Denmark Agriculture Commerce

■ Shipping in the harbor of Copenhagen amounted to $207,355,960. During the war, however, the net amount of the country’s foreign obligations decreased greatly. In 1918 it was reported that, owing to the exchange situation which was then favorable to Denmark, the Danes had repur- chased practically all of the external debt of the country and had in addition accumulated a large credit in foreign coun- tries—estimated at $228,400,000—with which they have been able to finance the nation’s import requirements during the past year. Banking Position The prosperity which came to Denmark during the war is reflected in her strong banking position. In spite of large increases in note circulation, which rose from $41,915,200 in 28