

41,969,250 1

I

£2,427,722

£2,496,625 i

There is generally an excess of actual revenue over expenditure in the financial accounts of the kingdom, though there have been deficits in recent years, arising chiefly froru increased expenditure connected with the construction of a network of railways, at the cost of the State. For these works the Diet voted about 100 millions riksdaler during the sixteen years from 1855 to the end of 1870.

Through the efforts of King Carl XIV. — formerly General Berna- dotte — the whole public debt of Sweden was liquidated during the years 1819 to 1840. Subsequent events, however, brought about the creation of a new debt, the proceeds of which were in great part devoted to the establishment of a system of railways by the State. At the end of 1870, the public liabilities of the kingdom were as follows, according to official reports: —

Loan of 1855, at 3i and 4 per cent. Railway loan of 1858, at 4^ per cent. Railway loan of 1860, at 4£ per cent. Loan of 1861, at 4^ per cent. Railway loan of 1864, at 4£ per cent. Railway loan of 1866, at 5 per cent. Railway loan of 1867, at 5 per cent. Railway loan of 1868, at 5 per cent. Loan of 1870, at 5 per cent.

Total

Riksdaler. 225,300

19,202.667 23,630,574 . 2,759,500

9,665.320 26,339,733

6,000,000 21.325,141 40,000,000

149,148,235 £8,263,791

The railway loans of 1864 and 186*8 were negotiated in England, the former at the rate of 92 and the latter at '.Ml, All the loans are paid ofFgiadually by means of a sinking fund.