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The housing shortage in Denmark is severe. The government has
placed stringent regulations on allocation of building materials.
Danish labor if 95% organized; most of the workers are members of
the loosely-knit Danish Federation of Labor, which is affiliated with the
World Federation of Trade Unions. The labor scene was relatively quiet in
1946. The majority of agreements between employers and unions have been
renewed, providing for minor wage increases. Government relief projects
have been stopped in order to ease the labor market by avoiding diversion
of labor from industry.
d. Finance
Denmark ordinarily enjoys financial stability. It is not in a
dangerous financial condition now, although the still-unsolved problems
left by the Occupation have adversely affected Danish finances.
The Denmark National Bank was compelled to grant credits totalling
about eight billion crowns ($1,600,000,000) to the German occupation
forces. This huge expansion of credit, together with a post-war shortage
of merchandise, has created an obvious threat of inflation which the
government has taken comprehensive measures to alleviate. These measures
included a "one-time" tax on wartime capital gains, rationing and price
controls. Although there has been a reduction in note circulation, it
still remains three times as high as it was in 1938. There has been
some inflation but the cost of living index had only risen to 169 in 1946
compared with 100 in 1935.
The deficit in the 1946-47 budget was higher than estimated, but
the proposed budget for 1948 anticipates a surplus of more than 10 million
crowns ($2,000,000). Non-recurring expenditures originating with the
occupation and the cost of feeding approximately 200,000 displaced persons
caused the unforeseen expenditures in 1946. Revenues from taxes and
excises are expected to be considerably more this year.
It became apparent during 1946 that too large a proportion of the
national income, estimated at 12,500,000,000 crowns ($2,500,000,000), had
been devoted to consumption rather than rehabilitation. In consideration
of this fact, the Finance Minister has pointed out that doubling of new
investments is necessary to fill the investment gap of five billion crowns
($1,000,000,000) left by the war and has urged additional private invest-
ment in capital enterprises.
e. International Trade
Denmark's economy is predicated upon an exchange with foreign
countries of home-grown food for manufactured goods and raw materials.
Agricultural products accounted for 62% and industrial products for 26%
of the total 1946 exports. In the past, and to a large extent at the
present time, the bulk of this vital trade has been carried on with the
II-6
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"ocrText": "SECRET\nThe housing shortage in Denmark is severe. The government has\nplaced stringent regulations on allocation of building materials.\nDanish labor if 95% organized; most of the workers are members of\nthe loosely-knit Danish Federation of Labor, which is affiliated with the\nWorld Federation of Trade Unions. The labor scene was relatively quiet in\n1946. The majority of agreements between employers and unions have been\nrenewed, providing for minor wage increases. Government relief projects\nhave been stopped in order to ease the labor market by avoiding diversion\nof labor from industry.\nd. Finance\nDenmark ordinarily enjoys financial stability. It is not in a\ndangerous financial condition now, although the still-unsolved problems\nleft by the Occupation have adversely affected Danish finances.\nThe Denmark National Bank was compelled to grant credits totalling\nabout eight billion crowns ($1,600,000,000) to the German occupation\nforces. This huge expansion of credit, together with a post-war shortage\nof merchandise, has created an obvious threat of inflation which the\ngovernment has taken comprehensive measures to alleviate. These measures\nincluded a \"one-time\" tax on wartime capital gains, rationing and price\ncontrols. Although there has been a reduction in note circulation, it\nstill remains three times as high as it was in 1938. There has been\nsome inflation but the cost of living index had only risen to 169 in 1946\ncompared with 100 in 1935.\nThe deficit in the 1946-47 budget was higher than estimated, but\nthe proposed budget for 1948 anticipates a surplus of more than 10 million\ncrowns ($2,000,000). Non-recurring expenditures originating with the\noccupation and the cost of feeding approximately 200,000 displaced persons\ncaused the unforeseen expenditures in 1946. Revenues from taxes and\nexcises are expected to be considerably more this year.\nIt became apparent during 1946 that too large a proportion of the\nnational income, estimated at 12,500,000,000 crowns ($2,500,000,000), had\nbeen devoted to consumption rather than rehabilitation. In consideration\nof this fact, the Finance Minister has pointed out that doubling of new\ninvestments is necessary to fill the investment gap of five billion crowns\n($1,000,000,000) left by the war and has urged additional private invest-\nment in capital enterprises.\ne. International Trade\nDenmark's economy is predicated upon an exchange with foreign\ncountries of home-grown food for manufactured goods and raw materials.\nAgricultural products accounted for 62% and industrial products for 26%\nof the total 1946 exports. In the past, and to a large extent at the\npresent time, the bulk of this vital trade has been carried on with the\nII-6\nSECRET"
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