THE NORWEGIAN EXCHANGE

In a recent monthly report from the Bank of Norway, it is stated that the Bank will endeavour to neutralise the artificial influences which cause movements in the rates of such harmful effect to the finances and economic life of the country. The Bank will thus try to create a more stable level determined by existing economic conditions. Following upon negotations between the Bank of Norway, the Government, and the joint stock banks, certain measures have already been put into effect and others will follow. There is no intention of intervening in a disturbing manner with the legitimate intercourse with foreign countries. As already mentioned, the intention is to avoid. wide fluctuations in the rates, and it is our impression, states the Bank of Norway, that our foreign connections are willing to lend us their friendly support in our endeavours.

The President of the Storting issued the following bulletin on June 11, 1926:

An agreement with the Bank of Norway as proposed by the Government was yesterday adopted by the Storting. This agreement aims at strengthening the ability of the Bank to exercise a controlling influence upon exchange rates and preventing harmful fluctuations.

The resolution was passed by 74 to 62.

PRODUCTION OF ZINC IN NORWAY

There are a number of scattered occurrences of zinc ore in Norway. Of mines that have been worked for some decades we may mention the Saude zinc mines in Ryfylke, the Ranen lead and silver works at Mo in Ranen, and the Konnerudkollen mines near Drammen.

In recent years only two mines have been working, viz. the Grua mines in Hadeland operated by M. Borchgrevink, Mining Director, who delivers the zinc on a running contract to the Belgium firm of Vieille Montagne; and a mine. in Nord-Trøndelag which, as far as we know, delivers its output to the Metallgesellschaft, Frankfort a. M. They have enriching plant and together produce three or four thousand tons of approx. 50 pct. zinc-blende per annum.

With the present high rates of wages and other high working costs these mines can scarcely be workable when the price of zinc. falls below £26 or £27.

roasting plant, situated so as to allow of a convenient disposal of the resultant gases.

The fact that an electrothermic zinc industry has not been developed in Norway long ago is mainly due to this lack of such roasting plant for zinc-blende. Such a plant could of course also roast foreign blende.

This absence of roasting plant is also the cause of the great difficulties the electrothermic zinc works at Sarpsborg, Trondhjem, and Jøssingfjord had in effecting a stable production of «Virgin Spelter» (zinc produced from zinc ore), for the old zinc works on the Continent requisitioned the entire capacity of roasting works, and our zinc works had mostly to content themselves with occasional raw materials of varying zinc value such as ashes and oxides.

When it was found that zinc could be refined better and cheaper in special electric furnaces than in other ways, the electrothermic zinc works in this country turned their special attention to this industry. They held the field practically alone until the establishment of the large electrolytic zinc plants during the Great War. Partly on this account, but also by reason of difficulties in connection with the power It supply, this industry was given a setback. was for the same reason that the zinc works at Trondhjem had to be closed down.

The construction of extensive electrothermic zine works was commenced in connection with the Glomfjord power works; but they were never completed, and it is very unlikely that they ever will be.

In 1922 the patentee of the manufacturing methods and furnace constructions employed at Jøssingfjord and Trondhjem sold his methods. to a Belgium company, Compagnie Royale Asturienne des Mines. This company took over one-third of the Tysse power company and commenced operations with two furnaces in an old alloying works until the large plant of 20 000-30 000 h. p. on the Eitrem side reached completion. According to report very favourable results have been attained with this small temporary plant; on the other hand, it would appear that the company has found it advisable under existing labour conditions to postpone the construction of the large plant for a time.

The world production of zinc in 1912 was 800.000 tons per annum, in 1913 900.000 tons, and in 1914 abt. 1.000.000 tons. During the

It will probably pay to put up a central

Great War the output declined considerably, and in 1920 the total world production could hardly be above 600.000 tons. The continual shortage of zinc during the War was followed by a glut, more particularly in consequence of the appearance on the market of large quantities of old zinc from munitions and other war material.

In 1925 the production had increased to approximately 1.000.000 tons per annum.

Zinc was known as an ingredient of brass before any knowledge had been acquired of the pure metal. Zinc alloys possess the quality of being easily cast, and, in contrast with pure zinc, they can be drawn in a cold state into thread. and rolled into thin sheets, whereas zinc has in such cases to be heated. Of the world consumption of zinc about 50 pct. is employed in zincing (galvanising) iron sheets and about 20 pct. in the production of brass. In addition, large quantities are used in the manufacture. of pure zinc sheets and of zinc oxide for the production of white pigments. Certain zinc pigments are also made from zinc sulphate. Prior to the War it was estimated that approximately 240.000 tons of zinc was used annually in the manufacture of white zinc pigments. It will thus be seen that through its various uses zinc is an important intermediate product for a wide variety of industrial branches.

Underground Railway in Oslo. A/S Holmenkolbanen, the company running the electric tramway from the outskirts of Oslo to the villa. quarters and to the beautiful tracts of hilly country north of the city, began several years. ago to construct an underground tramway in order to establish direct communication between the centre of the city and the company's lines. The nature of the ground proved very difficult for tunnelling purposes, and several property owners sued the company for damage thus caused to their houses. The realisation of this plan was also considerably delayed through the public authorities refusing to approve of the site of the terminus in Oslo as proposed by the company. The question of the location of the terminus has now been settled, and tunnelling work is being resumed. The company expects to have this new line finished in about two year's time.

THE NORWEGIAN MARGARINE

INDUSTRY

The margarine industry in Norway is half a century old.

To-day there are no less than 36 such factories in this country, and competition is very severe, each maker endeavouring to supply the best possible product at the lowest possible price.

Norwegian margarine is unquestionably the best in the world, as is also evidenced by the flattering terms in which it is frequently mentioned by foreign experts. Only the very finest raw materials are employed, and production is under public control, each factory having its State-appointed inspector (medical officer) who inspects the works regularly and sees that everything is done with scrupulous regard to cleanliness and hygiene. This inspector also examines the factory hands at regular intervals in order to make sure that only healthy people are employed.

Most Norwegian margarine works use the most up-to-date machinery and manufacturing methods.

That the Norwegian margarine industry has reached a high stage of development is proved also by the fact that a Norwegian margarine maker has effected an important improvement of margarine as a food product, in that all the margarine he manufactures possesses the same vitamin content as butter.

As far as we know, Norway is the leading country in this field.

It will be understood from the above that Norway possesses a large number of first-class margarine works, which are in a position to produce more than sufficient to cover home requirements. There should therefore be no necessity for foreign competition. Notwithstanding this fact, two Dutch margarine trusts. have gained access to this market. The one, Jurgens, has operated here for several years, and is said to have acquired a controlling interest in a Norwegian factory; and the other, Van den Bergh, has carried on the manufacture of margarine in the vicinity of Oslo since the autumn of 1925, but has so far not made any headway in this market.

NORWEGIAN INDUSTRIES FAIR

The Sixth Norwegian Industries Fair will be held from the 5th to the 12th September next. As in previous years the grounds of Akershus, Oslo's ancient fortress, have been selected for this purpose.

The Fair was not held last year, but it seems to have been missed. During the five years this institution has been in existence it has been regarded with the keenest interest in all quarters connected with trade and industry, and also by the general public. The Fair has

afforded the public the opportunity of seeing the wealth of products turned out by the various branches of Norwegian trade and industry, and there is ample proof that this has encouraged the purchase and consumption of Norwegian goods. The attendance at the last three Fairs was 67 800, 84 000, and 94 000 respectively.

A still greater effort will be made this year to render the Industries Fair attractive in every respect, not only as a great muster of Norwegian goods, but also in regard to restaurants and amusements.

As will be seen from these figures, the catch was larger in 1925 than in the preceding year, for all items except bearded seals and polar bears. Accurate returns for sealers' catches of foxes, musk oxen, eider down, etc. are not yet available. The total quantity of blubber is given. at 8517 tons in 1925 as against 6639 tons in 1924.

The value of the catches landed by Arctic sealing and whaling expeditions in 1925 is estimated at more than 7.5 million kroner, compared with 6.9 million kroner in 1924.

SVALBARD NEWS

The Spitsbergen Reindeer.

Up to a short time ago, the reindeer occurred over practically the whole of the ice-free parts of Spitsbergen, and it has undoubtedly been far more numerous in earlier times than now, says Mr. Alf Wollebæk*), of Oslo University. First the Dutch and the English, and later on the Russians and Norwegians, hunted reindeer in Spitsbergen, and the stock is now very depleted. The first administrative step taken by the Norwegian Government after assuming sovereignty over Svalbard (Spitsbergen and Bear Island) was to prohibit the killing of reindeer for a period of ten years, in conformity with a proposal submitted by Mr. Adolf Hoel. According to Mr. Hoel, the reindeer had almost entirely disappeared from West Spitsbergen. The number of reindeer still left in the remote parts of the Svalbard islands is, however, believed to be sufficient for the renewal of the stock by immigration throughout the archipelago during the period of protection, which lapses at the end of 1934.

Map of Bear Island. The Norwegian Ministry of Commerce has recently published a new map of Bear Island (Bjørnøya), scale 1:25000. The survey work was done in 1922-1924 by De Norske Svalbardekspeditioner (Norwegian Spitsbergen Expeditions) under Adolf Hoel.

NORWEGIAN WRAPPING PAPER During the House of Commons' debate on June 9, 1926. respecting the question of establishing a customs duty on wrapping paper, Mr. A. V. Alexander, M. P. for Sheffield, said:

It is absolutely essential in dealing with kraft paper as a wrapping paper to have reference to materials of equal weight and size. In this matter I am obliged to follow the usual practice of producing samples. Here I have, in my hand a sample of the best Norwegian kraft paper, 16 lbs. to the ream, and I ask hon. Members to test it as compared with the best English kraft paper of the same size and weight per ream. If they test these two papers, they will find it is difficult to tear the Norwegian paper across the grain, whereas the English

1 The Spitsbergen Reindeer. Oslo, 1926.

made paper can be torn easily both ways. On this subject I am speaking for those who are using a tremendous quantity of this kind of paper, and I do not suppose that there is a single firm in this country at the present time using a greater quantity of this kind of paper than the people with whom I am connected. There is no question that the imported kraft paper is of a much better quality.

NORWAY'S PRODUCTION OF FELSPAR

Among the useful minerals won in Norway felspar has for a long period occupied quite a noteworthy position in point of both quality and quantity, and it has gone far towards increasing the productive value of the mining industry of this country. Along with Sweden Norway supplies the great bulk of the felspar in Europe. The next largest producers are the U. S. A. and Canada (Ontario).

The felspar occurrences in Norway are mostly potash felspar, the deposits of which are practically unlimited in districts near Kragerø, Kristianssand, Arendal, also in the western districts and in Nordland.

Alkaline felspars are the only ones that are at present of any industrial importance, and of these potash felspars are most extensively employed. They are used as flux for all ceramic and earthenware materials, for they give a gradual glaze and can therefore be employed in the production of chinaware, jars, wall and flooring tiles, and ceramic porcelains. This material is also used in the composition of glass, for glassware and metal enamels.

Felspar was formerly marketed only in a ground condition. In recent years, however, some large consumers have installed grinding machines and now buy the raw stone.

Norwegian exports of felspar in 1913 were above 40.000 tons of the value of 636.000 kroner. After the War it was some time before the export trade got into stride again, but it is now approaching the pre-war average. In 1924 and 1925 exports of felspar and felspar meal were 20.834 and 26.785 tons respectively, the annual value being something like one million kroner per annum.

THE NORWEGIAN CORN SUPPLY ACT.

During the World War and the following years, Norways imports of corn and her trade in this commodity have been vested in a Government Corn Monopoly.

The Storting has now decided that this Monopoly shall be abolished. In order to meet the farmers' demand of protection for nativegrown corn, the Storting has just passed a new law, the Corn Supply Act.

This law provides that the Government shall purchase all such Norwegian-grown grain (wheat, rye and barley) as may be used for human consumption and that may be offered to the Government at a price corresponding to the price of imported foreign grain (not included customs charges, if any) plus an additional Kroner 0,04 per kilogram.

The Government shall further buy not less than 15 000 tons of Norwegian oats annually at a price to be fixed by the authorities in conformity with the new act. A farmer who mills his home-grown corn for his own consumption will receive a bounty from the Crown of kroner 0,04 per kilogram, not, however, in respect of more than 200 kilogrammes for every member of his household.

It is estimated that the outlays in connection with the corn bounty system will amount to six million kroner annually. This sum will be recovered by means of a duty on foreign wheat. There will be no duty on rye and barley.

The mills of the Corn Monopoly, which are the largest in Norway, will be taken over by the Government.

LAW TO PREVENT SMUGGLING ON OTHER COUNTRIES WITH NORWEGIAN VESSELS.

There have been some isolated examples of rum running to the U. S. A. with Norwegian vessels, but Norwegian shipowners have never for own account employed their vessels for transporting liquors to the American customs boundary, or participated directly in smuggling operations. There have, however, been cases of such vessels in time-charter being used in the smuggling trade on the U. S. A.

In order to prevent this, the Storting has passed an Act of the following tenor:

Any shipowner or managing owner who employs a Norwegian vessel in the smuggling trade on a foreign country shall be punished by fines.

Such penalties shall also be imposed in the case of any shipowner or managing owner who lets. or charters a Norwegian vessel to another party when he knows, or ought to know, that the lessee or charterer intends to employ the vessel for smuggling operations on a foreign country.

For the purposes of this law, the term «smuggling trade» or «smuggling operations>>> includes also the case of any ship whose cargo is uneoaded outside the customs boundary of another country under conditions which make it very probable that smuggling of the cargo is intended.

Any profits gained by such unlawful acts may by order of the court be seized from the guilty party or from the person or persons on whose behalf he has acted.