000 kroner, (about
$194,500,000.) This is only 126 kroner (a small fraction above $34) for
each inhabitant, while the corresponding figure for France in 1913 was
591 kroner, (nearly $160;) the Netherlands, 282 kroner, ($70.62;) Great
Britain, 280 kroner, ($70.57;) Germany, 276 kroner, ($70.40;) Italy, 270
kroner, ($70.30,) &c. Against the national debt of 720,000,000 kroner
(about $194,500,000) Sweden has Crown assets at this time appraised at
1,761,000,000 kroner net, (nearly $476,000,000.)

Another evidence of the splendid financial condition of Sweden is
afforded in the fact that, since the war broke out and countries which
under normal conditions might be looked to for loans had closed their
markets to foreign nations, the domestic market has been able to supply
fully all, both public and private, demands for funds. Thus, when the
Swedish Government, early last October, sought a loan of 30,000,000
kroner at home, this was fully subscribed in three days. Nor have
municipalities or private banks encountered any difficulty in placing
bonds for amounts of considerable size in the domestic market. The only
loan for which the Swedish Government has contracted abroad during the
crisis was for $5,000,000, and this was placed in New York for the
purpose of facilitating payments for large purchases of American grain.

[Illustration: [map of Scandinavia]]

At least a few words with particular reference to the commercial
intercourse between Sweden and the United States. According to
statistics from the year 1912, the imports of Sweden from the United
States were of the aggregate value of 60,000,000 kroner, (about
$16,200,000,) while the exports aggregated 32,000,000 kroner, (about
$8,600,000.) The principal imports were: Cotton, 17,000,000 kroner,
(about $4,600,000;) oils, 12,000,000 kroner, (about $3,240,000;) copper,
6,200,000 kroner, (about $1,675,000;) machinery, 5,000,000 kroner,
(about $1,350,000;) grain and flour, 2,300,000 kroner, (about $621,000;)
bacon, 1,700,000 kroner, (about $460,000.) The principal articles of
export in the same year were: Pulp, 12,400,000 kroner, (about
$3,350,000;) manufactured iron and steel, 8,100,000 kroner, (about
$2,200,000;) iron ore, 3,600,000 kroner, (about $973,000;) paper,
2,100,000 kroner, (about $568,000;) elastic gum refuse, 1,900,000
kroner, (about $514,000;) matches, 1,300,000 kroner, (about $350,000.)

Since the outbreak of hostilities in August last year there has been a
tre