DENMARK’S POSITION.

Taranaki Daily News, 23 July 1921, Page 10

DENMARK’S POSITION.

AFFECTED BY PROSPERITY. Some curious situations arising from financial actions to which the'war gave opportunity, are now manifesting themselves in various countries. Denmark, as a neutral at the outbreak of war, at once saw her chance to prosper by increasing her production and commerce, and in this anticipation she was not disappointed, says the Politiken in a leading article in its oversea edition of last April. The foreign debt of Denmark had since the beginning of 1900 been a growing one, and by 1914 reached about 55 million. Some idea of the hqge profits made during the war may be gathered from the fact that by 1916, during the short space of two years the debt of 55 millions had 'been wiped out, and a credit balance of about five and a-half millions established. So promising appeared the prospects of further gain that extensive plans for further enterprise rapidly expounded. These plans are only now maturing, but they only show how superficial has been the judgment of those in whose hands the control of credit and production exclusively rests. Had they foreseen the consequences of this unrestrained and total disregard of the inexorable governing law underlying production and con- i sumption, Denmark might have profited in real and substantial freedom from debt. As it is, the Politiken observes Denmark again finds herself sunk in foreign debt to the extent of 50 millions, which have mostly been invested in speculations of a very doubtful nature. Extravagant luxury and thoughtless enterprises on the part of those who control credit and production the Politiken holds responsible for Denmark’s present unfavorable financial position.