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for which state bonds, not subject to be called in by the creditor,
had been or were now issued; and the country furthermore
undertook to pay to Denmark a fixed amount of kr. 12,000,000, which
was to be paid in instalments in the course of 10 years. This
last mentioned debt, however, the Norwegian Treasury was unable
to pay out of its ordinary revenue and it, therefore, covered it
by raising two public loans, in 1820 and 1822 respectively. These
loans were obtained abroad, but, on account of the poor credit
which the Norwegian state at that time enjoyed, they had to be
made on extremely onerous conditions. As the country, however,
notwithstanding the hard times, punctually met its obligations, its
credit soon improved, and after a short time the first loans could
be exchanged for new loans obtained on very favourable terms.
These loans, together with some minor loans raised in the twenties,
were gradually repaid, and as no new loans were made for some
time, the national debt at the end of the year 1847 was reduced
to a point never attained either before or since. While the støte had
commenced its independence with a debt of about kr. 25,650,000,
this had now been reduced to about kr. 7,250,000, whereof kr.
900,000 represented terminable debt and kr. 6,350,000 were
perpetual.
The revenues of the Treasury, as indicated above, were at
first very scarce. For each of the budget years 1816 to 1818 they
were estimated at only 5,748,400 kr., but they rose gradually, so
that in the forties they amounted on an average to kr. 11,000,000.
The chief source of income was represented by the taxes, which
in the forties represented ⅘ of the total revenue. The chief taxes
again were the customs and excise duties and the direct tax on
property and income introduced in 1816, which at the beginning
was levied to the amount of kr. 2,400,000 annually, but was
gradually reduced and entirely repealed in 1836. The customs
duties and excises during the first few years amounted to about
kr. 2,700,000, and gradually increased (notwithstanding that the
excises were repealed in 1827), so that in the forties they amounted
on an average, to kr. 7,950,000, while the other duties at the same
time amounted to kr. 875,000.
Of the state expenditure, which in the forties amounted, on
an average, to kr. 10,600,000 annually, kr. 4,075,000 were then
voted to the defences, kr. 3,825,000 to the royal family, Storthing,
civil administration, courts and police, kr. 850,000 to the payment
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