Denmark Agriculture Commerce

 1914 to $131,145,120 at the end of 1919, the gold reserves of the nation have been well maintained. As of December 31st 1919 the ratio of gold reserve to circulation was about 46 per cent. On the same date the corresponding ratio in N or way was 33 per cent, in Sweden 39 per cent, in England 27 per cent and in the United States 48 per cent. The increase in bank de- posits in Denmark during the war is indicated in the following table of the deposits of the five leading banks in Copenhagen. The figures are taken from a recent study on this subject. July 31st Dec. 31st 1914 1914 $167,151,600 179,399,200 1915 243,183,200 cc 1916 394,817,600 cc 1917 482,078,400 cc 1918 615,328,000 May 31st 1919 633,150,000 The total increase during this period was nearly 280 per cent. Deposits in savings banks increased from Agricultural laud under intensive cultivation 29